The Board of Satayam is understood to be taking steps to remove the Company’s auditor, PriceWaterhouseCoopers, following the failure by the audit firm to detect the €1.5bn fraud. The Company has not however confirmed the move, although The Times of India reported that the President of the Institute of Chartered Accountants of India, Uttam Prakash […]
Read MoreThe chief executives of the country’s largest public companies saw their pay rise by more than a third last year, far faster than most wages across the nat-ion, according to a report. The CEOs of Britain’s 30 richest companies – those with a market value of more than £10bn – received pay rises of 33 […]
Read MoreThe average executive at one of the UK’s top 102 companies can retire at 60 on a final salary pension worth over £3m – enough to provide, at a pension of £193,000 a year, more than 25 times the average occupational pension, research by the TUC has revealed. The union group’s survey revealed that the […]
Read MoreVernon Sankey has stepped down as chairman of Photo-Me International with immediate effect, prompting the photo booth operator’s principal shareholders to withdraw an EGM requisition seeking his removal. Cycladic Capital and Principle Capital were seeking the immediate removal of both Sankey and the company’s chief executive, Serge Crasnianski. Sankey will be replaced on […]
Read MoreAer Lingus has rejected an EGM requisition request from Ryanair, stating that the aim of the meeting request was to “interfere with and frustrate the commercial and operational performance of Ryanair’s most resilient competitor”. Earlier this month Ryanair made a second call for an EGM at which shareholders would consider asking Aer Lingus’ board and […]
Read MoreHedge fund investor activism and takeoversRobin Greenwood and Michael Schor, Harvard University Hedge fund activism has limited scope to bring about far-reaching effects on corporate governance, this paper has found. The authors examined long-term stock returns around hedge fund activism, and find hedge funds are better suited to identifying undervalued targets and prompting a takeover […]
Read MoreChief executives are more important in driving governance change at their companies than either chairmen or directors, a survey by the Australian Institute of Management (AIM) has found. Of those surveyed, 83% said chief executives are highly or very highly involved in championing corporate governance change. Chairmen came in second place with 69%. Furthermore, despite […]
Read MoreCorporate governance among Australian companies appears fit and well, is professionally administered and – despite frequently expressed concerns to the contrary – is not overly costly, a report conducted by the University of Technology Centre for Corporate Governance has found. The report – which surveyed a sample of 67 companies – described the standard of […]
Read MoreThe number of executive directors at the UK’s top companies has been declining for five years in a row, with a report from Deloitte showing the number of such positions has fallen by 20% over this period. The report found almost 360 executive roles at FTSE 350 companies have disappeared in the last five years. […]
Read MoreRyanair has written to Aer Lingus to request an EGM so that shareholders can consider asking the airline’s board and management to maintain four daily flights between Shannon and Heathrow. Aer Lingus is planning to transfer its London flights from Shannon to Belfast. The Irish government holds a 25% stake in Aer Lingus, and Ryanair […]
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