Last checked at 26 Feb 2019 17:15
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Treatment of International Consolidated Airlines Group (UK) in FTSE Russell Indexes
26 February 2019
This notice clarifies the proposed treatment of International Consolidated Airlines Group (IAG) in FTSE Russell indexes in light of the notice published by IAG on 11 February 2019 regarding the ownership of the company's shares by "Relevant Non-EU Persons".
FTSE UK Index Series
The FTSE UK Index Series, which includes the FTSE All-Share and FTSE 100 indexes (both of which include IAG as a constituent), is managed from the perspective of a UK investor consistent with the definition of a Relevant UK Person in the IAG notice. No Foreign Ownership Limits are employed in the construction of the FTSE UK Index Series.
The IAG notice confirms that Relevant UK Persons will not be treated as Relevant Non-EU Persons for the purposes of determining Non-EU ownership of IAG shares. There is therefore no impact on the eligibility, or weighting, of IAG arising as a result of the IAG notice.
Any other changes to the investability weight of IAG will be communicated as part of the March 2019 quarterly review.
FTSE Global Equity Index Series
The FTSE Global Equity Index Series is managed from the perspective of an international investor. Rule 6.2 of the FTSE Global Equity Index Series Ground Rules sets out the treatment of Foreign Ownership Restrictions and the steps followed to reduce the investability weight of a constituent when the constituent's Foreign Headroom (the proportion of the Foreign Ownership Limit currently held by foreign investors) falls below 10%.
Any changes to the investability weight of IAG arising from the IAG notice or from other sources will be communicated as part of the March 2019 review.
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