Q2. Championing DRS

Q2. Championing DRS

As Economic Secretary, previously a corporate lawyer and senior executive at HSBC, it is fair to say you have a good understanding of financial  matters and law-making.

The UK Digitisation Taskforce’s objective is to improve the UK’s intermediated system of share ownership. The initial report advocates for a Central  Securities Depository (CSD) model of shareholding. This will result in amendments to our primary legislation. These changes will reduce  shareholders to mere ultimate beneficial holders, stripping them of their ownership title to their assets. This means that shareholders will  no longer be legally recognised as the owners of their own financial possessions.

This presents itself as a blueprint for global shareholder rights erosion, posing a significant risk by threatening to seize legal ownership of shareholder assets and jeopardises property rights worldwide.

In light of this, wouldn't you agree that preserving for the Direct Registrar System (DRS), where stocks are held in individuals' names on the company registrar, is a more secure and equitable option that must be safeguarded at all costs?
And how committed are you to championing shareholder rights to ensure that they continue to have full ownership of their shares, which is undeniably aligned with their best interests?