Don’t worry: it’s worse than you think August 12, 2009 MERVYN King had just two words to say to those teenage scribblers in the City who have been getting carried away about the prospect of interest rates being raised soon: calm down. The Bank of England governor, introducing the much anticipated Inflation Report, argued that although an imminent VAT rise and the recent depreciation of [...]
ABI disputes Myners’ plan for investors August 10, 2009 INVESTOR bodies last night launched a fresh attack on City minister Lord Myners, following his suggestion that shareholders should be able to buy and sell their voting rights. The comments from Myners are the latest in a string of radical proposals designed to increase shareholder power. “Some shareholders who never vote could sell their voting [...]
ABI joins FSA Osborne row August 5, 2009 TORY shadow chancellor George Osborne is facing mounting opposition over his plans to scrap City watchdog the Financial Services Authority (FSA), with the Association of British Insurers (ABI) now lobbying against the move. The ABI believes the FSA has shown it can adapt to a new era of regulation, and disagrees with Osborne’s plans to [...]
HOW WOULD WALKER’S PROPOSALS AFFECT YOUR SECTOR? July 16, 2009 ANGELA KNIGHT BRITISH BANKERS’ ASSOCIATIONThese recommendations stem from the actions that a number of banks and other financial institutions have already put in place. These proposals would effectively bring all firms’ governance up to the standards of the best and are therefore to be welcomed.PETER MONTAGNON ABI (INSURANCE)This is a valuable contribution to the debate [...]
BT relief as an investor rebellion on exec pay fails to materialise July 15, 2009 BT has ridden out investor unrest over executive pay, after a majority of shareholders voted for its proposals at yesterday’s annual meeting. The Association of British Insurers had issued an amber top warning and investor body Pirc had urged BT shareholders to abstain from voting on the telecoms giant’s pay plans, in protest at a [...]
Investors speak out against EU plans for fund regulation July 13, 2009 INSTITUTIONAL investors yesterday rallied behind the hedge fund industry’s efforts to combat the European Commission’s (EC) draft directive on the regulation of funds. The National Association of Pension Funds (NAPF), one of Europe’s most prominent institutional investors, said the directive in its current form would devastate pension schemes across Europe. NAPF chief executive Joanne Segars [...]
Commodities and financials emerge as stars of the index July 13, 2009 THE FTSE 100 closed 1.8 per cent higher yesterday, boosted by stronger energy and mining stocks, while financial shares also provided support to the market which had fallen in five of last eight sessions. The index ended 74.96 points higher at 4,202.13, after falling 0.8 per cent on Friday to its lowest close since 28 [...]
Investors set to fight incentives July 12, 2009 CABLE & Wireless is set to face a difficult annual shareholder meeting this week, with investors angry over a proposed incentive plan that could quadruple directors’ pay. In May, Tony Rice, chief executive of the C&W International unit, received £3.9m in shares under the long-standing performance related scheme and immediately sold them in the market, [...]
C&W investors urged to block directors’ pay July 7, 2009 CABLE & Wireless (C&W) is under pressure again over pay deals offered to directors, after advisory firm Pirc urged investors to oppose plans to extend a controversial incentive plan. The plan, which also came under fire from a top 10 shareholder, has led to a “red top” alert from the Association of British Insurers (ABI), its [...]
Rose believes activists will fail to deliver July 5, 2009 MARKS & SPENCER believes shareholder activists will not get the required 75 per cent vote in favour of a resolution at its AGM on Wednesday calling on the retailer to split the executive chairman role held by Sir Stuart Rose. The Local Authority Pension Fund Forum (LAPFF), has filed a resolution for Wednesday’s shareholder meeting [...]