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.

Rebels hit out over £120m HSBC bonuses

May 31 2008

The Scotsman

ALMOST one in five shareholders yesterday refused to back a controversial scheme under which senior executives at Britain's biggest bank would qualify for up to £120 million in bonuses over the next three years.

The setback for the senior managers at HSCB came yesterday when the bank's remuneration report – which included the bonus scheme – won the support of just over 80 per cent of shareholders at the company's annual general meeting.

A total of 18.3ADVERTISEMENTper cent of investors choose either to oppose or abstain from voting on the scheme, an unusually high level of dissent at a major company's AGM.

Pirc, the corporate governance group, which represents an estimated 100 shareholders, had recommended that investors voted against the remuneration report, while the Association of British Insurers (ABI) issued an "amber alert", indicating concern over the scheme.

David Ellis, Pirc's UK corporate governance manager, said: "Although the proposal was not defeated, the level of shareholder displeasure is almost unknown at UK companies."