One of the issues complicating any Saudi Aramco float in London is the risk that it could tarnish the City’s reputation for investor rights and protection.

The Financial Conduct Authority is bending over backwards to accommodate the kingdom, proposing a new category of premium listing for companies controlled by sovereign nations.

This would preclude Aramco from abiding by normal rules on investor protection and the rights of minority shareholders. Specifically, it would not be obliged to give outside shareholders a vote on independent directors; it would not be required to give minority investors a vote on deals struck between Aramco and Saudi Arabia; and it would absolve Riyadh of the normal requirement for majority investors to sign a legal agreement not to abuse their power