Stewardship Code to face a final hurdle September 19, 2010 THE GOVERNMENT’S new best practice rules for shareholders face a crucial period this week, as the last batch of institutional investors declare their support for the guidelines. The Financial Services Authority (FSA) is also due to report on its two-month consultation into the Stewardship Code, which aims to help institutional shareholders keep a closer eye [...]
Cable’s power grab threat to share listings September 15, 2010 LONDON’S competitiveness as an attractive company listing destination is in danger of being jeopardised by political gesturing between business secretary Vince Cable and the Treasury, one of the UK’s most senior investment bankers has warned. Sir Laurie Magnus, who was yesterday appointed chairman of Lexicon Partners, said plans to separate the regulation of primary and [...]
Shareholders urged to sign up to new Stewardship Code September 15, 2010 SPEAKERS at the ABI’s investment conference yesterday urged company shareholders to sign up to the government’s new Stewardship Code, arguing that improving the long-term attitude of investors is crucial in order to hold at bay radical changes to governance regulation at a European level. Peter Montagnon, who left the ABI earlier this year to become [...]
LSE boss: help me protect the city September 14, 2010 THE London Stock Exchange’s boss last night called on those involved in the capital raising business to back his campaign against proposed new rules he fears could “severely” impact London’s competitiveness. There are growing fears that the new rules could chase capital raising out of London, robbing the City of much-needed income and jobs. Xavier [...]
Plans to reform the tripartite system have opened a new can of worms September 14, 2010 WHEN George Osborne set about dismantling the tripartite regulatory system, he said the reforms would help prevent another banking crisis. But his decision to hand responsibility for the UK listing authority (UKLA) to the Financial Reporting Council (FRC) could end up causing even bigger problems. The FRC is controlled by Vince Cable’s business department, whereas [...]
LSE warns on City threat September 13, 2010 THE London Stock Exchange (LSE) yesterday made public its opposition to government proposals to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) arguing the move would deny the City a voice in Europe, reduce the capital’s competitiveness and ultimately cost jobs. “We care deeply about the competitiveness of the UK’s IPO [...]
Big four accountants warned by FRC to improve on audits September 13, 2010 THE FOUR largest accountancy firms need to improve the quality of audit services, a body within the Financial Reporting Council (FRC) has warned. A report into the auditing practices of the “big four” accountancy firms, including Deloitte, Ernst & Young, PricewaterhouseCoopers (PwC) and KPMG, found that in three cases KPMG had signed off on audits [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
Lesley Knox takes chair at Grosvenor July 20, 2010 LESLEY Knox, one of only two female chairmen at FTSE 100 firms, yesterday added another prestigious role to her CV as chairman of Grosvenor, the Duke of Westminster’s property firm. Grosvenor said its current chair, Lord (David) Home, plans to retire as a trustee of the company and from the board at the end of [...]
Companies: forget re-elections July 18, 2010 Companies are being urged to ignore guidelines that require them to annually re-elect board members. Three of the UK’s biggest investors – Hermes, Railpen and the Universities Superannuation Scheme – have written to 700 companies urging them not to comply. In the letter, they warn that annual election of directors can undermine collective decision making [...]