The Law Commission is consulting with stakeholders on intermediated securities (the system of nominee and beneficial shareholders). Following the initial consultation the Commission will implement a scoping study which will provide an accessible account of the law, a description of the corporate governance and other legal issues associated with intermediated securities and an assessment of whether the issues cause difficulties in practice. It will also aim to develop a consensus about issues to be addressed in the future.
As part of the consultation process UKSA and ShareSoc were invited to meet with the Law Commission. We thought that it would be helpful in advance of the meeting to set out our concerns about the way in which intermediated securities currently work and the impact that this has on corporate governance and stewardship. Click here to read what we said.