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.

M&S wins its War of the Roses

July 9 2008

International Herald Tribune

Not for the first time, a rose was dividing Britons on Wednesday.

In the fifteenth century, the red and white rose emblems of the feuding royal houses of Lancaster and York split the country. On Wednesday, it was small shareholders in Marks and Spencer battling a group of financial institutions over Stuart Rose, boss of the landmark retailer.

With the help of its army of individual investors -- who own an estimated 25 percent of Marks and Spencer's (M&S) share capital, a much higher proportion than for most firms -- Rose was confirmed in his new role of executive chairman.

But his victory only came after one of the biggest shareholder rebellions in recent history, as 22 percent of investors either abstained or voted against the appointment.

Corporate governance consultancy PIRC, which had urged investors to vote against combining the roles of chief executive and chairman, pointed out that votes against the election of directors to company boards rarely exceed 2 percent.