FCA Publishes Proposals on Changes to the Premium Listing Rules, with Focus on Companies with a Controlling Shareholder
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- UK regulator confirms increased requirements for premium listed companies with a controlling shareholder following consultation
- New rules will require a controlling shareholder agreement with three “independence undertakings” and dual voting procedures for the election of independent directors
- No change to the existing 25% free float requirement for premium listings but express guidance on criteria for relaxation down to 20%
- Further consultation on related issues ahead of expected introduction of new rules in mid-2014