FTSE 100-listed Associated British Foods reported in its annual report that a subsidiary of the Group incurred political expenditure to the approximate value of £5,000 during the year. The Company has not disclosed any further details on the expenditure, such as the nature of the expenditure, for what purpose the expenditure was incurred, and what […]

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MJGleeson Group

FTSE SmallCap urban regeneration and land development specialist MJ Gleeson Group holds its AGM on 6 December and shareholders may hold concerns with the level of independence on its board. MJ Gleeson’s board consists of CEO & Managing Director Jolyon Harrison, CFO & Company Secretary Stefan Allanson, Chairman Dermot Gleeson, and non-executives James Ancell, Colin […]

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Women on FTSE 350 boards still to hit 33% target

The Hampton-Alexander Review published its third annual report on 13 November. The report found that a quarter of FTSE 350 companies have only one woman on their board, described as “one & done” boards, and there remain five all-male boards. The five companies are Millennium & Copthorne, Daejan Holdings, Amigo Holdings, Herald Investment, and JP […]

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GovernanceWatch: Kier Group

UK Governance Watch FTSE 250-listed Kier Group’s suffered a shareholder revolt at its 2017 AGM after 44.16% of shareholders opposed the approval of its remuneration report. The construction and services business also saw 21.24% of shareholders oppose its remuneration policy. The key cause for shareholder concern was the remuneration committee’s decision to award CEO Haydn […]

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GovernanceWatch: JD Wetherspoon

UK Governance Watch At JD Wetherspoon shareholders may hold concerns with the level of independence on the board. At the conclusion of the FTSE 250 pub owner and operator’s AGM the board will comprise three executive directors, Chairman Tim Martin – the company founder and controlling shareholder – and four non-executive directors. Of the four […]

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GovernanceWatch: SIG plc

UK Governance Watch SIG plc is holding a general meeting on 7 November in order to seek shareholder approval of a new remuneration policy and long-term incentive plan (LTIP). In the FTSE250 industrial group’s annual report it was reported that the remuneration committee was conducting a review of executive pay and consulting with shareholders and […]

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GovernanceWatch: Hargreaves Services, Brooks MacDonald

UK Governance Watch At AIM-listed infrastructure group Hargreaves Services’ 2017 AGM around 20% of shareholders opposed the adoption of its remuneration report. Shareholders likely held concerns with the level of disclosures provided in the report regarding performance targets and the lack of director shareholding guidelines and clawback provisions. The disclosures on these policy aspects continue […]

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SEC Securities & Exchange Commission

Four billion reasons not to fix the proxy plumbing Can the SEC resist the lobbying deluge and restore essential share ownership rights? Since the GFC, regulators have been working to make markets and economies safer. Part of that process has been to encourage market disruption by fostering better competition and increasing diversity. Now it’s time […]

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Unilever flag

Unilever: Votes and Voices Proxy plumbing adds complexity to hotly-contested simplification plan The proposed Unilever vote in October is raising City eyebrows. When the CIO of a UK insurer takes to the pages of the financial media voicing concerns over a voting issue you know it’s serious. David Cumming, head of equities at Aviva Investors, […]

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Straight through voting: where's the blockage?

As implementation of Shareholder Rights Directive II draws closer, attention is (or should be) turning to how we are going to make it happen. A cynic might say that, like MIFID II, “it’s all very well intended but….” OK, fair enough. But seriously, how are we going to get from good intentions to good outcomes? […]

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