Wednesday, 2 August 2017

Rules 'should not be watered down' for Aramco listing

Regulators should not "water down" the rules to allow the world's largest oil company to list in London, the Institute of Directors (IoD) has said.

It follows reports Saudi Aramco plans to list 5% of its shares in London or on another Western stock exchange.

UK rules state more than 25% of shares should be listed to stop a single shareholder having too much dominance.

But proposals by the Financial Conduct Authority (FCA) put forward in January could allow for exceptions.

The regulator proposed waiving a number of requirements for sovereign-owned companies.
These include the need to provide independent shareholders with their own separate vote on the appointment of independent directors, which can potentially delay the process by up to 90 days.

BBC    News.