UK - Institutional investors, including pension funds, want TV group Granada to restructure its board when chief executive Steve Morrison steps down later this month.
Granada, which has seen its shares plummet 270p since its demerger from Compass in 2000, has appointed Sir George Russell as non-executive deputy chairman with new executive chairman Charles Allen taking over Morrison’s role.
But prominent fund managers are adamant that the company needs an independent head.
Friends, Ivory & Sime corporate governance director Richard Singleton said investors want further changes in Granada’s board to strengthen its independence.
Another leading fund manager said the recent changes are not “hitting the nail on the head” and there are still some concerns outstanding.
It added: “We would like to see a non-executive chairman – there needs to be more independence at a board level.”
But Allen said: “The new management structure positions Granada well to take advantage of consolidation and other opportunities made possible through new legislation.”
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