Capital Analytics UK Registrars Benchmarking Survey 2009 CAPITAL ANALYTICS UK REGISTRARS BENCHMARKING SURVEY 2009 September 2009 © Copyright, 2009 Capital Analytics Limited. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from Capital Analytics Limited. No advertising or other promotional use can be made of the information in this report without the express prior written consent of Capital Analytics Limited. Capital Analytics UK Registrars Benchmarking Survey 2009 CONTENTS SURVEY PURPOSE AND METHODOLOGY ................................................................................... 4 Purpose ................................................................................................................................................ 4 Methodology ........................................................................................................................................ 4 COMPANY SATISFACTION INDEX 2009 ........................................................................................ 6 INDUSTRY ANNUAL OVERALL COMPARISON 2005 - 2009 ...................................................... 7 OVERALL SATISFACTION WITH SERVICES .............................................................................. 8 Comments on Overall Satisfaction with Services ................................................................................ 8 Overall Satisfaction with Registrar ................................................................................................... 13 Willingness to Recommend Registrar to Others ................................................................................ 13 Has the service you receive improved since last year? ...................................................................... 14 WHAT MATTERS TO COMPANIES? ............................................................................................. 15 ACCOUNT MANAGEMENT ............................................................................................................. 23 Overall Satisfaction with Account Manager ...................................................................................... 24 Accessibility of Account Manager ..................................................................................................... 24 Responsiveness of Account Manager ................................................................................................. 25 Pro-activity of Account Manager....................................................................................................... 25 Knowledge of Account Manager ........................................................................................................ 26 SERVICE TO SHAREHOLDERS ..................................................................................................... 27 Overall Satisfaction with Service to Shareholders ............................................................................ 28 Servicing Shareholders Accurately .................................................................................................... 28 Handling Shareholder Complaints .................................................................................................... 29 Quality of Written Correspondence ................................................................................................... 29 Service to Shareholders who Telephone ............................................................................................ 30 Call Centre Knowledge about Company ........................................................................................... 30 Internet Services and Accessibility .................................................................................................... 31 SERVICE TO COMPANY .................................................................................................................. 32 Overall Service to Company .............................................................................................................. 33 Accuracy of Share Register ................................................................................................................ 33 Accuracy of Invoices .......................................................................................................................... 34 Level of Fees ...................................................................................................................................... 34 Ability to Control Out of Pocket Expenses ......................................................................................... 35 Accuracy of Management Information .............................................................................................. 35 Timeliness of Management Information ............................................................................................ 36 Effectiveness of Systems ..................................................................................................................... 36 © Copyright, 2009 Capital Analytics Limited. All rights reserved. No part of this publication may be 2 reproduced or transmitted in any form or by any means without permission from Capital Analytics Limited. No advertising or other promotional use can be made of the information in this report without the express prior written consent of Capital Analytics Limited. Capital Analytics UK Registrars Benchmarking Survey 2009 Seminars, Publications, e-newsletter ................................................................................................. 37 DIVIDENDS .......................................................................................................................................... 38 Overall Dividend Service ................................................................................................................... 39 Planning and Scheduling of Dividends .............................................................................................. 39 Payment of Dividend .......................................................................................................................... 40 DRIP/SCRIP Service ......................................................................................................................... 40 GENERAL MEETING MANAGEMENT ......................................................................................... 41 General Meeting Service Overall ...................................................................................................... 42 Planning of the AGM/EGM ............................................................................................................... 42 Accuracy and Timeliness of Proxy Figures ....................................................................................... 43 Running a Poll ................................................................................................................................... 43 Electronic Voting Support ................................................................................................................. 44 Introduction of e-comms .................................................................................................................... 44 ADDITIONAL SERVICES ................................................................................................................. 45 Administration of S793 Service .......................................................................................................... 46 Share Dealing Facility ....................................................................................................................... 46 Corporate Actions .............................................................................................................................. 47 SURVEY RESPONDENTS ................................................................................................................. 48 CAPITAL ANALYTICS ...................................................................................................................... 51 © Copyright, 2009 Capital Analytics Limited. All rights reserved. No part of this publication may be 3 reproduced or transmitted in any form or by any means without permission from Capital Analytics Limited. No advertising or other promotional use can be made of the information in this report without the express prior written consent of Capital Analytics Limited. Capital Analytics UK Registrars Benchmarking Survey 2009 SURVEY PURPOSE AND METHODOLOGY Purpose The purpose of the survey was: • To identify how companies view the level and quality of the services they and their shareholders receive from their Registrar. • To provide a service level benchmark to measure any future improvement or deterioration in service levels. • To evaluate whether service levels have improved or deteriorated compared with our previous surveys. Methodology From June to August 2009, the top 350 listed companies were invited to participate in the Capital Analytics UK Registrars Benchmarking Survey 2009. We sought the opinions of the person in the company who is responsible for the day to day relationship with the Registrars and who is most knowledgeable about the services provided by the Registrars. Typically, this person is the Company Secretary or their Deputy. 217 companies responded: 76 from the FTSE 100 and 141 companies from the FTSE 250. One follow-up mailing was sent to