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Performance Related Pay – Does it work? It Depends

Post Date: September 27, 2017
Evidence from Compass-Capita-Comparison shows performance related pay can work - when measured over the long term. Since 2009, Compass has paid Richard Cousins, its CEO, £43m and Capita paid CEO Andy Parker £15m. According to my rough sums (which ignore the impact of the numbers of shares in issue and dividends and capital distributions), Compass added value of £19bn and Capita lost £1.2bn. They started at similar size £6bn and £5bn respectively. The FT story Richard Cousins steps down as Compass chief executive ...
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Dual class share structures: threat or opportunity?

Post Date: September 26, 2017
I was interested to read this article in the FT today. It reports that the Hong Kong stock exchange is once more contemplating whether to permit listed companies to have dual class share structures. The exchange has considered this topic several times previously and has historically rejected it and not permitted such structures. In the UK, there isn't an absolute ban but the practice is deprecated and very few companies have such structures, Schroders (SDR/SDRC) being a notable exception. OTOH in ...
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Foresight 4 VCT – Big Changes Needed at the AGM

Post Date: September 10, 2017
ShareSoc recommends that shareholders vote against the re-election of Raymond Abbott and Michael Gray and against the re-appointment of KPMG. (NOTE: If you have already voted in favour, its not too late to change your vote and resend your proxies. Additional form(s) of proxy may be obtained by contacting Computershare Investor Services plc on 0870 703 6385.) BACKGROUND OF FAILURE Foresight 4 VCT has a litany of past failures in investment performance and corporate governance. It made major £30m errors in several reserves in its accounts ...
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Another Fat Cat Payoff at Hunting

Post Date: September 1, 2017
On 7th April, Hunting announced the retirement of CEO Dennis Proctor: https://www.investegate.co.uk/hunting-plc--htg-/rns/retirement-of-dennis-proctor-as-chief-executive/201704070700088531B/ This follows a very difficult period for the company and its shareholders, as it suffers from sharp cutbacks in CAPEX by the oil & gas industry. I was shocked to read this today: https://www.investegate.co.uk/hunting-plc--htg-/rns/directorate-change-and-remuneration-disclosure/201709010700054964P/ A payment of US$1,688,350 will shortly be made to Mr Proctor which includes US$785,600 related to his service contract obligations with the balance reflecting a settlement in connection with the cessation of employment.   (in addition to which Proctor retains ...
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