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Influential Global Investor Body Sets Out Concerns on Listing Rules Reforms

Influential Global Investor Body Sets Out Concerns on Listing Rules Reforms

Global investor body the International Corporate Governance Network (ICGN) today shared its concerns on listing rules reforms in a letter to the Financial Conduct Authority (FCA) Chair, Ashley Alder.

Led by investors responsible for assets under management of around US$77 trillion, the ICGN advances the highest standards of corporate governance and investor stewardship worldwide in pursuit of long-term value creation, contributing to sustainable economies, societies, and the environment.

ICGN CEO Jen Sisson said:

“Strong shareholder rights and protections are important. Our members are investing hard working people’s savings and pensions, and the UK governance system of accountability to shareholders plays a critical role in protecting those end investors.

We would strongly suggest that the FCA considers retaining these critical protections. On dual class shares, academic evidence points to there being no benefit to company value from dual class structures lasting more than 7 years. Could the UK consider sunsetting clauses after 7 years from IPO? We also strongly believe that the votes on significant transactions and related party transactions provide useful protections for investors and that removing them exposes unnecessary risks.

While we are aware that the FCA has undertaken a consultation process, we are concerned that the voice of investors, whilst being heard, seems to be being ignored.”

The full letter is available and co-signed by:

  • Asian Corporate Governance Association (ACGA)
  • Australian Council of Superannuation Investors (ACSI)
  • Associacao De Investidores No Mercado De Capitais – Amec (AMEC)
  • Assogestioni
  • Canadian Coalition for Good Governance (CCGG)
  • Council of Institutional Investors (CII)
  • Investor Coalition for Equal Votes (ICEV)

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Autumn Conference 2026

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Policy

Corporate Governance Principles and Recommendations, Australian Stock Exchange (ASX)
Draft 2026-2030 Strategic Plan Goals and Objectives, Public Company Accounting Oversight Board​
Amendments to the German Corporate Governance Code,  Regierungskommission Deutscher Corporate Governance Kodex

Influential Global Investor Body Sets Out Concerns on Listing Rules Reforms

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Influential Global Investor Body Sets Out Concerns on Listing Rules Reforms

Will Farrell

Federated Hermes
Assistant Manager, EOS
London

Will co-leads the climate change theme at EOS, the stewardship arm of Federated Hermes Limited, where his coverage includes companies in Europe and Australia, primarily financial services, energy, chemicals, and materials. Prior to joining EOS, Will worked in the energy and infrastructure investment banking team at Macquarie Capital, where he specialised in renewable energy. Before that, Will held a number of roles across the UK climate policy space, including as a parliamentary researcher for Rt. Hon. Chris Skidmore MP on climate and energy issues, and as a climate and economic policy analyst at a diplomatic institute. He was appointed as a voluntary adviser to Rt. Hon. Alok Sharma MP, President of COP26, on preparations for COP26 after co-founding a Westminster climate policy group in 2019, which engaged MPs and Members of the House of Lords to advocate for more ambition on climate action in public policy. Will has a Bachelor’s degree (1st Class Honours) in Economics from the London School of Economics and Political Science.