UK - The NAPF has dismissed a high-profile survey that shows a negative attitude from boardrooms over key elements of the Higgs Review on corporate governance.
The Confederation of British Industry survey of FTSE100 directors found 82% believed the chairman’s role would be undermined if extra powers for a senior non-executive director, including private meetings with shareholders, were enforced.
NAPF spokesman Andy Fleming said: “The intention is to build better lines of communication between shareholders and boards, allowing investors the chance to raise any concerns without placing undue additional burden on executives.
“Investors don’t expect to be involved in the day-to-day running of companies. They just want proper access to the board if they have genuine concerns.”
This view is not held by the CBI.
Director-general Digby Jones said: “Only in special circumstances, when normal channels of communication have broken down, should the senior independent be available privately for shareholders to voice concerns.”
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).