Rose waives 1.1m share award payout June 22, 2009 SIR Stuart Rose, executive chairman of Marks & Spencer, yesterday waived his entitlement to more than £1m in shares in a bid to appease disgruntled shareholders. Under the incentive share plan, M&S’s remuneration committee had awarded Rose 1,184,900 shares. But after a shareholder backlash led by the Association of British Insurers (ABI), Rose said he [...]
Home Retail Group fights off an investor rebellion over exec pay July 2, 2009 HOME Retail Group, the owner of Argos and Homebase, yesterday saw off an investor rebellion over proposed changes to pay plans at its annual shareholders meeting. A resolution to approve a new executive bonus scheme, which will see some managers paid up to 150 per cent of their salaries in cash, was passed. However, 35.7 [...]
Investors speak out against EU plans for fund regulation July 13, 2009 INSTITUTIONAL investors yesterday rallied behind the hedge fund industry’s efforts to combat the European Commission’s (EC) draft directive on the regulation of funds. The National Association of Pension Funds (NAPF), one of Europe’s most prominent institutional investors, said the directive in its current form would devastate pension schemes across Europe. NAPF chief executive Joanne Segars [...]
Investors speak out against EU plans for fund regulation July 13, 2009 INSTITUTIONAL investors yesterday rallied behind the hedge fund industry’s efforts to combat the European Commission’s (EC) draft directive on the regulation of funds. The National Association of Pension Funds (NAPF), one of Europe’s most prominent institutional investors, said the directive in its current form would devastate pension schemes across Europe. NAPF chief executive Joanne Segars [...]
Haddrill seizes FRC opportunity May 20, 2009 Former civil servant Stephen Haddrill is leaving trade body the Association of British Insurers (ABI) to succeed Paul Boyle as chief executive of the Financial Reporting Council (FRC), the regulator for accounting and corporate governance. The ABI said it has begun the search for a new director-general.
The tributes pour in as City A.M. gets to 1,000 October 22, 2009 GORDON BROWNPrime Minister“Congratulations to City A.M. on reaching a thousand editions. Your paper has kept both Westminster and the City informed at a time of great turbulence in the world economy.” SIR VICTOR BLANKFormer chairman, Lloyds Banking“City A.M. has developed into a quality newspaper which sparks boardroom debate with its insight and analysis. It is [...]
Investors rap Tomkins on pay June 2, 2009 ENGINEERING firm Tomkins was last night left reeling after nearly 40 per cent of investors voted against the firm’s annual remuneration report. Just 61 per cent of shareholders approved the remuneration policy, according to figures released yesterday, with many understood to have been outraged by the company’s rewards system. Chief executive Jim Nicol was handed [...]
Davies says lending not hurting UK June 17, 2009 TRADE minister Mervyn Davies has poured cold water on Bank of England deputy governor Paul Tucker’s suggestion that UK banks are hampering economic recovery. Speaking at the Paris air show, the former chairman of Standard Chartered admitted that encouraging banks to lend through the economic downturn was “challenging”. But when asked whether the lack of [...]
HOW WILL SOLVENCY II LEGISLATION THREATEN UK PENSIONS? June 22, 2009 NIGEL CALLAGHAN HARGREAVES LANSDOWNThis is currently draft legislation and insurers, via the ABI, are pretty strongly lobbying the EU that these rules are way over the top. The current UK rules are pretty well developed. The UK is a far more mature market than some of the European countries. The 20 per cent – that [...]
WPP facing vote on bonus scheme June 1, 2009 WPP could today be the latest FTSE 100 company to feel shareholder backlash against bonuses, as it asks investors to approve a new scheme that could see chief executive Sir Martin Sorrell bank around £60m. Concerns that such a large sum could be paid to a single executive prompted the Association of British Insurers (ABI) [...]