UK - Supermarket giant Tesco has flouted the recommendations of the Higgs Review by naming a long-standing board member as its new chairman.
But despite the move, which goes against Derek Higgs’s guidelines on what constitutes an independent chairman, the NAPF has defended the firm’s actions.
A spokesman stressed that the Higgs review’s key three words are: “comply or explain”.
He said: “Some shareholders may have concerns over the actions of Tesco but the NAPF believes that it had carried out the spirit of the Higgs Review in explaining the process of appointing David Reid if not, perhaps, to the letter.”
Outgoing chairman John Gardiner said: “I am very pleased David Reid, our deputy chairman, will succeed me after he retires as an executive at the end of the year.
“His appointment followed a robust, open and soundly-based process run by our nominations committee.”
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