UK - Property firm Liberty International has attacked the NAPF and the Pensions Investment Research Consultants after they urged members to abstain on key board appointments.
Both parties urged members to abstain on Liberty chairman Donald Gordon’s reelection as chairman and the reelection of his son, Graeme, and Michael Rapp as non-executive directors.
But Donald Gordon accused both organisations of “negativity and nit-picking”.
And he added: “The board considers PIRC’s views to be extreme, not in the best interests of shareholders, unhelpful to the proper governance of the company.
“The recommendation to abstain from adopting the report and accounts is both irresponsible and flawed.”
PIRC, though, claimed its advice was “in line with long-term shareholder interests”.
It said: “Our conclusions and analysis were discussed fully with company officers, including Mr D Gordon, prior to publication.”
PIRC also advised its members to “abstain” over the approval of the firm’s remuneration report – a view the NAPF did not take.
*The NAPF clashed with the Liberty chief earlier this year after he dismissed proposals in the Higgs Report on corporate governance as “unrealistic, impractical and likely to be seriously detrimental to business if adopted”.
Four of Liberty International’s non-executives fail to meet Higgs’s “four-step test” for independence.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.