Welcoming the publication today (Tuesday) by the Financial Conduct Authority (FCA) of its proposed changes to the Listing Rules, Will Pomroy, Policy Lead: Corporate Governance at the National Association of Pension Funds (NAPF), said:
“These proposed changes to the listing rules are very good news for minority shareholders.
“They will go a long way to providing appropriate protection to minority shareholders and will breathe more life and accountability into relationship agreements. The NAPF particularly welcomes the measures to prevent potential abuses of position through related party transactions where a controlling shareholder is in place.
“We believe the measures to improve effective shareholder democracy by addressing the lack of influence of minority shareholders where a controlling shareholder exists are important. Additionally, improving disclosures on director nominations, and, importantly, requiring that each share within a premium listed class has equal voting power, are very welcome steps.
“We look forward to engaging further with the FCA during this latest consultative process to ensure that the interests of minority investors are appropriately protected.”
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Dee Sullivan, Head of Media and PR (interim), 020 7601 1717 (forwards to temporary mobile outside office hours), [email protected]
Aimee Savage Richards, Press Officer (interim), 020 7601 1718 or 07825 171 446, [email protected]