Transparency & Inclusion - Digitisation Taskforce Interim Report

RE: Transparency & Inclusion - Digitisation Taskforce Interim Report

Dear HM Treasury,

I trust this message finds you well.

As a dedicated shareholder, I am writing to express my concern and seek active inclusion in the ongoing discussions related to the UK Digitisation Taskforce's proposed changes to the securities management system.

As a shareholder, I am deeply invested in the outcome of these changes, particularly with regards to the Central Securities Depository (CSD) model. The potential shift to a nominee-based legal ownership arrangement raises severe concerns, not only regarding the potential ramifications for UK shareholder rights and the transparency of the securities framework, but also due to the global implications that pose a risk to property rights worldwide.

Therefore, as shareholders, it is crucial to be part of an open and transparent conversation about these proposed changes and to allow those as affected the opportunity to strongly advocate for the retention of shares in the direct registrar, preserving the ability to maintain legal ownership under our names.

Regarding the inclusion of shareholders in the decision-making processes and the feedback loop, it's imperative to address the recent interim report's rejection of proposed models. The report cites feedback from consulted parties, but as a concerned shareholder, I'm curious about the identity of these parties. Why weren't individual shareholders, who are the ultimate stakeholders, included in these initial consultations to express their opinions?

Examining the report closely - in the rejection of the digitisation of the current model system, the report mentions that the consulted parties wished to see a "secondary" registrar removed, aka the company ledger, aka the primary ledger. Who were these persons as consulted? And why weren't shareholders, who are directly impacted by these changes, given a say in these discussions also?
As such - UK Shareholders are eager to know when and through what channels they will be actively involved in shaping any upcoming decisions, and want to contribute meaningfully to the development of proposals that directly affect their assets and rights.

Transparency and openness are crucial in this process, and our collective insights can contribute to the success of this initiative.

Therefore, it is kindly requested that there is active engagement avenues for shareholders, and assurance that our concerns will be thoroughly addressed in the decision-making processes. As active contributors to the tax base that funds government initiatives, we believe that our voices should play a crucial role in shaping the future of the securities trading system.

Thank you for your attention to this matter. I look forward to your swift response and to actively participating in these important discussions.

Sincerely,

An Invested Shareholder