Firms out of line on governance

Fifty three per cent of Britain's top companies fail to comply fully with the Cadbury code of corporate governance, according to a report by PIRC, a consultancy which monitors corporate governance for pension funds. Eleven companies fail to fully comply with the Stock Exchange's listing requirement to make a statement of compliance with the code.

According to PIRC, three companies, Associated British Foods, Britannic Assurance, and Rentokil, gave "no material reason for non-compliance" as Stock Exchange rules require. Six other companies gave minimal justification.