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Argo Blockchain and FT Letter

An announcement appeared this morning from Argo Blockchain Plc (ARB). It was well timed as I was going to write something on the hype surrounding blockchain technology soon. ARB has received a requisition to remove two of the directors, and appoint others. The company has been focused on providing a cryptocurrency mining service and floated on AIM at a price of 16p – it’s now just over 3p. But a few weeks ago it gave up the “mining-as-a-service” business to focus ...

Will Neil Woodford Succeed?

How long do you give a fund manager before giving up on poor performance? This is the key question faced by investors in the funds run by Neil Woodford and his Woodford Investment Management company. Neil Woodford had a very successful record at Invesco – their High Income fund turned £10,000 into £230,000 over 25 years. In 2014 he departed to set up his own investment company and he attracted many followers to the new platform but the record since then has ...

Invitation to Meet with Royal Mail, April 8th 15.30pm

Following the Royal Mail's AGM in 2018, at which 70% of shareholders rejected the Director's Remuneration Report, the Royal Mail are embarking on a series of consultative meetings with major shareholders and shareholders' representatives to discuss their concerns. Such a meeting has been called specifically for representatives of UK Shareholders Association and ShareSoc and will be held at the Royal Mail's premises at Victoria Embankment London on April 8th and attended by Orna Ni-Chionna, NED and Chair of the Remuneration Committee; Julia ...

Excessive Pensions, Lloyds Bank and RBS

Over 20% of shareholders voted against the Lloyds 2017 Remuneration Report. Lloyds then consulted with shareholders, but this still resulted in the awful recent press. Clearly the engagement process did not work. I therefore call for Lloyds Bank to implement a Shareholder Committee, which is a more formal and regular engagement process, which builds trust and understanding between committee members and the company. This can only improve the current processes. The Lloyds 2018 annual report says: Responding to feedback We were disappointed that our ...

AIM & remuneration disclosure: still room for improvement

Some of the problems and opportunities in AIM companies were highlighted in a recent blog by Minerva Analytics which I am reproducing with their permission below, writes Cliff Weight, ShareSoc Director. Unlike their main market peers, AIM companies are not obliged to follow the detailed legislation surrounding executive pay practice. After AIM Rule 26 was changed in March 2018, they now just have to disclose which governance code they follow. For many, that will be the QCA Governance Code. While cynics often suggest ...