DEBATE: Is the Thomas Cook boss right to defend his high pay? October 1, 2019 Is Peter Fankhauser, boss of now-collapsed Thomas Cook, right to defend his high pay and bonuses? YES, says Benedict Spence, a freelance writer. It never sits well, watching those high up the corporate ladder gorge themselves as companies go under. But the case of Peter Fankhauser and Thomas Cook isn’t quite as clear cut as [...]
Keep your wits about you, it’s not easy to navigate this tyrannical political jungle May 30, 2019 Any country that forced its citizens to spend over 40 per cent of their time working for those in power would be roundly condemned as a slave state and the most appalling tyranny. Yet this is the effective reality in Britain. Just over two fifths – 40.94 per cent – of everything the nation earns is [...]
Walmart faces challenge over executive pay and harassment policy May 27, 2019 Asda owner Walmart is facing pressure to make changes to its executive pay and sexual harassment policy as two proxy advisers recommended shareholders vote against the company at its annual meeting next week. Glass Lewis has recommended that shareholders vote against the retail giant’s executive pay proposals, saying “overall, the company paid more than its [...]
It’s time to challenge Corbyn’s grotesque stereotype of business May 17, 2019 This week, business leader and rich list regular Julian Richer announced that he was handing over 60 per cent of shares in his company to the firm’s 522 employees. You’d be forgiven if you missed this news. Despite Richer Sounds’ 53 stores across the country and annual turnover of £157.5m, the founder is hardly a [...]
Could Capita’s move to put workers to boards fix capitalism’s crisis? May 14, 2019 Capitalism is being questioned in Britain more intensely than for decades. Some want to destroy it. Others believe that it is the only economic system which works, but want to reform it. I am in the latter camp. Part of the debate around Brexit has centred on preserving workers’ rights, enshrined in EU law. But rights [...]
Mirror publisher Reach posts revenues slip ahead of shareholder showdown May 2, 2019 Mirror publisher Reach has posted a dip in revenue amid reduced demand for its print products, as it gears up for a showdown with investors over executive pay. Like-for-like revenue fell by 6.4 per cent in the first four months of the year, driven by a 7.9 per cent drop in print revenues. Read more: [...]
Countrywide warns of earnings hit as it blames Brexit for sales slowdown April 30, 2019 Embattled estate agent giant Countrywide warned this morning that £5m would be wiped off of the group’s first-half earnings, as it blamed Brexit uncertainty for a slowdown in the UK property market market. Read more: Countrywide losses deepen amid housing market slowdown Countrywide, which owns brands such as Bairstow Eves and Gascoigne Pees, posted a [...]
Barclays shareholders urged to vote against executive pay over ‘inadequate’ response to whistleblowing scandal April 23, 2019 Barclays shareholders have been urged to vote against executive pay plans after the bank’s “inadequate” response to a whistleblowing scandal involving chief executive Jes Staley. Shareholder advisory group ISS criticised the measures taken by the bank following Staley’s attempts to unmask a whistleblower in 2016 and advised shareholders to vote down the remuneration report at [...]
Tesco turnaround marks the milestone for Drastic Dave April 10, 2019 In the never-ending debate about executive pay, examples of failure are cited more frequently than cases of good value for money. Recently the likes of WPP, Persimmon and Ted Baker have all demonstrated how the actions of the top boss can dent the fortunes of a company and frustrate shareholders. But despairing investors now have [...]
Countrywide shares tumble as it confirms heavy losses amid housing market slowdown March 7, 2019 Shares in estate agency Countrywide dropped more than eleven per cent today after it confirmed a widening of its full-year losses and warned of a tough year ahead. The figures Full-year revenue fell seven per cent to £627.1m, driven by a pipeline deficit in sales. The firm’s losses widened from £207.3m to £218.2m. Adjusted earnings before [...]