We are advocates for transparent markets, accountable corporations and responsible investments

PIRC is the UK's leading independent research and advisory consultancy providing services to institutional investors on corporate governance and corporate social responsibility.

Since 1986, it has been the pioneer and champion of good corporate governance within the UK. PIRC has a wide spectrum of clients ranging from pension funds, faith-based investors, trade unions to banks and asset managers. Its GovernancePlus service is an authoritative and vital resource for active investors, whilst its widely-read Shareowner Voting Guidelines provide a market-wide benchmark for investors and form part of the movement for corporate governance reform and long-term wealth creation strategies for responsible investors. For more information about PIRC or to arrange a meeting, contact Janice Hayward, or call us on 0207 247 2323.

Pushback on incentive schemes

Almost one in five shareholders opposed the proposed amended share plan at the AGM of Genus last week.

According to voting results released by the company, 19.15% opposed the scheme, with minimal abstentions. PIRC had recommended that shareholders oppose the plan, in part because of concerns about potential excessiveness. The company also saw a vote against its remuneration report of just under 9%.

Elsewhere Kofax received a vote of 17% against its new equity incentive plan. That’s actually an improvement on last year, when Kofax was defeated on an incentive scheme proposal. PIRC had recommended opposition due to concerns that the plan was overly dilutive and that individual limits under the plan were excessive at 400% of earnings. The company also saw votes over 10% against two non-executives.

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