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Accounting Standards Committee 10 The Quoted Companies Alliance Annual Review 2008/09 The QCA works for small and mid- cap quoted companies in the UK and Europe to promote and maintain vibrant, healthy and liquid capital markets. 6 Kinghorn Street London EC1A 7HW Tel: 020 7600 3745 Fax: 020 7600 8288 [email protected] www.quotedcompaniesalliance.co.uk 1 Index QCA Officers and Advisors 3 About the Quoted Companies Alliance 4 Chairman’s Statement 5-6 Chief Executive’s Report 7-8 Treasurer’s Statement 9 Reports of the sub-committee chairmen: Accounting Standards Committee 10 Corporate Governance Committee 11 Legal Committee 12 Marketing and Recruitment Committee 13 Markets and Regulations Committee 14 NOMAD Committee 15 Share Schemes Committee 16 Tax Committee 17 Committee Members and Their Work 18-21 QCA Members 22-23 2 QCA Officers and Advisors President The Rt Hon Lord Strathclyde P.C. Chairman Donald Stewart, Faegre & Benson LLP Treasurer Fiona Kelsey, PricewaterhouseCoopers LLP John Pierce (until 28 August 2009) Chief Executive Tim Ward (from 1 September 2009) Executive Committee (as of 30 June 2009) Andy Brough, Schroder Investment Management Ltd Paul Lee, Hermes Nigel Burton, Advanced Power AG Mark McBride, Utek Corporation Paul Clarke, Brookwell Limited (Deputy Chairman) Ash Mehta, Orchard Growth Partners Limited Rob Collins, Evolution Securities Katie Morris, Brewin Dolphin Securities Limited Jonathan Eardley, Share Resources Elaine New, Seven Arts Pictures plc Michael Higgins, KPMG Julian Palfreyman, Winterflood Securities Bob Holt, Mears Group plc Theresa Wallis, LiDCO Group plc Harry Hyman, Primary Health Properties plc Jeremy Landau, K & L Gates Sub-Committee Chairmen (as of 30 June 2009) Accounting Standards Tim Gordon, Ernst & Young LLP Corporate Governance Edward Beale, City Group plc Legal Nicholas Narraway, Moorhead James LLP Marketing & Recruitment Leslie Copeland, Vitesse Media plc Markets & Regulations Stuart Andrews, Evolution Securities NOMAD Tom Price, Evolution Securities Share Schemes Nicholas Stretch, CMS Cameron McKenna LLP Taxation Bernard Sweet, Consultant Bankers Barclays Bank plc HSBC Auditors BDO Stoy Hayward LLP 3 About the Quoted Companies Alliance Principal Activities We work for small and mid-cap quoted companies in the UK and Europe to promote and maintain vibrant, healthy and liquid capital markets. The principal objectives of the Quoted Companies Alliance are: • Lobbying the Government, Brussels and other regulators to reduce the costly and time consuming burden of regulation, which falls disproportionately on smaller quoted companies. • Promoting the smaller quoted company sector, taking steps to increase investor interest and improve shareholder liquidity for companies in it. • Educating companies in the sector about best practice in areas such as corporate governance and investor relations. • Providing a forum for small and mid-cap quoted company directors to network and discuss solutions to topical issues with their peer group, sector professionals and influential City figures. The QCA Team Tim Ward Chief Executive (as of 1 September 2009) John Pierce Chief Executive (retired 28 August 2009) Hayley Zeff Head of Marketing & Membership Samantha Green Marketing & Membership Executive Charlotte Jenkins Marketing & Membership Coordinator Mark Prince Director of Member Services Kate Jalbert Head of Policy & Communications Chris Stapeley PA to Chief Executive and Office Manager 4 Chairman’s Statement I am pleased to present the Annual Review for the Quoted Companies Alliance for the year ended 30 June 2009. Results Like everyone else operating in the small and mid-cap quoted company sector, the QCA has been affected by the dire state of the markets and the absence of IPOs over the last 12 months. However our prudent policy over previous years of deliberately building up our reserves during the good times is proving to have been prescient, leaving us in a fairly sound financial position. Again our sponsors have helped us balance our books over the year by supporting our various publications and events. I would like to thank them as without their help we would not be able to continue to operate without cutting back on our services, events and publications. Chairman - Donald Stewart We continue striving to increase our membership. However, just as many of our members are experiencing cut budgets, we have experienced an overall reduction in membership in the last 12 months. While we are also budgeting for a further reduction in membership numbers over the next twelve months, early indications are showing that things might not be quite as bad as we might have feared. Clearly our members appreciate what we do and see the value in maintaining their membership and relationships with us. Committee Work I thank all our committee members who give so much time and talent in support of small and mid-cap quoted companies. The flow of consultation papers seems never ending. The many issues we have tackled in the last twelve months include having a number