UK - Corporate governance experts have backed property developer Quintain Estates and Development over ‘innovative proposals' to be put to shareholders.
Quintain, which holds its annual general meeting on Wednesday September 8, has received the support of investor lobby group, Pensions Investment Research Consultants.
PIRC welcomed the property developer’s intention to seek investor approval for its audit committee report. Quintain is believed to be the first company to do this.
The report meets best practice guidelines.
Chairman of Quintain’s audit and remuneration committees, David Pangbourne, was also praised by the corporate governance specialists for putting himself up for separate re-elections for each position.
But PIRC was less positive about the company’s proposed share scheme and recommended opposition to the plan.
A PIRC spokesman said: “We do not believe the company has made an adequate case for the proposed performance target to be considered challenging. Nor a case for the ‘diversification right’, which allows them to spread investments away from the company’s shares.”
PIRC is also recommending opposition to the reappointment of KPMG as auditor.
This is due to concerns over the level of non-audit fees paid last year.
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