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FCA to confirm Listing Rule changes for controlling shareholders

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22 Apr 2014

The FCA announced recently that it is proposing to pursue the package of measures set out in its consultation paper 'CP13/15: Feedback on CP12/25 – Enhancing the effectiveness of the Listing Regime and further consultation'. This package of measures is designed to protect minority shareholders in premium listed companies by giving them additional voting rights and greater influence over key decisions.

The measures have arisen as a result of concerns from the investment community about the governance of premium listed companies with a controlling shareholder and protecting the interests of minority shareholders. Much of the concern was whether the minority shareholders could participate effectively in the governance of the company where the interests of the controlling shareholder conflict with those of the minority.

CP 13/15 proposes a number of changes that affect premium listed companies with a controlling shareholder and also proposes a number of changes that affect all premium listed companies, whether or not they have a controlling shareholder.

The FCA Board is being asked to approve these proposals.  If approved, they are expected to come into force on 16th May 2014.

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