Australian entertainments group, Ardent Leisure, held its AGM just two days after an accident at its theme park Dreamworld in which four people died and two children were injured on a river rapids ride. The out-going chairman, Neil Banaves, offered sincere condolences to the victims and their families but said that despite the seriousness of the incident they were still required to convene the AGM […]
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John Stumpf, the chairman and chief Executive (CEO) of troubled US bank Wells Fargo, has quit following admissions of fraudulent activities, including the opening of customer accounts without permission. Stumpf’s replacement as CEO is Tim Sloan, the company’s president and chief operating officer. Stephen Sanger, formerly lead director, will now serve as non-executive chairman while independent director Elizabeth Duke […]
Read MoreThe UK’s Financial Reporting Council (FRC) is consulting on its conduct committee’s operating procedures for reviewing company reports and accounts. The conduct committee is a committee of the FRC Board established under the Articles of Association. The committee has a statutory duty to carry out reviews of the company reports and accounts to ensure they are […]
Read MoreUK investment campaign group ShareAction has urged investors to use the binding votes on remuneration policy at BP and Shell in 2017 to ensure the oil majors can demonstrate their commercial strategies are aligned with a move to a low carbon economy. In an investor briefing ShareAction said it believes shareholders should engage with the companies to ensure […]
Read MoreThe House of Commons’ Business, Innovation, and Skills (BIS) Committee has launched an inquiry on corporate governance, focussing on executive pay, directors duties, and the composition of boardrooms, including worker representation and gender balance in executive positions. This follows the committee’s inquiries into the corporate collapse of retailer, BHS, and the working practices at Sports Direct […]
Read MoreThe UK has the second-least meritocratic bonus system in the world, according to a global poll of 6,500 financial decision makers carried out by the Chartered Institute of Management Accountants (CIMA). The organisation is calling for bonus systems to be designed to encourage long-term success rather than only short-term performance. The main concern expressed by […]
Read MoreThe TUC has claimed that it took the the UK’s highest paid chief executive (CEO), Martin Sorrell, less than 45 minutes to earn what an average UK worker earns over an entire year, following its analysis published at its annual congress held this week. Sorrell, the CEO of WPP, was paid £70 million in 2015, which according to […]
Read MorePrime Minister Theresa May, speaking at the end of her first G20 summit held in Hangzhou, China, pledged to bring forward a consultation paper this autumn suggesting reforms to corporate governance at UK companies. This indicates that May will be taking action on issues she first raised at the start of her campaign to stand as Conservative Party […]
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ShareSoc, which represents individual shareholders in the UK, is advising its members to vote against the remuneration report of house builder Berkeley Group at its AGM on 6th September. Tony Pidgley, co-founder and executive chairman, of Berkeley, received £21m in the financial year ending 2016 and £23m in the previous year. This total pay figure […]
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The UK’s GC100 and Investor Group – made up of top general counsel, company secretaries and corporate governance heads at fund manager groups – has published its latest remuneration reporting guidance replacing the original version which was produced following the updating of pay disclosure regulations in 2013 which included the introduction of binding remuneration policies approved at least […]
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