Swelling pension pots for UK directors

The average executive at one of the UK’s top 102 companies can retire at 60 on a final salary pension worth over £3m – enough to provide, at a pension of £193,000 a year, more than 25 times the average occupational pension, research by the TUC has revealed.

The union group’s survey revealed that More…

Activism

Vernon Sankey has stepped down as chairman of Photo-Me International with immediate effect, prompting the photo booth operator’s principal shareholders to withdraw an EGM requisition seeking his removal.

 

Cycladic Capital and Principle Capital were seeking the immediate removal of both Sankey and the company’s chief executive, Serge Crasnianski.

 

Sankey will be replaced on More…

Activism

Aer Lingus has rejected an EGM requisition request from Ryanair, stating that the aim of the meeting request was to “interfere with and frustrate the commercial and operational performance of Ryanair’s most resilient competitor”.

Earlier this month Ryanair made a second call for an EGM at which shareholders would consider asking Aer Lingus’ More…

Academic Roundup

Hedge fund investor activism and takeoversRobin Greenwood and Michael Schor, Harvard University

Hedge fund activism has limited scope to bring about far-reaching effects on corporate governance, this paper has found. The authors examined long-term stock returns around hedge fund activism, and find hedge funds are better suited to identifying undervalued targets and prompting More…

Australian CEOs driving the governance agenda

Chief executives are more important in driving governance change at their companies than either chairmen or directors, a survey by the Australian Institute of Management (AIM) has found. Of those surveyed, 83% said chief executives are highly or very highly involved in championing corporate governance change. Chairmen came in second place with 69%.

Furthermore, despite More…