Wise Faces Fresh Scrutiny From Proxy Adviser Over Move to US
While Glass Lewis continues to support the company's overall proposal, it is concerned that the vote on July 28 to approve the plan also requires shareholders to approve extending the dual-class shareholder structure that was introduced during the company's 2021 direct listing, according to an updated report from the advisory firm. If the company stayed in the UK, that structure was due to be sunsetted next year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
24 minutes ago
- Bloomberg
Cargill's Revenue Falls to 4-Year Low Amid Declining Crop Prices
Cargill Inc. 's revenue declined to the lowest in four years as the largest private company in the US continues to restructure in the face of declining crop prices and a shrinking American cattle herd. The Minneapolis-based company posted revenue of $154 billion in the year ended May 31, according to an annual report posted on its website. That's down from about $160 billion a year earlier and the lowest since 2021, when revenue was reported at $134 billion.
New York Times
24 minutes ago
- New York Times
Independent English football regulator fast-tracked for November start by UK government
The Labour Party is fast-tracking secondary legislation to ensure the powers of the new independent football regulator (IFR) will be switched on by November 1. The move, led by Lisa Nandy — the UK's Secretary of State for Culture, Media and Sport — will increase pressure on under-fire owners such as Sheffield Wednesday's Dejphon Chansiri to sell the club before the regulator becomes legally established. Advertisement Under a new bill, owners can be stripped of their right to run clubs and the IFR can sanction takeovers at a price of their choice. Though the authority is yet to form a board to work with chair David Kogan and has distance to cover before it becomes fully operational and able to work with clubs so they can understand new requirements, progress has been made with the recruitment of a CEO. Richard Monks, who spent 18 years at the Financial Conduct Authority (FCA), is close to being announced and will begin in the role shortly. A spokesperson for the Department for Culture, Media and Sport (DCMS) would not confirm Monks' hire but explained that economic distress at Wednesday, as well as Morecambe, who are suspended from the fifth-tier National League following their relegation from League Two last season, has increased the pace at which the government has been working through the law since July 21, when the Football Governance Act was passed. 'The ongoing challenges at Morecambe, Sheffield Wednesday and many other clubs before them show exactly why the Football Governance Act was needed and why we acted to push the legislation forward in the face of opposition,' the spokesperson said. 'The launch of the IFR is a priority. We recognise the need to move forward as quickly as possible whether that be implementing the required secondary legislation or appointing the regulator's board.' Labour's sports minister, Stephanie Peacock met with Morecambe fans last week and is in touch with Wednesday supporters to set up a discussion. Meanwhile, DCMS suggests engagement with Morecambe and Sheffield members of parliament is ongoing. () Spot the pattern. Connect the terms Find the hidden link between sports terms Play today's puzzle
Forbes
24 minutes ago
- Forbes
Can The UK Finally Stop Late Payers? And How Do SMEs Help Themselves?
They are the scourge of small businesses worldwide. Customers who pay their bills late cause entrepreneurs huge stress as cash flow issues mount up, opportunities to expand get missed and relationships sour. In the worst cases, late payment problems have led businesses to go under – and small businesses, often at the mercy of larger customers, are particularly vulnerable. It's something of an international epidemic. In the US, recent research from Creditsafe found more than eight in 10 businesses were struggling with at least 30% of their monthly invoiced sales overdue. In the European Union, almost half of all small businesses suffer significant problems with late payments according to the EU Payment Observatory. Late payments cost the UK economy £11 billion a year ($14.9 billion), says London Economics. The UK Government is so worried about this problem that its just announced a series of new measures aimed at helping small businesses to fight back. Ministers describe their proposals as 'the toughest laws on late payments in the G7'. The idea is to give stronger powers to the UK's Small Business Commissioner, set up in 2017 to help small firms resolve disputes with large organisations, but often criticised as lacking teeth. Government reforms will see the Commissioner given new powers to issue fines, with ministers promising these could total millions of pounds for large businesses that persistently pay their suppliers late. The Commissioner will also be asked to carry out spot checks on large businesses and to enforce a 30-day invoice verification period to speed up resolutions to disputes. Another key element of the reforms will see the UK's maximum payment terms – currently 60 days – reduced to 45 days. Meanwhile, the audit committees of large listed companies in the UK will be handed a new legal duty to scrutinise the payment practices of their businesses, with the aim of ensuring fewer companies transgress in the first place. 'I want the UK to be the best place in the world to start a business, grow and succeed,' says small business minister Gareth Thomas. 'Too many small firms go under each year because they are not paid on time – that is completely unacceptable.' Will the crackdown work? The proposals have had a positive reaction. Alan Vallance, chief executive of the ICAEW, the accounting trade body, thinks they could make a difference, particularly if more small businesses are prepared to actively engage with the Small Business Commissioners. 'Small businesses are the backbone of the UK economy, making up 99% of all businesses, employing two-fifths of the private sector workforce and generating more than half of the UK's business turnover,' says Vallance. 'It is vital they can operate in an environment that helps them grow and thrive.' Tina McKenzie, policy chair of the Federation of Small Businesses, adds: 'This is bold and ambitious – it's an encouraging commitment from the government to take the side of small businesses.' Others are more sceptical, however. Critics of the proposals point out that small businesses are often reluctant to make a fuss about late payments for fear of missing out on future business from key suppliers. Often, they feel they have no choice but to accept extended payment terms that hit them just as hard as customers on standard terms who pay late. Previous efforts to hold large companies to account publicly have also come up short, with a new code of best practice introduced earlier this year to replace a previous standard that was widely seen as under-performing. For this reason, accountants continue to encourage all small businesses to remain disciplined about they manage invoicing, payments and debt collection. Here are their 10 top tips for heading off a late payments crisis before it cause real damage to the business: 1. Get to know your customers Running credit checks on new customers could help your business identify likely late- (or non-) payers. That will save valuable time and money in the future. It's now possible to run quick and inexpensive checks online. 2. Be crystal clear about payment terms Make sure your payment terms are stated clearly on every invoice you send out and keep them consistent. It's also worth outlining the terms verbally to new customers. 3. Avoid old-fashioned forms of payment Encourage customers to pay using cash, electronic transfer or direct debit. 4. Invest in credit control teams If your business can afford to hire credit control staff, they may soon pay for themselves. But train staff in the right way; they need to be firm but polite. 5. Talk to customers When your business sends out an unusually large invoice, it may be worthwhile calling the customer to make sure it has been received and there is no query. 6. Start chasing right away Don't delay in chasing a late payment: get in touch as soon it falls due. The longer you waits to contacts the customer, the further down the queue your invoice is likely to drop. 7. Claim interest and compensation In many countries, small businesses paid late have a statutory right to claim interest on late payments at set interest rates. They may also be able to claim compensation for debt recovery costs. Check your rights and warning customers about these costs, as this may encourage payment. 8. Be prepared to be flexible On large outstanding amounts, you may be prepared to offer flexible payment terms. This might mean the customer pays in regular installments, say, or splits the bill into two manageable chunks. The key is to maximise your chances of payment. 9. Don't let the problem escalate When a customer fails to pay for goods or services, stop supplying it immediately, rather than adding to its debt through further sales. 10. Use a debt management specialist As a last resort, small businesses have the option of employing a debt recovery agency. Agencies will often work on a 'no recovery, no fee' basis, though this can prove expensive.
