Extract from Wales Assembly debate on Carillion and Capita - July 4
Thursday, 5 July 2018 08:45
Mark Drakeford AM:...In the fourth lesson, we say that investors'
corporate governance rights should be subject to a minimum period
of share ownership of at least two years, otherwise we are exposed
to the sort of activity that we saw when GKN was taken
over by a hostile bid from Melrose, a short-term asset stripper,
where the people who voted to take GKN into that
ownership were short-term shareholders piling in at the last
minute, buying shares and voting...Request free trial
:...In the
fourth lesson, we say that investors' corporate governance rights
should be subject to a minimum period of share ownership of at
least two years, otherwise we are exposed to the sort of activity
that we saw when GKN was taken over by a hostile bid from
Melrose, a short-term asset stripper, where the people who voted
to take GKN into that ownership were short-term
shareholders piling in at the last minute, buying shares and
voting for the takeover in the hope of speculative gains and
lining their pockets from the profits of the deal. There has been
a curious silence from the Conservative benches during this
debate, Dirprwy Lywydd, but let me quote one of their number at
Westminster, , when he described it as
'robber baron capitalism at its worst'. And we can do better than
that...
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