FCA consultation could reverse progress on shareholder protection
13 July 2017
Commenting on the FCA’s announcement on a new premium listing category for sovereign-controlled companies, Ashley Hamilton Claxton, Corporate Governance Manager at Royal London Asset Management, said:
“It looks like the FCA is consulting on amending the existing listing rules to accommodate the peculiarities of one company, which is not a very effective strategy for regulating the market as a whole. If the proposals in this consultation document are implemented, it will be bad news for London and will reverse the progress we have made in recent years to uphold strong governance and protect minority shareholders.
“In our view, the listing rules should apply for any premium listing, regardless of whether the controlling investor is a private individual, a consortium or a sovereign state.”
Royal London Asset Management manages £104.5bn of assets, including over £20bn in UK listed equities.
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About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £104.5 billion of assets and employs 86 investment professionals. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.