johnhemming wrote:GoSeigen wrote:The issue of a class vote is not statutory but contractual. Given there are thousands of companies (millions?) with shares I doubt it's practical or in anyone's interest for the FCA to carry out this sort of exercise. As always if you invest in shares DYOFR.
When I last did the research on this there was also EU law that applied which required a class vote.
I am not suggesting that the FCA do that sort of exercise. I am suggesting that if companies have hybrid instruments listed on public exchanges that they should publish a phrase which explains what their understanding of the mixture of statutory (including EU law carried forward notwithstanding Brexit) and contractual law that applies. The FCA should require this.
They are compelled to do this already. It's called their Articles of Association and is available on the Companies House website. The articles only cover this esoteric topic but also all kinds of other situations affecting these hybrid securities. I really highly recommend reading them!
EDIT: Fixed spelling, added URL.