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Corporate Governance Parasites PIRC - do as we say not as we do

By Tom Winnifrith, The Sheriff of AIM | Thursday 16 March 2017


Okay so PIRC makes up fake news about pay at Sports Direct (SPD) and backs discredited management at Bowleven so as to stay "in" with its City fund manager pals but at least as corporate governance wonks its own annual report would be a model of transparency and all round rectitude. As you would expect from folks like this rank hypocrisy is at play.

Needless to say the press office did not have the grace to deal with my enquiry of yesterday but if you go to Companies House you can download the most recent annual report - see HERE. Let us start with the issue of director's pay.

As you can see in Note three details are NOT given of the pay of individual directors, we are just told what all four trousered - £252,789. We are not told what the highest paid director earned. We are not told what multiple of the pay of the average worker that pay was. We are not told what other perks the berks from PIRCs picked up but we do know that the company chipped in £79,738 to a defined pension scheme and that two directors are beneficiaries of that scheme. Who else is a beneficiary?

There is a nice related party deal (note 18, page 13) which saw a bad debt from a company which two of the directors were involved in, written off. There is no breakdown of shareholders owning more than 3%.

Lovely Jubbly. If anyone else served up that sort of report PIRC would be pontificating before you could say "good Morning fake news merchants!" This is very much a case of do as I say not as I do.

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