UKSA (UK Shareholders' Association) is the oldest shareholder campaigning organisation in the UK. We are a not for profit company that represents and supports shareholders who invest in the UK stock market.

By lobbying Government, the Financial Reporting Council, the Financial Conduct Authority and other bodies we strive to continually improve recognition and treatment for private investors.



The text of the Financial Reporting Council
20 September 2016

Venue Address
Alderman the Lord Mountevans
Lord Mayor of the City of London

Conference transcript 2016


The ownerless corporation, so christened by Lord Myners more than 10 years ago, is upon us. In its response to a BEIS consultation on corporate governance UKSA has drawn attention, once again, to the scandalous erosion of corporate control arising from the unrestrained spread of multi-owner nominee accounts (sometimes called pooled nominee accounts).


Park Group claims to be “the UK’s leading multi-retailer gift voucher and prepaid gift card business.” It started in 1966 as a savings scheme for Christmas hampers and has built on that base to reach a revenue total last year of £302.5m. Cash conversion is good with a steadily increasing dividend currently yielding 3.7%. The Chief Executive talks of ‘a steady rise in billings’ but the record shows a setback in 2014 due to weakness in the retail sector. So how well is the company really performing, what is the outlook for the future and how easy is it from the accounts to follow what is really going on?


This is an unusual and profitable company which, although quoted on AIM, is based in Israel. It has an attractive dividend policy although smaller non-Israeli holders are subject to withholding tax. But what does the company actually do, how does it make money and is it run primarily for the benefit of the directors and founders rather than the shareholders?


Would that all AIM companies could be persuaded to copy SQS. The presentation of the report makes it much easier to read than its UK counterparts and the high level of disclosure – happily confined to the notes – would satisfy most analysts.


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