Evidence of revolt at every single level May 20, 2012 THE shareholder spring has sprung. Since proxy season started, we’ve become accustomed to the sight of investors giving directors a bloody nose. I’ve decided to crunch the numbers to see just how rebellious the buy side has become. A win is a win. Just three firms have been voted down at their annual meetings in [...]
FRC launches consultation over changes to governance rules April 19, 2012 THE FINANCIAL Reporting Council (FRC) has this morning launched a widespread consultation on changes to the rules governing auditors and corporate stewardship, but has stopped short of proposing binding regulation. The regulator is planning to update the UK’s 20-year old corporate governance code, as well as revising aspects of the stewardship code – introduced in [...]
JD Sports profit hit by losses at Blacks Leisure September 18, 2012 JD SPORTS reported an expected 82 per cent drop in first half pre-tax profit yesterday as operating losses from its Blacks Leisure acquisition weighed on the group, but said it remained well positioned to hit full-year targets. The clothing and footwear firm, which sells merchandise from top brands such as Nike and Adidas, said yesterday [...]
QE knocks pension funds March 7, 2012 QUANTITATIVE easing (QE) has pushed down bond yields, hitting pension funds and pushing final salary schemes deeper into the red, two new studies have shown. Deficits at FTSE350 firms rose £9bn in February to £92bn, according to data published yesterday by Mercer, as falling yields offset the positive impact of rising equity prices. The National [...]
Non-execs say boards are not utilising them April 1, 2012 ALMOST half of non-executive directors feel their knowledge and experience is not being used to the full, according to a new study. Some 46 per cent of those polled in the Korn/ Ferry Whitehead Mann and KPMG survey felt under-utilised by the boards they sit on. The research, which involved 300 non-execs from FTSE 350 [...]
CITY MOVES | WHO’S SWITCHING JOBS March 29, 2012 Assura The UK’s leading primary healthcare property company has announced the appointment of Graham Roberts as its new chief executive, with immediate effect. Roberts has worked in the property sector for the last sixteen years, most recently as finance director of British Land, one of the UK’s largest real estate investment trusts. Roberts replaces Nigel [...]
We need better communication, not extra rules February 16, 2012 BRITAIN’S comply-or-explain system of corporate governance has come in for some stick in Brussels since the banking crisis. Sometimes dubbed self-regulation, it is seen as unreliable, and a number of senior officials have indicated their preference for codes to be replaced by more prescriptive regulation. Yet the facts tell a different story. Systematic research by [...]
We need better communication, not extra rules February 16, 2012 BRITAIN’S comply-or-explain system of corporate governance has come in for some stick in Brussels since the banking crisis. Sometimes dubbed self-regulation, it is seen as unreliable, and a number of senior officials have indicated their preference for codes to be replaced by more prescriptive regulation. Yet the facts tell a different story. Systematic research by [...]
Cameron is slammed for female board quota call February 9, 2012 A SUGGESTION by David Cameron that quotas could be introduced to force an increase in the number of women on UK boards has been met with criticism, after the Prime Minister suggested that the country’s economic recovery is being held back by a lack of women in top jobs. Speaking at a summit in Stockholm, [...]
Company pension deficits show little sign of being filled, warns risk survey February 6, 2012 THE UK’S largest companies face a huge deficit in their defined benefit pension funds which shows no sign of being closed, Mercer’s pensions risk survey revealed yesterday. Combined deficits of FTSE 350 firms stood at £83bn on 31 January, the study showed, barely changed from the £84bn deficit recorded at the end of December. Asset [...]