Companies

Briefs ....

Pfizer | Hardy Amies | Parmalat

Pfizer, the US pharmaceutical business, is to invite its largest institutional investors to discuss the company’s governance policies – including executive pay – with the board of directors. Pfizer said it is the first company to initiate a regular meeting on this topic. Jeff Kindler, Pfizer chairman and chief executive, said open dialogue with shareholders is extremely valuable and will help the company continue to improve its governance practices.

An arrest warrant has been issued for the former financial controller of Hardy Amies in connection with the theft of over £350,000 from the AIM-listed dress maker. Andrew Manders, chairman and chief executive, said the thefts – totalling £167,656 in 2005 and £185,021 in 2006 – had been uncovered as a result of introducing stricter internal controls to the business. Manders said the funds had been identified as an exceptional item in the financial statements, and that it is apparent the theft was also taking place before 2005.

Parmalat, the now-relisted Italian dairy group, has settled with three banks over its collapse in 2003. ING has agreed to pay €8m, Merrill Lynch €29m and Banca Monte Parma €35m.

At the end of 2003, an €8 billion hole was discovered in Parmalat's accounting records. Parmalat is continuing its suits against other banks.

July 2007