Jonathan Evans, Conservative MP for Cardiff North and chairman of the All Party Parliamentary Group on Insurance & Financial Services, has successfully piloted the Mutuals' Redeemable and Deferred Shares Act through the House of Commons.
The Act, which is awaiting Royal Assent, proposes the creation of a new class of redeemable shares to allow mutuals to raise additional funds, rather than raising cash solely through retained earnings or borrowing, as is currently the case. It provides rights to specified members of mutual companies and restricts the voting rights of certain members who hold only redeemable shares so that they cannot participate in any decisions to transfer, merge or dissolve the mutual. It is seen as an important step towards easing the problems member-owned organsiations have experienced when trying to raise capital.
It started its passage in the House of Lords in July 2013 when Lord Naseby introduced the original Bill but, with Treasury support, has accelared through its Commons stages with Mr Evans as the Bill's sponsor.
With great sadness we confirm that Sir David Rowland, our former Chairman from 1993 to 1997, has passed away. He played a critical role in safeguarding the future of the Lloyd’s market through perhaps its most difficult period.— Lloyd's (@LloydsofLondon) February 18, 2019
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