ENRC affair spurs aid for minority investors
Wednesday 06 November 2013
Investors with minority holdings in London-listed companies have been empowered by a new set of rules from the City regulator.
The Financial Conduct Authority said businesses with controlling shareholders – those holding 30 per cent or more of a company's shares – must ensure they are run independently to hold on to their premium listings. The rules come in the wake of controversy over overseas listings such as the Kazakh miner ENRC, whose shareholder register is dominated by its oligarch founders.
The new guidelines will give smaller shareholders vetoes in areas such as the appointment of independent directors or where controlling shareholders try to take a company private. The FCA says it hopes to introduce the new package of measures in mid-2014 despite criticism in some quarters.
Roger Barker, of the Institute of Directors, said: "Some of the world's most successful firms – Microsoft, Amazon, Google and BMW – have large, individual shareholders. It remains to be seen whether, by singling out one type of company ownership for extra rules, the FCA will discourage these companies from listing in London."
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Bakery sends 'horrific' version of Frozen-themed birthday cake to unsuspecting customer
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...