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.

Executive pay: Investors protest over C&W bonus scheme

July 19 2008

The Guardian

More than one in 10 Cable & Wireless investors refused to back the telecoms company's remuneration report yesterday amid further criticism of its controversial executive reward scheme.

Nearly 4% of shareholders who voted at the company's annual meeting in London opposed the report and a further 8% abstained, the way many institutional investors prefer to register their disapproval.

Although there was no specific vote on the company's long-term incentive plan, the two-year-old scheme continued to draw criticism, with one shareholder branding it "greedy and unseemly".

The shareholder advisory body Pirc had recommended a vote against, on the grounds that the rewards were "excessive". It described the conditions in the incentive scheme as "vague". The Association of British Insurers had given C&W's remuneration report an "amber-top" rating - signalling that investors should carefully consider their vote.