Boohoo to link £150m bonus pot for directors to supply chain improvements May 19, 2021 Boohoo plans to link multimillion-pound bonuses for its directors with improvements in its supply chain following allegations of poor working conditions and corporate governance. The online retailer faced criticism from investors last year over its long-term incentive scheme, which could see founders and directors paid up to £150m. Boohoo has said it will now link [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 19, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex Co-op CEO joins Boomin’s board Property site Boomin has bagged itself a retail veteran this week, who is set to join the board as a non-executive director at its next [...]
Ryanair wins EU court challenges against KLM and TAP state aid May 19, 2021 Ryanair has this morning won its legal challenges against billions of euros in state aid paid to two European airlines as a result of the Covid-19 pandemic. KLM, the Dutch wing of Air France, and Portuguese carrier TAP were granted a combined €4.6bn by the European Commission in response to the crisis in aviation. However, [...]
Carillion liquidators secure funding to take KPMG to court for audit failures May 19, 2021 Carillion’s liquidators have secured a £250m funding deal with a litigation funder to take KPMG to court for audit failures. Litigation Capital Management (LCM) will fund a claim against the Big Four firm in the Commercial Court of the High Court. Carillion’s liquidators are taking KPMG to court for perceived audit failures, resulting in losses [...]
Climate-related reporting sprints to centre stage May 19, 2021 As the world begins to count the days to the start of the summer Olympics, a far more importance race for the human race has also begun in earnest. Whether due to the fast-approaching COP26 conference due to be held in Glasgow in November, efforts are now taking place at considerable pace to move the [...]
Maida Vale pub that was rebuilt brick by brick after illegal demolition is back in business May 18, 2021 A pub that was rebuilt brick by brick after being demolished by developers has finally welcomed its first customers inside. The Carlton Tavern in Maida Vale, north London, was pulled down by developers CTLX in 2015. But they were ordered to rebuild it exactly as it had stood by Westminster City Council because they had [...]
Frost: City of London needs to ‘get on and do its own thing’ post-Brexit May 18, 2021 Lord David Frost has said City of London firms need to “get on and do its own thing” post-Brexit as he signals that equivalence is unlikely. Boris Johnson’s UK-EU relations minister also told a House of Lords committee today that Brussels will continue to take decisions on equivalence that are “in their interest”. UK financial [...]
Sneakers Unboxed: Studio to Street at the Design Museum May 18, 2021 I don’t usually give much thought to my footwear when visiting an exhibition. But before setting off to the Design Museum this week I spent a couple of minutes mulling over the dozens of pairs of trainers I’ve accumulated over the years. I glossed over the three pairs of Nike Internationalist – mustard, burgundy and [...]
Evening read: The return of indoor hospitality – all your questions answered May 18, 2021 While the basic rules are clear – that diners and drinkers can now sit inside in groups of 6, and outside in groups of up to 30 – there are areas that remain unclear. Suraj Desor is a hospitality licensing solicitor at Poppleston Allen, which advises pubs and restaurant chains in the UK. Desor has [...]
Shell’s shareholders vote for its climate strategy, despite growing support for its activist rival May 18, 2021 Energy giant Shell saw its shareholders overwhelmingly support the company’s energy transition strategy today, despite growing backing for a second climate resolution filed by an activist group. An advisory vote on its climate strategy, which meant it was a non-binding resolution, won 88.74 per cent shareholder support at its annual general meeting (AGM) today. The [...]