Accountability
Accounting to shareholders
- We aim to:
- be transparent in communications about ourbusiness and its operational and financial performance, so that investors and other stakeholders can make informed judgements about the Company;
- listen to shareholder views on our business and its direction so that we can take account of them in our communications and in the management of the Company; and
- communicate with investors in the most appropriate and effective manner.
Investor Relations
Shareholder profile
At 31 December 2007, we had 2,038 holdings on our register of ordinary shareholders (2006: 1,899). As many shares are held in pooled nominees accounts, the number of underlying shareholders is likely to be a multiple of this.
Institutional, corporate and other nominee shareholders owned approximately 96% of Amlin’s issued shares and private shareholders registered in their own names, plus Amlin employee trusts, owned the balance of 4%. The distribution of holdings by size is included in the table below.
Amlin share register 31 December 2007
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Further analysis of our share register at the year end provides the following more detailed breakdowns of shareholders. These are based on analysis by Thomson Financial of all holdings on the register of 50,000 shares or more, which make up 97.5% of the register. It is assumed that most of the holdings below that level are held by private individuals in addition to the private holdings identified of 50,000 and over.
At 31 December 2007 an estimated 62% of the total share register was held by UK investment institutions (pension funds, mutual funds, insurance funds as distinct from banks and stockbrokers managing portfolios directly for private individuals).
Of this, funds managed in London were predominant, with around 49% of the total register (80% of UK institutional). A further 4% (6% of UK institutional) was managed in Scotland. Other than State Farm in Illinois, which is included in the corporate category in the below left graph, most of the North American holdings were managed in Boston (4%), Chicago (3%), New York (2%) and San Francisco (1%). In continental Europe, the largest proportion of institutional holdings was in Germany (1%).
2007 shareholders by geography (%)
Publicly announced shareholding interests (generally those over 3%), as at the latest practicable date before this report, are set out in the Directors' report and are updated on our website. Regular analysis is made of fund managers' holdings below public disclosure levels and is reported to the Board quarterly together with other information on the trading of Amlin and peer group companies' shares.
Within the estimated 4% of the Company held by individuals, an estimated 1.6% was owned by directors and staff, including the 0.3% held at the year end on their behalf by trustees of the Employee Share Ownership Trust and the Share Incentive Plan (SIP). An estimated 19% of Group employees were shareholders and 73% held shares through the SIP at the year end. Excluding the SIP, 57% of staff had outstanding options or conditional share awards under one or more of the Company’s share plans.
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