Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Snapshots of shareholder resistance.

Document Cited in Related
Vincent
PositionNews Round-Up

October 2003

GlaxoSmithKline. Shareholders pressure the board to publish a revised pay policy, having voted down its plans to pay chief executive Jean-Pierre Garnier 22 million [pounds sterling] should he be dismissed for poor performance.

Carlton. Investors in ITV, the newly merged Granada and Carlton, force Michael Green to stand down as chairman-elect, Dissatisfaction centres on Green's management style, Carlton's performance and corporate governance arrangements in the new company. Opposition is led by Fidelity International, a fund with little history of activism.

Eurotunnel. The company challenges dissident investors to go through the French courts if they want to force a general meeting to allow a vote aimed at ousting the board. Pressure for change from a consortium of small investors follows the announcement of a 6 per cent decline in revenues and a warning that a big debt refinancing will be needed in coming years.

Barclays. The board is forced to address concerns over the planned elevation of chief executive Matt Barrett to the chairmanship after the Association of British Insurers (ABI) wrote to current chairman Peter Middleton demanding a "full and public explanation" of the proposed move. The appointment would appear to run contrary to the Higgs code of corporate governance, which advises against the promotion of chief executives to chairmanship. The ABI's action is seen as a test case for the Higgs reforms, which were designed to bolster corporate governance following the Enron and WorldCom financial...

To continue reading

Request your trial
COPYRIGHT TV Trade Media, Inc.
COPYRIGHT GALE, Cengage Learning. All rights reserved.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT