Background information on Tesco plc and ShareSoc's AGM vote guidance, ahead of the AGM on 14th June.   

This resource is only available to Full ShareSoc and Premium (ShareSoc & SIGnet) members.  

FCA chief Nikhil Rathi also expresses concerns that banks are flying blind, over their cumulative lending exposure to Private Equity, in the face of falling valuations. But he stops short of calling it a 'systemic risk', yet. 

£5bn Bid rejected by Hargreaves Lansdown from Private Equity funds led by CVC and an Abu Dhabi wealth fund. Pre-bid those HL shares rocketed 30% in the last month, strange that isn't it? Leaky Chinese walls no doubt have nothing to do with the news that it's actually the second bid! 

A welcome drop in FSCS costs, except for the "investment provider" segment, hit by Hartley Pensions, but not by provisions for Woodford as you might expect. Ultimately, we all pay, through increased charges from financial services firms subject to the FSCS levy. 

Calls to strip gongs from disgraced former investing guru Neil Woodford. Despite Woodford investors losing £1 billion, no-one has gone to jail. The FCA agreed a paltry £183 million compensation scheme paid by Link, but individuals have so far escaped justice. Woodford paid himself £100 m in dividends from Woodford Investment Management Ltd, leaving no funds to compensate investors, and his legal team are trying to divert the blame onto Link, who failed in their responsibilities. 

Vanguard, originator of the passives boom gets its first external CEO, from Blackrock of all places. (FT subscription required) 

So Shareholder rebellions on pay do work, sometimes. BooHoo management back down on proposed executive pay schemes, at least while the company is loss making and the share price being only 10% of what it used to be. 

Abrdn CEO departs after four years of a turnaround that's still turning... (FT subscription required)

Both Ocado and St James's Place will be dropping out of the FTSE 100 shortly as their share prices have been hammered by adverse business performance. 

Another SIPP provider, Intelligent Money, is in the FCA's headlights. 
The FCA has been responsible for the regulation of SIPPs since April 2013, but is this yet another case of wholly unsuitable investments being facilitated through them? 

Investors are silenced by LSE PR campaign to support higher executive pay. 80% fewer investor rebellions in this year's AGM season vs the prior year. 

A closer look at whether London Equity markets really are undervalued and ripe for picking. 

The FCA's chair, Ashley Alder, warns about valuation risks in private assets. In addition, he says: "It was good to see… a clear position that illiquid assets should not be held in daily dealing structures...". ShareSoc agrees, so why launch and sanction “LTAFs” that do precisely that? 
 
Alder also welcomes the revocation of PRIIPs regulations, that create a false impression of investment trust costs. However, ShareSoc is concerned that a lengthy consultation process on a replacement cost disclosure regime could delay implementation. 

Financial Education and Literacy is a core goal for ShareSoc. The recent FinEd report from the Education Committee needs to be actioned, as evidenced by this article which highlights that FinEd is a postcode lottery and less than 2 in 5 teenagers consider themselves financially literate.

"Tools such as NatWest Rooster Money and GoHenry are useful at instilling financial discipline – and teaching kids that money does not grow on trees. But the key financial education work should take place in the classroom and as early in a child’s life as possible. So, I am four square behind the recommendation made last week by the Education Select Committee for financial education to start at primary rather than secondary school." 

Teenage investing is discussed by the Telegraph. Though the examples interviewed may be outliers as most teenagers go.

How a random selection of stocks picked by throwing darts beat the professionals.   

Mail On Sunday highlights free breakfasts and other shareholder perks.

This HL webpage lists usefully companies with shareholder perks https://www.hl.co.uk/shares/shareholder-perks.  

If 9 out 10 pension funds were out-performed by a UK tracker, it does seem to suggest that Pension Funds’ flight to bonds and international equities was misguided and a bit of home bias would have paid dividends (geddit?). 

Labour backs the GB ISA but may drop the proposed NatWest share sale. ShareSoc will continue to participate in government consultations on these topics. 

Unusual. A big company getting caught and fined for anti-competitive activity. In this case Mondelez, for enforcing price discrimination between EU markets, and gouging up to 40% extra in some places. 

Gavekal Research noted the unusual trend of US asset prices rising despite a contraction in money supply, suggesting that non-monetary factors may be influencing prices. Factors such as the rollout of AI have boosted corporate earnings and driven up prices of assets like equities, gold and cryptocurrencies. The market expects a loosening of US monetary policy, which could lead to renewed growth in money supply. However, investors are warned that asset prices might fall if the drivers supporting them weaken. 

The US may not be the leader, but the laggard when it comes to reducing interest rates. So says a Fed Official, as there is too much upward pressure on US property prices despite current high rates. 

UK Individual Shareholders Society Ltd is a company limited by guarantee. Registered in England & Wales No. 7503076.
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