UK - One agm and one egm are worthy of note in the week starting December 3, according to corporate governance specialists Institutional Shareholder Services (ISS).
On December 3, Interior Services’ holds its AGM. ISS points out that the firm’s board consists of five executive and only two non-executive directors; the non-executive directors thus comprising less than one-third of the board. Additionally, its audit committee is composed of two non-executive directors, and the company lacks a senior non-executive director.
Zurich Scudder Investments holds nearly 12% of the company and Merrill Lynch Investment Managers 10%.
FII Group’s EGM on December 7 is held in compliance with Section 142 of the Companies Act 1985, which requires that a company hold a meeting if its net assets equal half or less of the company's issued share capital. The purpose of the meeting is to review options to consider whether, if any, actions are required to remedy the situation.
Schroder Investment Management is the company’s main shareholder with just over 22% of the issued stock.
By Luke Clancy
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