Next promotion draws protests
Pirc, the pensions and investments research consultants, said yesterday that it would make a formal complaint about the appointment at Next's annual meeting in May.
Pirc spokeswoman Anne Simpson said: "By and large we think there is a real problem having relatives on the board. These are public companies, not private dynasties. You have to ask what this tells you about the company's nominations procedure.
"If we think there is a case to answer regarding nepotism then we will advise our clients to vote against it."
Pirc's comments follow others made by Next's institutional investors after the retail group's announcement on Tuesday that the 29-year-old Mr Wolfson was to join the board. Next chief executive David Jones again defended the appointment yesterday: "As far as I am concerned I am not going to risk my reputation or shareholder value by making a wrong appointment.
"If they [Pirc] want to ask me anything I would be happy to meet them and answer them. I have absolutely no hang-up about this."
Mr Jones said it was he, not Lord Wolfson, who nominated Simon Wolfson and that his appointment was approved by the entire board. He said Mr Wolfson had been introduced to Next's leading shareholders and City analysts and had met with their approval.
Ms Simpson said the elevation of family members to the board of a public company was often not just a problem for the business but for the individual.
"If they are a non-executive there is a question over independence. If they are executive it can be difficult when they have daddy or mummy lurking about," she said.
- 1 'He was lucky he didn't die' - George Michael fell out of speeding car onto M1 motorway, according to eye witness
- 2 Gay couple beaten in park urge MPs to moderate language on gay marriage
- 3 After woman sells virginity for $780,000, here are the results of our prostitution survey
- 4 Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
- 5 'It was just like the movie Twister': Man survives Oklahoma tornado by taking refuge in horse stall
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£850 - £1000 per day: Orgtel: Programme Change Manager - Banking - London - £8...
£180 - £230 per day: Orgtel: Operations Analyst - Leading Bank in the City of ...
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£425 - £550 per day: Orgtel: Senior Finance Project Manager - £550 - Bristol -...