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.

Yell chiefs face investor revolt over big bonuses

July 11 2008

The Times

Yell, owner of Yellow Pages, yesterday faced an investor revolt over its bonus payments and calls for its chief executive and chief operating officer to step down, The Times has learnt.

The Association of British Insurers (ABI), whose members control about 20 per cent of the stock market, has issued an “amber-top alert”, signalling concerns over generous management bonuses at Yell after the 87 per cent drop in the group's share price in the past year. Senior executives have received bonuses worth 110 per cent of their salaries.

The group's market capitalisation has fallen to £484 million - considerably lower that its £3.8 billion debt load.

John Condron, the chief executive, received a performance-related bonus of £935,000, on top of an £850,000 salary. John Davis, the chief financial officer, received a £555,000 bonus on top of £505,000 in basic pay. Both received double-digit salary increases.

Separately, Pensions Investment Research Consultants (PIRC), the shareholder organisation, has opposed the remuneration report and called for its members to oppose the re-election of Mr Condron and Mr Davis. It said the combined awards had the potential to be excessive and cited particular concerns about the contracts of Mr Condron and Mr Davis, which allow them to receive bonuses even if they were to be removed from office.