Woodsford co-signs International Corporate Governance Network (ICGN) letter to UK Chancellor, Jeremy Hunt, the FCA, the FRC and the LSE cautioning against proposals to roll back UK corporate governance standards and shareholder protection. 

Woodsford is at the forefront of assisting institutional investors in collective and escalated engagements with investee companies when breakdowns in ESG and related misrepresentations to the market cause a loss to shareholder value. Corporate governance standards and shareholder protection are at the heart of what we do.

In furtherance of this objective, Woodsford is proud to be a co-signatory, along with 51 other global investors, to a letter from ICGN to the UK Chancellor, the Financial Conduct Authority (FCA), the Financial Reporting Council (FRC) and the London Stock Exchange (LSE). The letter raises concerns in respect of regulatory proposals which could weaken UK corporate governance standards and shareholder protections.

ICGN cautions against FCA proposals to replace the current ‘standard’ and ‘premium’ segments with a single listing category, to remove shareholder votes prior to significant transactions and related party transactions, and allow dual-class shares with very few investor protection safeguards. ICGN contends that these proposals will expose investors to undue risk, with potentially significant implications for underlying beneficiaries including pensioners, insurance, and retail investors’ savings.

The letter has since been covered in the Financial Times and Investment Week.

Woodsford’s CEO, Steven Friel, is a member of the ICGN Global Stewardship Committee.

To read the letter click here.