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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.

SAB suffers from PIRC doing its job

Wed, 2010-07-14

Daily Telegraph

South African brewer SAB Miller had a cracking World Cup. The company had to step in to provide beer in the stadia when arch-rival Budweiser ran dry. Very embarrassing for Bud, great for SAB. Then there were pictures of its Castle Lager being supped by the victorious Spanish team on their plane home. However, the good times don’t last forever (if they did I’d be out of a job). Which brings us on to the latest report from shareholder research group PIRC. With an eye on next week’s AGM, the group is opposing the election of no less than six board members, ranging from the chairman, Meyer Kahn, for his lack of independence (nine years on the board, many of them as chief executive), to Cyril Ramaphosa, also for his nine years on the board, and for his “time commitments”. If that wasn’t enough, PIRC also draws attention to donations revealed in SAB’s annual report. No charities these, but $2.4m (£1.6m) to political parties and “movements” participating in Colombia’s congressional elections and $220,000 to political parties in Botswana. Money obviously goes a bit further in Africa than it does in South America. And if you wanted any more, PIRC is also recommending shareholders oppose the remuneration report. “We think our shareholders will be more interested in out- performance of the FTSE index,” the company’s spinner points out. Well, yes – and you did have a good World Cup.