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 Corporate Governance 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 forms 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.

Speedy reform at Northgate

It was only in June that the Financial Reporting Council issued the revised Corporate Governance Code, including the recommendation that FTSE350 companies adopt annual elections for all directors. So we commend one UK company for already instituting the reform.

Northgate Plc, which has its AGM on 9th September, makes the following statement in its annual report: “the Board has decided on early adoption of the provision in the new UK Corporate Governance Code which will require all Directors of FTSE 350 companies to be subject to annual election. Accordingly, resolutions to re-appoint all Directors currently in office will be proposed at the Annual General Meeting.”

What’s even more striking about the announcement is that Northgate isn’t even in the FTSE350, so it is embracing a level of accountability that isn’t even expected as yet of companies of its size. No doubt examples like this will be watched closely by the Financial Reporting Council as they will provide evidence – one way or another – of how the reform works in practice.
 

back to main news page

“PIRC is the guardian...”

 “PIRC is the guardian of good corporate goverance - and shareowner responsibilty - in the UK.“
Investor Relations Magazine