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 [...]
Companies: forget re-elections July 18, 2010 Companies are being urged to ignore guidelines that require them to annually re-elect board members. Three of the UK’s biggest investors – Hermes, Railpen and the Universities Superannuation Scheme – have written to 700 companies urging them not to comply. In the letter, they warn that annual election of directors can undermine collective decision making [...]
ABI director Kerrie Kelly leaves after just six months July 15, 2010 KERRIE Kelly has left as director general of the Association of British Insurers (ABI) after just six months in the role. Kelly is “stepping down from her role to return to Australia… for personal reasons”, according to the ABI. She joined the ABI to replace Stephen Hadrill, who left to join the Financial Reporting Council. [...]
FSA SET TO RIP UP MORTGAGE RULES July 12, 2010 THE FINANCIAL Services Authority (FSA) unveiled plans to overhaul the mortgage market this morning, with some warning the changes will punish borrowers while doing little to tackle the number of repossessions. The FSA said in a report today it will impose “affordability tests” on all borrowers, effectively banning self-certified mortgages and further restricting credit for [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2010 FINANCIAL TIMES RIO CLASHEs OVER THE RIGHTS TO MONGOLIAN COPPER MINE Tensions are rising between Rio Tinto and Canada’s Ivanhoe Mines over rights to a world-class copper deposit in Mongolia as the multinational mining group releases hundreds of millions of dollars to develop the mine over which it has limited control. Ivanhoe, which owns the [...]
London’s bonus culture is already overhauled July 7, 2010 EVEN before yesterday’s vote by European Union lawmakers to restrict bankers’ bonuses, City institutions had been working to address regulatory concerns about the role of the bonus culture in the financial crisis. The EU legislation – expected to be ratified by the European Council of Ministers later today – is likely to raise the bar [...]
E&Y to get its first non-exec July 4, 2010 ERNST & YOUNG is to appoint non-executive directors to its global advisory board, becoming the first of the big four auditors to announce its plans to fall in with the new audit code. The firm will announce the names of the four directors after the summer, and will go beyond the requirements of this year’s [...]