Severn Trent increases payout to shareholders despite its 60,000 sewage spills last year
The Guardian » Corporate Governance
by Alex Lawson and Helena Horton
10h ago
Final dividend hiked by 9% as MPs write to Ofwat boss urging him to deny water firms’ requests in price review process Business live – latest updates Severn Trent has increased its payout to shareholders despite being responsible for 60,000 sewage spills last year. Severn hiked its final dividend by 9% to 70.1p a share after pre-tax profits swelled almost 20% to £201.3m in the year to the end of March ..read more
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UK firms accused of profiteering as study finds margins rose 30% post-pandemic
The Guardian » Corporate Governance
by Hazel Sheffield
1w ago
Unite union study of 17,000 firms shows sectors from energy to banking, and vets to car dealerships, profited from inflation crisis Thousands of UK companies have exploited their corporate power to increase profit margins since the pandemic, redistributing wealth from employees to employers and shareholders, according to the biggest study yet of data since 2019. A trawl through the accounts of 17,000 companies by the trade union Unite found pre-tax profit margins were 30% higher on average in 2022 compared with the average across 2018 and 2019. Post-tax margins were on average 20% higher ..read more
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JCB built and supplied equipment to Russia months after saying exports had stopped
The Guardian » Corporate Governance
by Jasper Jolly
1w ago
Exclusive: Russian customs records suggest firm owned by major Tory donor kept supplying machines after ‘voluntary pause’ The British digger maker JCB, owned by the billionaire Bamford family, continued to build and supply equipment for the Russian market months after saying it had stopped exports because of Vladimir Putin’s invasion of Ukraine, the Guardian can reveal. Russian customs records show that JCB, whose owners are major donors to the Conservative party, continued to make new products available for Russian dealers well after 2 March 2022, when the company publicly stated that it had ..read more
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‘It felt like a massive scam’: the minor prangs to cars that lead to huge charges
The Guardian » Corporate Governance
by Miles Brignall
1w ago
Readers tell us insurance premiums soared and vehicles were written off after the cost of claims soared Want to know why your car insurance premium has doubled in the past two years? Could the apparently bizarre and wasteful way that car insurers pay claims have something to do with it? Guardian Money recently asked readers to describe their experience after they had been involved in minor prangs, and the responses – and the figures quoted – are astonishing ..read more
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City of London watchdog is making a fair point on ‘naming and shaming’
The Guardian » Corporate Governance
by Nils Pratley
2w ago
Disclosure of the identities of firms under investigation by FCA could be in the public interest The City’s lobbying battalion in full cry is something to behold. Witness the furious response from the banking and finance industry to a proposal from the Financial Conduct Authority (FCA) to name firms under investigations occasionally – specifically when it thinks the public interest would be served. One regulatory aim is to improve behaviour in an industry that, let’s face it, doesn’t have an unblemished record. From the noise heard from the lobbyists, you’d almost think the FCA was suggesting ..read more
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Boeing cargo plane forced to land at Istanbul without front landing gear
The Guardian » Corporate Governance
by Jasper Jolly and agencies
2w ago
Incident involving Boeing 767 jet operated by FedEx comes amid intense scrutiny of troubled planemaker A Boeing cargo plane has been forced to land at Istanbul airport without its front landing gear, in the latest setback for the embattled planemaker. Nobody was hurt in the incident, in a flight operated by the delivery company FedEx, according to Turkey’s transport ministry ..read more
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BrewDog’s James Watt to step down as chief executive of beer company
The Guardian » Corporate Governance
by Rob Davies
2w ago
Watt to be replaced by James Arrow while assuming new title of ‘captain and co-founder’ Profile: Little remains of Brewdog’s ‘punk’ ethos James Watt, the controversial co-founder and chief executive of BrewDog, is to step down after 17 years at the helm of the Scottish brewer and bar chain. Watt, who navigated the Aberdeenshire-based brewer’s meteoric rise from “punk” challenger to mainstream beer brand, informed the board last year of his plan to step back ..read more
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Universal Music’s £119m CEO pay offer may provoke shareholder revolt
The Guardian » Corporate Governance
by Kalyeena Makortoff
2w ago
Advisory firm urges shareholders to reject ‘excessive’ payout to Lucian Grainge, while Renault may also face backlash Universal Music Group could become the latest company to face an embarrassing shareholder revolt this AGM season, after an influential advisory firm urged investors to reject an “excessive” €139m (£119m) payout for its chief executive, Lucian Grainge. Glass Lewis said it had “severe reservations” about supporting the Dutch-American music company’s pay decisions, which included a €92m share-based bonus for its British-born CEO that easily made up for a 51% cut in his salary, to ..read more
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Shell reveals $3.5bn share buyback as it faces AGM showdown over emissions
The Guardian » Corporate Governance
by Jillian Ambrose Energy correspondent
2w ago
Group of major shareholders plans to table resolution, accusing company of watering down climate pledge Shell will shower its shareholders with another $3.5bn (£2.8bn) in share buybacks over the next quarter after reporting better than expected profits of almost $8bn for the first three months of the year. The company announced it would hand investors the multibillion-dollar payouts as it prepared to face a shareholder battle over its climate agenda at its annual general meeting later this month ..read more
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Nearly half of Smith & Nephew investors revolt against CEO pay rise
The Guardian » Corporate Governance
by Kalyeena Makortoff
3w ago
Medical device manufacturer’s policy ultimately passed, putting maximum payout for Deepak Nath at $11.8m Nils Pratley: The boardroom pay game has changed for ever Smith & Nephew had a shareholder revolt on Wednesday when nearly half of voting investors rejected the medical device manufacturer’s plans to raise its chief executive’s pay packet to $11.8m (£9.5m). But the company’s pay policy, which will increase the maximum payout for Deepak Nath – who is based in Texas – by nearly a third, was narrowly approved, despite 43% of votes cast against the proposals at its annual general meeting ..read more
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