ShareSoc News

New FCA consultation on CFDs – Request for help

by Cliff Weight, Director, ShareSoc The FCA have launched a new consultation on CFDs and “retail derivatives”: https://www.fca.org.uk/publications/consultation-papers/cp18-38-restricting-contract-difference-products-sold-retail-clients-and-discussion-other-retail  We are circulating this to members to see if anyone has specific experience and competence to be able to respond – and is willing to help. The FCA have asked 17 specific questions. Our approach to consultations is to only answer those questions where we have particular knowledge.  We usually write a covering letter highlighting our views about the key issues and then give the answers ...

FRC Slides 3 Dec 2018, How to Complain and Appeal for Volunteers

I have received this feedback from the FRC "Thank you very much for rounding up a great audience on Monday, we are very pleased with how the event went. Please find attached the slides and feel free to circulate them to attendees." So, here are the slides. Lifting the Lid Event Slides - 3 December 2018 The FRC stressed they want to hear our complaints about companies and auditors. If you have a complaint then send it to the FRC complaints email oversight@frc.org.uk. If you wish to ...

PWC and the future of audit

We have been contacted by PWC about the future of audit. The letter below from Hilary Eastman at PWC to Peter Parry explains the background.  Please do access the on-line platform and send comments in. There are only a handful of questions and it is quick to do. www.pwc.co.uk/futureofaudit   More importantly, you will see that PWC is organising a number of engagement events around the country. Please send your name to the ShareSoc office info@sharesoc.org  if you would like to attend one of these ...

Lord Lee of Trafford appointed Patron of ShareSoc

Press release 107 - Lord Lee of Trafford appointed Patron of ShareSoc ShareSoc, the UK's premier member organisation for individual investors, is delighted to announce that Lord Lee of Trafford has been appointed as Patron of the society with effect from today. Lord Lee, who writes as John Lee in the Financial Times, is a respected investor, proclaimed as Britain's first ISA millionaire. In 2013 he released a financial autobiography entitled "How to make a million – slowly". He encourages individual share ownership and ...

ShareSoc-UKSA Resolution for the RBS 2019 AGM

ShareSoc has advocated the implementation of Shareholder Committees since our inception in 2011. ShareSoc has submitted resolutions to previous RBS AGMs requesting the implementation of an RBS Shareholder Committee. WE NOW NEED YOUR HELP WITH THIS YEAR'S CAMPAIGN Please sign the correct form if you own RBS shares. You can find instructions for doing so here: https://sharesocstagin.wpenginepowered.com/rbs-agm-2019-requisition/ Or, if you don’t currently own RBS shares but wish to support our campaign, then we can give you 1 share and then you can sign the ...

UKSA / ShareSoc policy papers, submissions and campaigns

Since we began merger discussions, UKSA and ShareSoc have worked together on policy and campaigning issues. Below is a list of issues where we have made a significant input. This shows the wide number of areas where we have been active since 1st January 2017 (Updated 25th October 2018). Date Document Recipient Drafted by Notes December 2018 (Started Dec 2016) RBS Shareholder committee campaign RBS/Media ShareSoc (CW) Supported by UKSA November 2018 Procurement of Audit services (Kingman Part II) Sir John Kingman PP with CW Joint submission from UKSA and SS October  2018 Competition and Markets Authority (CMA) consultation ...

Consultation Response: Competition and Markets Authority re Statutory Audit Market Study

UKSA  and ShareSoc made a joint response to this consultation. The key points we made were: We believe that there is competition in the market for audit services, although in the case of FTSE 100 companies, market competition is limited - wider choice and more competition would be beneficial. Nonetheless, competition does not necessarily lead to improved quality which is the main concern about audit at present. We believe that the main problem lies in the way in which audit services are procured. We ...

ShareSoc and UKSA’s joint response on the Competition and Markets Authority Review of the Audit Sector

You can find full details of ShareSoc and UKSA’s joint response the Competition and Markets Authority Review of the Audit Sector by clicking here

Unilever abandons its plans. ANOTHER VICTORY FOR INDIVIDUAL SHAREHOLDERS

This morning 5 October Unilever announced it had abandoned its plans, so there is no longer any need to vote. What good news this is. It is a triumph for all those involved in engaging with the company, who have belatedly listened to our arguments.   We were very concerned about the disenfranchisement of individual investors in the Unilever vote on 26 October.   Members may wish to know that as part of our campaign, ShareSoc on 4 October, sent the following OPEN LETTER TO PLATFORMS AND NOMINEE COMPANIES. 4 October 2018 UNILEVER PLC ...

Joint UKSA-ShareSoc Letter in the FT re Unilever Vote and UK Shareholder Disenfranchisement

  The letter, headed Complacency on Unilever vote may rebound on UK, said Sir, Neil Collins highlighted the importance of small investors in Unilever’s coming votes (Inside London, FT Weekend, September 22-23). A scheme of arrangement requires approval by at least 75 per cent in value of each class of the members or creditors who vote on the scheme, being also at least a majority in number of each class. The court’s permission is needed to convene the meetings of members and creditors to ...