PIRC : independent research and advisory consultancy

PIRC is the UKs' 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.
Authoritative resource
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 Shareholder 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.

Watchdog in talks with rebel Marks & Spencer investors over Sir Stuart Rose’s role

May 9 2008

The Times

Rebel shareholders could force a showdown with Marks & Spencer over Sir Stuart Rose’s controversial promotion to executive chairman at the retailer’s annual meeting in July.

Pirc, the corporate governance watchdog, disclosed yesterday that it was talking to a number of investors about whether to begin a special resolution calling for a vote on the move. A draft of the resolution, leaked to the media yesterday, read: “This resolution is intended to provide a safe outlet for investors wishing to send a strong signal to Marks & Spencer about the value of good governance.”

Pirc’s threat could reignite a dispute that has been simmering since M&S announced in March that Sir Stuart would be taking up the dual role of chairman and chief executive from the end of June.

In a concession to investors who are furious over the breach of corporate governance best practice, M&S said last month that it would put Sir Stuart up for reelection at the annual meeting. However, Pirc believes that such a vote will not address the core issue and could turn into a referendum on Sir Stuart himself, rather than a vote on whether M&S should have created such a role in the first place.