ShareSoc News

ShareSoc and UKSA’s joint response to the FCA Consultation on proposals to improve shareholder engagement

ShareSoc and UKSA’s joint response to the FCA Consultation on proposals to improve shareholder engagement is available here.

RBS AGM Vote Recommendations from ShareSoc

Many members have enquired about how they should vote their RBS shares. Our RBS AGM Vote recommendations are shown below: Resolution 28. For. We have proposed this so clearly we support this resolution. Resolution 2. Remuneration report. Against. Reasons. CEO has pension of 35% salary. HSBC have reduced to 10%, so should Ross McEwan, RBS CEO. There is lots of press about this issue. RBS should listen to what is being said and act. Male CEO has bigger pension allowance than female FD (35% v. ...

ShareSoc and UKSA’s joint response to the FRC Consultation on the Corporate Stewardship Code

ShareSoc and UKSA’s joint response to the FRC Consultation on the Corporate Stewardship Code is available here.

VOTE FOR RBS AGM SPECIAL RESOLUTION 28 SHAREHOLDER COMMITTEE

RBS have now sent out the 2019 AGM circular to shareholders. This contains Resolution 28 requiring RBS to establish a Shareholder Committee, which was requisitioned by ShareSoc and UKSA members. If you own RBS shares, please vote for our resolution. Sadly, the RBS Board will be voting against our resolution and have recommended shareholders to vote against it. Their rationale (which is full of spurious reasons and illogic) is as follows: The concept of a shareholder committee was included in the Government’s Green ...

Beaufort Client Campaign: Update 5

It has been several months since our last update. In that time, we understand that almost all Beaufort clients have had their assets returned by the special administrator, PwC. Please let us know if you still do not have access to your assets and we will do our best to assist and expedite the process. Full members of ShareSoc can post comments or questions on discussion forums, here: https://www.sharesoc.org/forums/forum/beaufort-campaign/ We are still pursuing HM Treasury, in an effort to have the Special Administration ...

Auditor appointments: ShareSoc+UKSA write to Minister Greg Clark

Today 18 Feb 2019, ShareSoc & UKSA have written to The Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy. We made three key points: Appointment of auditors by a third party with the relevant skills and expertise would, once and for all, break the current link of excessive dependency between auditors and those they audit. If, on a trial basis, the Regulator started by managing the appointment of auditors for FTSE 100 companies this would ...

FCA Sector Views- ShareSoc+UKSA response

The Financial Conduct Authority’s Sector Views publication provides its annual analysis of the changing financial landscape, the resulting impacts on consumers and market effectiveness. This analysis will feed into the FCA Business Plan 2019/20. Although the Sector Views are not a consultation, the FCA are interested in the views of stakeholders on its findings. ShareSoc & UKSA made a joint submission. The main points we made were: We are appalled that Sector Views fails to give sufficient weight to the damning criticisms of ...

Shareholder Rights and Nominee accounts – Update and letter to BEIS

Our relationships with key opinion formers continue to grow. Peter Parry, Mike Dennis, Mark Bentley and I had a very useful meeting with BEIS on 8 Jan and at their request I have written explaining why the Minister should now act on the nominee account issue. A copy of my letter of 18 Feb is below. (The reason for the long delay in writing this letter was due to illness. It was delayed due my trip to Cambodia and Vietnam, and then ...

ShareSoc and UKSA joint response to the FCA Sector Views consultation

ShareSoc and UKSA joint response to the FCA Sector Views consultation is available here.

Response to FRC Post Implementation Review of 2016 Ethical and Auditing Standards

UKSA and ShareSoc made a a joint response to the FRC Post Implementation Review of 2016 Ethical and Auditing Standards The main points we made were: We welcome the FRC’s decision to hold a post-implementation review of the 2016 Ethical and Auditing standards. The audit profession and audits are in a state of crisis. The recent cases of Carillion, Conviviality, Patisserie Holdings, Flybe and Interserve make investors very worried as to whether they can trust accounts. It is not just the high ...

ShareSoc and UKSA joint response to FRC Post Implementation Review of 2016 Ethical and Auditing Standards

ShareSoc and UKSA joint response to FRC Post Implementation Review of 2016 Ethical and Auditing Standards is available here.

ShareSoc and UKSA joint response to CMA Update Paper on UK audit market

ShareSoc and UKSA joint response to CMA Update Paper on UK audit market is available here.