James Moore: F&C must carry on putting its house in order
Outlook F&C Asset Management has for some time been on the side of the angels when it comes to the way it stewards the companies in which it invests. With an active corporate governance unit, it uses its votes and its voice. The problem is it hasn't always, as a company, practised what its governance people have preached to others.
At one point, this even led the group's head of governance George Dallas to vote shares held in F&C by funds run by F&C (I know it's complicated, but that's the City for you) against the company's remuneration report.
It is actually to the company's credit that Mr Dallas is still in his post while Alain Grisay, whose pay package stoked investors' ire, is long gone.
But the company is still flouting the rules. Mr Grisay left as a result of an assault by the activist investor Edward Bramson, who promptly installed himself as chairman (bad form because he is not independent) and then assumed even more powers for himself by becoming executive chairman (very bad form).
This doesn't make the job of Mr Dallas any easier. If he wants to wag his finger at a misbehaving company, its bosses might be inclined to request that he stop throwing bricks from his glass house.
Mr Bramson has now at least agreed to relinquish his executive role and appoint Richard Wilson, an internal candidate, as chief executive.
The big question now is whether he will let Mr Wilson get on with his job without interfering. It might help if his next move was to step down as chairman in favour of an independent candidate. F&C would then, at last, be meeting the standards it holds others to. And the excellent Mr Dallas' job would be that much easier.
- 1 I was a Woman Against Feminism too
- 2 Fifty Shades of Grey movie trailer released: First look at Jamie Dornan as Christian Grey
- 3 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 The Tory donor whose firm is one of Britain’s biggest tax avoiders - with HMRC's blessing
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Taiwan plane crash: Typhoon Matmo could have caused TransAsia Airways disaster, airline suspects
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£18000 - £20000 per annum + OTE £25K: SThree: SThree Group has been well estab...
competitive: Progressive Recruitment: This really is a fantastic chance to joi...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...