Corporate Stewardship

Activist Intervention in Investment Trusts and Shareholder Democracy

This article reflects the opinions of its author and not necessarily those of ShareSoc. Saba Capital may be able to force changes due to shareholder apathy and disenfranchisement I read this article today with interest and some concern. It describes an attack by hedge fund Saba Capital on seven investment trusts. The article names: “The Baillie Gifford US Growth trust, Edinburgh Worldwide and Keystone Positive Change, are in the firing line as well as a pair of Janus Henderson trusts, the Henderson Opportunities ...

The Future of Smaller Company Capital Markets in the UK

This article reflects the opinions of its author and not necessarily those of ShareSoc. New Financial Report Launched On 17th October, I attended the launch of New Financial’s excellent report, which was held at the London Stock Exchange. I recommend reading the detailed version (c 35 pages), which I regard as required reading for all serious investors. Full report Summary of the report My key takeaways: Swedes are 5 times as likely to invest in shares than Brits. (Around 40% of Swedish adults have a simple and ...

How Boards Should Operate

This article reflects the opinions of its author, Cliff Weight, and not necessarily those of ShareSoc.  ShareSoc member Barry Gamble’s letter to the FT  Black Box thinking and bad boards is a theme I return to again and again and which I first highlighted in a blog in March 2018 https://www.sharesoc.org/blog/corporate-governance/black-box-governance-thinking/ .  Woodford and Link are two other boards which failed woefully. Another case is the Post Office, about which the FT published the following letter from ShareSoc Member Barry Gamble (subscription required to ...

M&S Shareholder Rights Petition: A Postmortem

This article reflects the opinions of its author and not necessarily those of ShareSoc. With 4,292 signatures, the M&S petition failed to meet the threshold The M&S Shareholder Rights Petition, led by Archie Norman and supported by ShareSoc, UKSA, The QCA and Equiniti, has closed after failing to meet the threshold of 10,000 signatures for a government review and 100,000 signatures for a parliamentary debate. The petition aimed to help more investors engage with UK plcs by modernising the Companies Act, specifically: Giving beneficial ...

Burford and Woodford compared

This article reflects the opinions of its author and not necessarily those of ShareSoc. Different approaches from SEC and FCA The Burford and Woodford cases highlight different US and UK practices. In the US, the Judge explains the role of the litigation funder, justifies its role and why it should not affect his judgement. In the UK, the FCA, in the case of Woodford and Link, is attempting to work with Link to allow the plaintiff to settle all its compensation claims for what has ...

RBS/NatWest: Has the leopard changed its spots?

This article reflects the opinions of its author and not necessarily those of ShareSoc. Farage Fiasco forces CEO’s resignation; governance concerns at NatWest Dame Alison Rose stood down in July over the closure of Nigel Farage’s account by Coutts & Co, and more specifically over her indiscrete communications with the BBC on the matter. Alison Rose clearly made a huge blunder in chatting to Simon Jack, the BBC news editor, about a customer’s personal financial information. I’m sure she will kick herself until the ...

BP Shareholder Meeting 19 April 2023 – Report

This article reflects the opinions of its author and not necessarily those of ShareSoc. I attended the BP shareholder meeting on 19 April, held at the BP Head Office 1 St James’s Square, along with about 60 - 70 other shareholders. The meeting was organised by UKSA and ShareSoc members were also invited to attend.   The case for investing in BP shares is clear. They plan to grow ROACE to 18% with careful and limited capex split 50/50 between transition (green) energy ...

Paul Myners Obituary and BHP Unification Meetings

The views expressed in this article are those of its author and not necessarily those of ShareSoc. Lord Myners has died at the age of 73. He had a big hand in the rescue of the banks in the financial crisis of 2008 as a Treasury Minister in the Labour Government after becoming the socialists’ favourite capitalist. He was also responsible for the Myners Report into institutional investment which had some influence on corporate governance and institutional stewardship in the UK. I met ...

FCA AGM questions – Response to ShareSoc question on financial education

Asking a question at an AGM is often a good way to get access to the Board and force them to engage on a key issue.  This approach worked well with the FCA, where I submitted three questions and one of which, on financial education, was answered in the live part of the meeting. Page 18 of the written record of the meeting records that I asked FCA Chair Charles Randell: Will the FCA support greater financial education in schools and in the wider world, ...

When is a concert party not a concert party?

The views expressed in this article are those of the author, not necessarily those of ShareSoc. Today’s RNS from GHE (Gresham House plc) who own Gresham House Asset Management...

Daily Mail, 2 June 2021, Bacanora takeover “offer” by Chinese company Ganfeng

https://www.thisismoney.co.uk/money/markets/article-9641119/Backlash-sale-lithium-Chinese-predator.html  reports that: Cliff Weight, director of shareholders champion ShareSoc, said: 'When foreign joint ventures are listed on the London Stock Exchange, it is very difficult for the rights of minority shareholders to be protected. 'Companies such as Bacanora need to be much more transparent, so it is easier for investors to understand the options and warrants that JV (joint venture) partners have. It looks like the Chinese are buying lithium assets on the cheap.' .

Buying, Selling and Voting US shares

by Cliff Weight, Director ShareSoc. The Gamestop upcoming AGM votes have highlighted the differences in the platforms. Some still do not allow you to buy US shares. Notably Interactive and eToro will allow voting of Gamestop shares. I was sent the information below by a journalist, which looks right, but I cannot guarantee it is so. These things often change. I understand that Hargreaves are looking at making voting easier and considering using Broadridge. That would definitely be a great step in the right direction. Platform Access to US ...