A FTSE SMALL CAP Group Counsel & Company Secretary writes...
We are considering third party providers of software and systems for share scheme administration for two relatively small share option plans for senior management.
We have been recommended the SchemeTrack system from Howells. We want to use the software for the system for the administration of our plans, and we also want participants to have access via the internet to information about their own options, and to make requests to exercise etc.
Is the Howells system satisfactory for these purposes, or does anyone recommend an alternative?
(The background is that we’ve outgrown doing it ourselves using spreadsheets, and we also like the time-saving element of self-service for participants rather than the Co Sec function providing information and answering simple questions)
I have used Howells in various companies and also currently, although about to move. They’ve always been very good but it seems to me that they haven’t evolved much. If you are moving from spreadsheets to an automated system, Howells will be great, but I think there are other products in the market which offer better solutions.
We’ve just completed a tender process to determine a suitable share administration provider. We considered the following providers: Computershare, Global Shares, Howells, Cytec Solutions and Investec and Howells was one of shortlisted providers. For us, one of the big difficulties with using Howells is that they do not offer the ability to transfer exercise proceeds direct to the participant, relevant payroll and the company whereas other companies offer this efficiency and for the same or slightly cheaper cost. Furthermore, our Finance team had a number of reporting requirements which Howells did not meet. However, one of the benefits of Howells is that it enables you to use your own corporate broker for any share sales/purchases.
Firstly, I need to declare an interest. Although I have no direct experience of Howells (although I do have knowledge of Sharetrack) as Group Secretary of Yorkshire Building Society I would like to recommend our Share Plans Division who I am sure would be very happy to assist and have expert knowledge of the share plans industry. The first point of contact should be with Louise Drake, National Sales Manager at YBS Share Plans
Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ. Telephone: +44 (0)1274 263 101 Mobile: 07810 636 276 Email: lndrake@ybs.co.uk
Please let me know if you require anything further.