UK: Premium listed companies, controlling shareholders and minority shareholder protection

The Financial Conduct Authority has published a range of proposals to strengthen the position of minority shareholders in premium listed companies where there is a controlling shareholder (holding 30% or more of the votes): see here (pdf). Included are additional voting rights for minority shareholders regarding the appointment of independent directors. It will also be mandatory for premium listed companies with a controlling shareholder to have an agreement in place setting out certain undertakings regarding the independence of the company's business from that of the controlling shareholder.