IPO bankers ‘should take fees in shares’ – top UK investor
- Date: 22-Mar-2021
- Source: SkyNews
- Sector:Financial Services
- Country:Middle East
IPO bankers ‘should take fees in shares’ – top UK investor
Investment bankers who bring companies to the London Stock Exchange should receive part of their fees in stock to align their interests with those of shareholders, the market's biggest investor is to demand.Sky News has learnt that Legal & General Investment Management (LGIM) will call for sweeping measures to protect minority investors in a submission to the City regulator when it begins consulting on reforms proposed as part of a recent review of the UK listings regime.
LGIM - the biggest institutional shareholder in London's blue-chip companies - will call for dual-class shares to be excluded from premium indices for three years after their listing.It will also demand that the appointment of chairs takes place at least six months before companies make their debut on the public markets, and that investment banks publish the sponsorship letters which seek to provide reassurance to investors about the underlying health of IPO