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.

PIRC urges vote against Rose

June 26 2008

Financial Times

Marks and Spencer's potentially stormy annual meeting was given a spot of added spice yesterday when Pirc, the corporate governance advisory body, advised investors to vote against the re-election of Sir Stuart Rose.

Sir Stuart's promotion from chief executive to executive chairman has caused some large M&S shareholders to speak out against the switch, which goes against corporate governance best practice.

M&S has said the move was a necessary step to finding a successor to Sir Stuart, giving the candidates breathing space to stake their claim. In an accompanying board reshuffle, Sir David Michels was appointed deputy chairman.

Pirc said it represented "a dangerous concentration of power that is potentially detrimental to board balance, effective debate, and board appraisal".

Pirc said it had wanted to propose a resolution that would have allowed shareholders to express their frustration at the company's corporate governance structure but the costs were prohibitive. It was therefore "with reluctance" advocating shareholders voted against Sir Stuart's reappointment to the board.