of our proposals to ease the impact of the current economic crisis included in the Chancellor’s Pre-Budget Report last November and having four of our proposals incorporated in the European Commission’s review of the Prospectus Directive. After the FT increased prices for its share quotation service, we secured a print-only subscription option without a price increase. But the work continues. Quoted companies will be faced with a raft of new regulation resulting from the recent financial turmoil. While the global economic crash was not a result of regulatory failure, increased regulation seems to be the only response politicians can agree on. Last November, we participated in HM Treasury and the FSA’s joint review of Rights Issues. The Walker Review of corporate governance in the UK banking industry will undoubtedly impact the Combined Code, which is also currently under review. I suspect this is just the first skirmish in the foothills of a mountain of new regulation, which could see every aspect of the current regulatory system turned on its head. We have continued inviting external participants to attend committee meetings helping increase our profile and dialogue with regulators and politicians. Last October committee members met with Philip Hammond MP, Shadow Chief Secretary to the Treasury, before making a successful visit to the European Commission in November. In February, Dr Vincent Cable MP, Liberal Democrat Shadow Chancellor, attended our Executive Committee meeting. Publications Last October, following consultations with the Association of British Insurers, we launched A Guide to Better Communication Between Small Companies and Big Investors, encouraging better communication between smaller quoted companies and their major shareholders. In February, we launched Audit Committee Guide for Smaller Quoted Companies, covering Audit Committees’ and their Chairmen’s responsibilities and Audit Committee reports. More recently, we published the third edition of our two guidance booklets on Employee Share Schemes – Rewarding Enterprise III, Guidance for Companies on Employee Share Schemes and Guidance on Institutional Investor Guidelines for Share Incentive Schemes. I must thank all the contributors to our guides for their hard work in getting them published. The guides help members and enhance our reputation as the voice of small and mid-cap quoted companies. The sale of guides continues to supplement our earnings. Continued overleaf 5 Chairman’s Statement (continued) Events Our events provide popular networking opportunities amongst members. The President’s Reception at the House of Lords in June was well attended and the Annual Dinner in September is looking like it will be another sparkling occasion. We are planning a full set of Regional Forums to create opportunities for companies and advisors to discuss topical and significant issues, though economic conditions have taken their toll on attendances at some of these events. We have also run seminars during the year, including our roundtable in March to discuss bank’s attitudes to lending to smaller quoted companies, which followed on from our survey of members’ relationships with their banks in late 2008. New Chief Executive It is fitting testimony to John Pierce that it has taken a significant amount of time this year to find a suitable candidate to replace him as Chief Executive when he retired at the end of August. We were fortunate in receiving many applications from extremely capable candidates. I thank John for his many years of hard work and dedication to the cause of smaller quoted companies and wish him a long and happy retirement. It also gives me great pleasure to welcome Tim Ward as our new Chief Executive. Staff It goes without saying that the QCA would not function without the efforts of the staff in Kinghorn Street. We have a great team who have put in another sterling effort over the last year. Outlook The QCA continues to build in its role as the recognised voice of UK quoted companies, not just in the UK but also in Europe. And its voice has never been needed more than now. The regulatory environment is set for a period of turmoil on all fronts as politicians continue to provide action in response to the dire economic situation. We need to do everything we can to provide small and mid-cap quoted companies with a voice in the debate. In normal circumstances, this would be my second and final report to you. However the Executive Committee has asked me to stay on for another year while Tim gets his feet firmly under the table. I would like to round up by thanking the other members of the Executive Committee, Paul Clarke, my deputy and our President Lord Strathclyde. I am greatly looking forward to this third year and to reporting to you again next year. Donald Stewart Chairman Partner, Faegre & Benson LLP 6 Chief Executive’s Report The general economy is still in a very fragile state and the release of credit by the banks to both commerce and individuals is still too little (and in some cases too late).
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