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.

Marks & Spencer investors latest to baulk at board pay

Wed, 2010-07-14

Evening Standard

Marks & Spencer is the latest blue-chip firm to be bracing itself for a battle with shareholders over boardroom pay.

New boss Marc Bolland's £15 million pay package angered pension advisory group PIRC, which recommended voting against it today.

M&S investors who endured a dividend cut last year for the first time since 2000 are baulking at Bolland's joining deal, despite his predecessor Sir Stuart Rose insisting that the firm was paying “the market rate”.

Bolland gets £975,000 in basic salary, an annual bonus up to 250% of salary and an exceptional award worth 400% of salary.

In compensation for quitting his job as Morrisons chief executive, he gets £1.6 million in cash and £1 million in shares for the loss of bonuses and shares vesting this year - as well as a share award worth £1 million and performance shares worth £3.9 million to compensate for shares vesting during the next two years.