Corporate weekly highlights—14 June 2018

Corporate weekly highlights—14 June 2018
This week’s edition of Corporate highlights includes the new Market Tracker Trend Report—Dividends, a new precedent in the Private Equity topic and news stories on the draft Companies (Miscellaneous Reporting) Regulations 2018 and BEIS FAQs on the draft regulations. It also includes a news story on the FRC’s consultation on a proposed corporate governance code for large private companies (known as the Wates Corporate Governance Principles for Large Private Companies).

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Market Tracker Trend Report—Dividends

The Lexis®PSL Corporate team has published a Market Tracker Trend Report on dividends. This report looks at market practice across the FTSE 350 for the payment of dividends.

Some of the questions addressed in the report include:

  1. what mix of final, interim and special dividend payments is made across the FTSE 350
  2. how frequently FTSE 350 companies pay dividends
  3. how quickly a dividend payment is made following: its first announcement; in the case of a final dividend, the date of the AGM notice and the AGM itself, and crucially, the record date, and
  4. whether companies are adhering to the recommended timeframe for payment of dividends set out in the London Stock Exchange (LSE) Dividend Timetable

The Lexis®Nexis Market Tracker team conducted research to answer these questions and uncover details of how FTSE 350 companies are paying final, interim and special dividends to their shareholders. The team interviewed the Stock Situations Team of the LSE for its views on the LSE Dividend Timetable, and Peter Swabey of ICSA: The Governance Institute (ICSA) contributed both commentary and to the methodology of the report. Commentary has also been provided by international law firm Pinsent Masons LLP, who must also be credited for the idea of producing the report in the first place.

The Lexis®Nexis Market Tracker team hopes that the report gives companies and their advisers some clarity on current market practice for payment of dividends and assistance in navigating an area which is currently lacking in formal commentary and guidance.

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