Shareholders urged to sign up to new Stewardship Code September 15, 2010 SPEAKERS at the ABI’s investment conference yesterday urged company shareholders to sign up to the government’s new Stewardship Code, arguing that improving the long-term attitude of investors is crucial in order to hold at bay radical changes to governance regulation at a European level. Peter Montagnon, who left the ABI earlier this year to become [...]
LSE boss: help me protect the city September 14, 2010 THE London Stock Exchange’s boss last night called on those involved in the capital raising business to back his campaign against proposed new rules he fears could “severely” impact London’s competitiveness. There are growing fears that the new rules could chase capital raising out of London, robbing the City of much-needed income and jobs. Xavier [...]
Plans to reform the tripartite system have opened a new can of worms September 14, 2010 WHEN George Osborne set about dismantling the tripartite regulatory system, he said the reforms would help prevent another banking crisis. But his decision to hand responsibility for the UK listing authority (UKLA) to the Financial Reporting Council (FRC) could end up causing even bigger problems. The FRC is controlled by Vince Cable’s business department, whereas [...]
LSE warns on City threat September 13, 2010 THE London Stock Exchange (LSE) yesterday made public its opposition to government proposals to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) arguing the move would deny the City a voice in Europe, reduce the capital’s competitiveness and ultimately cost jobs. “We care deeply about the competitiveness of the UK’s IPO [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 13, 2010 FINANCIAL TIMES CALLS FOR RYANAIR TO AXE BOSS Ryanair’s Michael O’Leary has for years endured complaints from passengers about his famously no-frills Irish airline. Now a senior Ryanair pilot has taken the rare step of publicly challenging his boss after the outspoken chief executive said he was trying to convince authorities to let his aircraft [...]
Big four accountants warned by FRC to improve on audits September 13, 2010 THE FOUR largest accountancy firms need to improve the quality of audit services, a body within the Financial Reporting Council (FRC) has warned. A report into the auditing practices of the “big four” accountancy firms, including Deloitte, Ernst & Young, PricewaterhouseCoopers (PwC) and KPMG, found that in three cases KPMG had signed off on audits [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
IOD chairman lays into new boardroom rule September 5, 2010 INSTITUTE of Directors (IOD) chairman Neville Bain has slammed the new rules that force board members at top firms to face annual re-election. Bain, the former chairman of Royal Mail, warned the recommendation that FTSE 350 directors must pass a vote of confidence once a year could play havoc with shareholder relations. “Annual board evaluations [...]
Lords to quiz Big Four auditors over their role in banking crisis July 27, 2010 THE HOUSE of Lords has launched a wide-ranging review into the role of the Big Four accountants in the financial crisis. The economics affairs committee will probe auditors PwC, Ernst & Young, KPMG and Deloitte over whether they could have done more to alert investors to the risks in the banking system. The review piles [...]
Lesley Knox takes chair at Grosvenor July 20, 2010 LESLEY Knox, one of only two female chairmen at FTSE 100 firms, yesterday added another prestigious role to her CV as chairman of Grosvenor, the Duke of Westminster’s property firm. Grosvenor said its current chair, Lord (David) Home, plans to retire as a trustee of the company and from the board at the end of [...]