Proxy adviser tells investors to vote against ‘excessive’ pay of Associated British Foods boss December 5, 2018 An influential advisory group today recommended that shareholders vote against the "excessive" pay package of the Associated British Foods (ABF) boss. The firm’s chief executive George Weston, who belongs to the billionaire family that owns a majority stake in ABF, earns approximately 129 times the salary of the company’s average employee, with proxy firm Pensions [...]
BT considers options after court defeat on pensions increases December 4, 2018 Judges today told BT it cannot change the way it calculates pensions increases for 80,000 current and past employees. The telecoms provider, which links increases to the retail prices index (RPI), was hoping for permission to start using a different measure. BT, which has one of the biggest pension schemes in the UK, argued that the [...]
Multiple ‘dashboards’ to give savers access to pensions data, first planned for next year December 3, 2018 The government has confirmed it will introduce multiple so-called pension dashboards, with the first hoped to come into effect next year, giving savers the ability to access access their pension information for several schemes at once on their smartphone. Publishing a consultation on the measure this morning, however, the government could not confirm state pensions would be included. But pensions [...]
Angry Beefeaters: Historic Royal Palaces staff may take to the picket lines after losing pension scheme November 29, 2018 Beefeaters from the Tower of London will vote tomorrow on whether to strike for the first time in more than 50 years in a row over pension cuts. The iconic guards, as well as Jewel House Wardens and other employees of Historic Royal Palaces (HRP) are set to lose their defined benefit pension schemes, and [...]
As Theresa May has shown, it’s crucial to keep a cool head when staff start jumping ship November 29, 2018 Love or loathe her, it’s fair to say that Theresa May has had a tough time recently. As if being tasked with successfully navigating Britain’s exit from the EU isn’t enough, members of her cabinet have been dropping like flies. Regardless of whether we’re looking at the world of business or politics, every leader knows [...]
KPMG faces tribunal for its work for mattress firm Silentnight November 22, 2018 Audit firm KPMG and one of its partners face a tribunal over work for mattress firm Silentnight, the accountancy watchdog said today. The Financial Reporting Council (FRC) today delivered a formal complaint against the firm and restructuring partner David Costley-Wood. The FRC alleged that KPMG and Costley-Wood acted for Silentnight “in circumstances where their professional judgment [...]
University pension scheme to carry out financial review after record walk-outs this year November 22, 2018 The Universities Superannuation Scheme (USS) pension plan has announced it will yet again review its funds after thousands of members protested having been told their benefits were too expensive. Last time the USS carried out a review, less than a year ago, it found a £7.5bn gap in its finances sparking the longest strike among [...]
Johnston Press sale under scrutiny as pensions put at risk November 20, 2018 The new owner of publishing group Johnston Press is facing scrutiny from MPs and the pensions watchdog over its handling of a rescue deal that puts pensions at risk. Work and pensions committee chair Frank Field yesterday wrote to the Pensions Regulator to express concerns about Johnston Press’ pension scheme, which is being assessed by the [...]
Shareholder slams Johnston Press rescue plan as pensions put at risk November 18, 2018 A deal to buy publishing company Johnston Press out of administration puts jobs and pensions at risk, according to the publisher’s largest shareholder. Custos Group chief executive Christen Ager-Hanssen criticised a pre-packaged sale that sees ownership transferred to JPI Media, a newly-formed company owned by the bondholders of Johnston Press, including American hedge fund Goldentree [...]
Theresa May’s future hanging by a thread as leading Brexiters call on her to go November 15, 2018 Theresa May’s future hangs by a thread this afternoon after leading Brexiter Jacob Rees-Mogg called for her to be ousted as Prime Minister. The North East Somerset MP, who chairs the European Research Group of Conservative Brexiters, sent in a letter on Thursday calling for the Prime Minister to be subject to a confidence vote. [...]