ShareSoc News

An additional response to The Kay Review

An additional response to the Kay Review covering the specific issues of shareholder enfranchisement and the AIM market has been submitted - see Kay Review 2. See below for our main response to the Kay Review.

ShareSoc’s Response to the “Shareholder Voting Rights” Consultation

Our response to the Shareholder Voting Rights Consultation is contained in this document: Shareholder_Voting_Rights. In summary we support the main proposals, would like to see binding votes on pay being "special" resolutions (I.e requiring a 75% majority in favour) and would like to see AIM companies covered by these regulations as well.

ShareSoc Recommends Voting Against Barclays Remuneration Report

PRESS RELEASE 21 (09/04/2012) ShareSoc (the “UK Individual Shareholders Society”) welcomes the call by PIRC (“Pensions Investments Research Consultants”) for shareholders to vote against the Remuneration Report at Barclays. We agree that the bonus and other pay arrangements for the CEO, Bob Diamond, and of the other senior executives are inappropriate. We therefore advise our members to vote against the Remuneration Report. Our stance is that the aggressive bonus arrangements at all banks should be restrained as they were one cause of the ...

Cable’s Pay Review – A good first step

PRESS RELEASE 20 (15/03/2012) ShareSoc (the “UK Individual Shareholders Society”) welcomes the publication by Vince Cable’s B.I.S. Department of proposals for shareholders to have more say in the remuneration of public company directors. We believe that the proposals for a forward looking binding vote on pay are essential and that the level of support for such a vote should be increased from the normal 50% to 75%, i.e. it should be made a special resolution to bring it into line with other important ...

ShareSoc Launches Attack on Unjustifiable LTIP Award at Intercede Group Plc

PRESS RELEASE 19 (12/03/2012) ShareSoc (the “UK Individual Shareholders Society”), has launched a Shareholder Action Group in relation to Intercede Group Plc. Intercede announced a Long Term Incentive Plan (“LTIP”) in August 2011. In the view of ShareSoc, and the shareholders whom we represent, this LTIP demonstrates many of the aspects that are abhorrent in the current system of remuneration in public companies. The problems are: The award of nominal cost share options (effectively free shares) which simply transfers a part of the value ...

Will Cameron Deliver on his Pay Promise?

PRESS RELEASE 17 (10/01/2012) ShareSoc (the “UK Individual Shareholders Society”) welcomes the commitment from David Cameron last Sunday that the Government is to tackle the problem of excessive remuneration in UK public companies A summary of what he said is given at the end of this press release, but it included a commitment to a binding vote on pay by shareholders, better reporting of actual pay and reform of remuneration committees. These are all measures that ShareSoc has advocated recently so it is ...

Conygar – A Good Example of What is Wrong with the Remuneration of Directors in Public Companies

PRESS RELEASE 16 (03/01/2012) ShareSoc (the “UK Individual Shareholders Society”) has been campaigning since it was created for reformation of the way directors of public companies are remunerated and how their pay is set. A good example of how directors can exploit the opportunities implicit in the present system is that of Conygar, an AIM listed property company. This is a relatively small company (net assets £158m at September 2011 year end) but where the directors paid themselves a total of £3.5m in ...

RBS Report – Not a Total Whitewash, But….

PRESS RELEASE 15 (12/12/2011) ShareSoc (the UK Individual Shareholders Society) welcomes the long overdue publication of the FSA report on the failure of the Royal Bank of Scotland (RBS). It does highlight many important issues, and we have summarised those in an Appendix to this press release. For example, it suggests that existing regulations are not tough enough to ensure proper stewardship of banks and suggests some changes (the report sees no prospect of penalties being imposed on the directors of RBS). But ...

Getting Tough on Pay

PRESS RELEASE 14 (05/12/2011) ShareSoc (the UK Individual Shareholders Society) welcomes Nick Clegg’s statement that the Government is to clamp down on excessive pay in public companies in the New Year. ShareSoc has been arguing for some time that pay is now out of control. In both large and small companies, there are examples of outrageous levels of pay, ridiculously generous “performance” schemes and over-complicated pay structures that serve to obfuscate what is happening. In our recent submission to the Executive Pay Discussion ...

ShareSoc’s Response to “The Future of Narrative Reporting” Consultation

We submitted the following response to the consultation by the BIS on "The Future of Narrative Reporting" which proposed substantial changes to the content of companys’ Annual Reports and other company reports: Future of Narrative Reporting Response