Votes on boardroom pay could become legally binding in the near future, as the government mulls feedback from corporate governance consultation March 19, 2017 Shareholders could be given the right to block bumper pay packets for companies' executive teams in the much-anticipated upcoming white paper on corporate governance. The Department for Business, Energy and Industrial Strategy has run a consultation on corporate governance, including executive pay and whether pay votes should be binding, which closed for feedback last month. At [...]
George Osborne’s successor Philip Hammond will have a say in whether he can take his new job as Evening Standard editor March 17, 2017 Chancellor Philip Hammond will play a direct part in the decision made by the government’s Advisory Committee on Business Appointments (Acoba) on his predecessor George Osborne’s new role as editor of the Evening Standard. Acoba, the body tasked with scrutinising appointments, will ask relevant government departments for their opinions on whether the new job will [...]
21st Century Fox £12bn takeover of Sky has been referred to regulators Ofcom and the CMA by culture secretary Karen Bradley March 16, 2017 The bid by Rupert Murdoch's 21st Century Fox to take over Sky has been referred to regulators by the culture secretary. Karen Bradley confirmed her decision this morning after already announcing she was “minded” to do so. Broadcast regulator Ofcom will examine “public interest considerations” and the Competition and Markets Authority (CMA) “jurisdiction issues”. Read more: Sky takeover [...]
Shareholder group Pirc hits back at Sports Direct’s “fake news” allegations March 15, 2017 A shareholder advisory group has hit back at Sports Direct after the retailer accused it of pushing out “fake news” figures on high pay ratios. Pensions and Investment Research Consultants (Pirc) also claimed Sports Direct had sight of the contested figures in 2015 and made “no response on the detail”. Read more: Revealed: The highest and [...]
These are the FTSE companies with the highest and lowest chief executive pay ratios March 15, 2017 With AGM season around the corner, and remuneration set to be a top issue for investors, chief executive pay ratios could again be about to come under the microscope. And while the certain retailers could feel the heat, a number of City firms should be able to rest easy. Pensions & Investment Research Consultants (Pirc) has drawn [...]
Another year of profit losses for French Connection March 14, 2017 High street fashion shop, French Connection, has reported yet another year of losses. The figures French Connection said revenues for 2016 were £153.2m, down six per cent, compared to last year’s £164.2m. The company declared an underlying operating loss of £3.7m this year, compared to £4.7m last year. It has less cash this year and [...]
Focus On Kensal Rise: This north west London town ticks all the boxes for a place that’s due a price rise March 10, 2017 How can you tell if a place is about to get seriously popular? Well, there are a few signs that you can look out for; plenty of Victorian architecture; well-to-do neighbours; improving schools; green space; and a sudden proliferation of independent shops and restaurants. Kensal Rise in north west London ticks all of these boxes [...]
Sports Direct share price falls after unveiling plans for the UK’s first board worker rep March 9, 2017 Mike Ashley's Sports Direct said it was breaking new ground in good corporate governance after announcing it is kicking off the process to elect the UK's first board worker representative. All "directly-engaged workers" can put their names in the hat for the high-profile role and the firm will then conduct an extensive "assessment" process, before putting a selection of candidates forward [...]
Budget 2017: The full text of chancellor Philip Hammond’s speech March 8, 2017 Philip Hammond has delivered his first – and last – Spring Budget. Headline announcements included more cash for social care and punishing new rules for the self-employed – plus some vague comments on business rates. Read more: City A.M.'s TL;DR version of the Spring 2017 Budget Here's what he said: Mr Deputy Speaker, I report [...]
Adidas’ share price is fighting fit after German retailer ups its income guidance March 8, 2017 Adidas' share price has jumped over seven per cent in morning trading after the company posted income growth over the €1bn (£870m) mark and increased its income guidance. The figures In Western Europe, Adidas' biggest market, sales increased by 17 per cent in 2016, growing to €5.29bn from €4.54bn the year before. Net income for the group jumped 51.2 [...]