Institutional Shareholders Committee

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2010-05-18ISC The ISC occasionally publishes papers, including industry guidance, on issues of interest to the UK's shareholding community. Papers with continuing relevance are listed below.


05 July 2010 - Rights Issue Fees Inquiry launches consultation

The Rights Issue Fees Inquiry (RIFI), established to look into fees charged for capital raising and set up by the Institutional Investor Council (IIC) representing the UK’s largest institutional investors, has formally launched its consultation and set out its terms of reference. It will take into account the Office of Fair Trading’s announcement on 10 June of its intention to undertake a study of equity underwriting services.  The institutional investors’ study will look closely at the demand side for investment banking services by the listed companies in which they invest and be complementary to the OFT's study of their supply.  Investors' interest in the governance environment within which decisions are taken to use investment banks will provide an important focus for this work.  


18 May 2010

INVESTORS FORM NEW TOP COUNCIL, SET RIGHTS ISSUES ENQUIRY AS FIRST TASK  

The Institutional Shareholders Committee (ISC) has agreed to establish a new senior body, the Institutional Investor Council (IIC), to build a single voice for the institutional investor community and strengthen its profile. Its objectives will be: to work closely with the Financial Reporting Council in promoting the new Stewardship Code for shareholders; to facilitate collective engagement by institutional investors with companies particularly in times of stress; and to provide industry-wide senior practitioner input to the authorities on issues relating to investments. 

The ISC will now proceed to formalise a constitution for the new Council, involving the creation of a Nominations Committee to ensure high calibre, representative membership, and the election of a chair. The ISC will report on progress before the end of August.  In the interim the ISC’s Consultative Committee, chaired by Keith Skeoch of Standard Life Investments, will assume responsibility for delivering the objectives of the IIC. The new Council will complement and support the work of trade associations and the traditional role of the lSC in liaising between them. 

The first act of the new Council will be to commission and oversee an enquiry by institutional investors into the fees paid on rights issues. This is to be chaired by Douglas Ferrans, Chairman of the Investment Management Association (IMA) and Invista Real Estate and a former chairman of Insight Investment. Mr Ferrans will consult widely and expects to report by the end of the year.
19 January 2010
The FRC announces consultation on the ISC Code
The FRC has announced that following the recommendations in the Walker Review it has launched a consultation on the ISC's Code
http://www.frc.org.uk/press/pub2216.html

Until this Consultation has been completed and the FRC assumes formal oversight of the Code, ISC will encourage investment managers to continue to apply the ISC principles of Stewardship.

For information on those managers apply the Principles, please see:

http://www.investmentuk.org/press/2009/20090520-2-01.pdf


16 November 2009
ISC Code on the Responsibilities of Institutional Investors
The ISC today published its Code on the Responsibilities of Institutional Investors
Press Release>
ISC Code>

05 June 2009
Improving institutional investors' role in governance
The ISC today published a press release and paper on how to improve institutional investors' role in governance.

30 June 2008
Statement on auditor liability limitation agreements published
Press release publicising the Institutional Shareholders' Committee statement on auditor liability limitation agreements.

30 June 2008
Institutional Shareholders' Committee statement on auditor liability limitation agreements
Following the FRC's guidance on entering auditor liability limitation agreements, the ISC has set out what institutional investors are likely to expect from such agreements.

27 June 2007
Industry framework on voting disclosure published
Press release to promote the Institutional Shareholders' Committee framework on voting disclosure, including ministerial response.
27 June 2007
Institutional Shareholders' Committee framework on voting disclosure
The Institutional Shareholders' Committee has developed a framework to help institutional shareholders consider issues related to voting disclosure.
27 June 2007The Responsibilities of Institutional Shareholders and Agents - Statement of Principles

The Institutional Shareholders' Committee has reviewed and updated the Statement of Principles on shareholder engagement.  The only amendment relates to publishing a policy on voting disclosure (see last bullet point on section 2).

Update of Statement of Principles >

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