UEC/16/178
University Executive Committee
24 January 2017
Sponsor:
Sally McGill
Author:
Clare Butcher
Name of Paper/Report
New share dealing account
Proposed Resolution
The Executive Committee is asked to:
Authorise Brian Steemson, Director of Finance and Clare Butcher, Deputy Director of Finance to
open and operate a share dealing account with the Share Centre in the name of Durham
University.
Document Status
Open
Previous Committee Consideration
UEC previously approved the creation of a share dealing account in 2006.
Further Approval/Future Committee Consideration
None
Appendices
None
1.
Executive Summary
Donors may obtain tax relief on the market value of a gift of shares. The University requires
a share dealing account so that it may receive and then sell shares. To open an account
requires approval from UEC.
2.
Strategic/Policy Context
This request is made to enable the University to receive a gift of shares which may be more
desirable for the donor than the payment of cash.
3.
Background and Analysis
3.1
Donors may obtain tax relief on the market value of a gift of shares and so, occasionally
the University receives such a gift of shares. The shares are immediately sold and the
proceeds used for the purpose of the gift.
3.2
A share dealing account was set up in 2006 with Barclays to receive and sell gifts of
shares.
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3.3
In 2016 Barclays transferred this activity to the Share Centre. The account for Durham
University was not transferred over because there were no shares held in the account on
the transfer date.
3.4
It is desirable to set up a new account with the Share Centre so that a gift of shares can
be received by the University.
3.5
The application form requires two signatories, to be authorised by “board” resolution, to
open and operate the account. The proposed signatories are Brian Steemson Director
of Finance and Clare Butcher Deputy Director of Finance.
4.
Dependencies
N/A
5.
Resource Implications
N/A
6.
Risk Analysis
N/A
7.
Equality Analysis
N/A
8.
Environmental Sustainability
N/A
9.
Social Responsibility
N/A
10. Consultation
N/A
11. Future Action/next Steps
Brian Steemson and Clare Butcher will provide the necessary personal information to the
Share Centre and open the account.
12. Communication of Decision
Account details will be shared with colleagues in DARO so that the attractive donation of a
gift of shares opportunity can be promoted.
13. Proposed Resolution
The Executive Committee is requested to:
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Authorise Brian Steemson Director of Finance and Clare Butcher Deputy Director of Finance
to open and operate a share dealing account with the Share Centre in the name of Durham
University.
A copy of the UEC minute will be required to accompany the application to open a share
dealing account.
14. Further Information
N/A
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Document Outline