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.

One in five investors fail to back Rose's leadership at rebellious M&S meeting

July 10 2008

The Guardian

More than 20% of Marks & Spencer shareholders yesterday failed to back the appointment of Sir Stuart Rose as executive chairman of the ailing retail chain.

At the group's annual meeting, 22% of shareholders did not support Rose, who was previously the chief executive and who had until recently been credited with masterminding a recovery at the food and fashion group.

The shareholder rebellion is one of the biggest in recent years. Nearly 5% actively voted against Rose's re-election as a director, while 17% withheld their vote - the option favoured by many shareholders when they do not wish to remove an executive but want to demonstrate anger and register a protest.

After the meeting, Alan MacDougall, managing director of corporate governance lobby group Pirc, said: "The size of today's vote would be significant if it were against any director, let alone the head of an iconic business, and it demonstrates the depth of investor unease.

"This vote is a clear signal from M&S shareholders that they have serious reservations about the company's decision to ignore well-established best practice. This is an entirely self-inflicted problem."