Motherhood & apple pie – the latest corporate governance regulations for private companies

The FRC has set out new proposals for more corporate governance regulation (the Wates Report) for large private companies. This is my response to the consultation.       Summary High quality regulation should focus on outcomes and provide evidence to support new rules and principles. Both the government and the FRC seem to be … Continue reading Motherhood & apple pie – the latest corporate governance regulations for private companies

Carillion – a salutary reminder on due diligence

Carillion has entered the pantheon of cursed companies following its recent failure. Politicians and the media have worked themselves in another fit of righteous indignation about greedy management and incompetent boards. The search is out for people to blame, shame and even prosecute. Regulators, sensing the flow of the political wind, are climbing on the … Continue reading Carillion – a salutary reminder on due diligence

To buy or not to buy, that is the question

  Whether ‘tis nobler to buy back shares or pay a dividend?     Introduction Maybe Hamlet was not so concerned with shareholder distribution, but most modern company directors certainly are. In an earlier article I reviewed why and how companies make shareholder distributions and in particular pay dividends. However there is another form of … Continue reading To buy or not to buy, that is the question

Sir Ken Morrison – a retail giant, but still human

Sad news came last week with the death of Sir Ken Morrison. It made me reflect on his tremendous lifetime achievements. His career is sometimes viewed as 50 years of success, until at 73 he led the 2004 Safeway acquisition followed by four difficult years until retirement. He built up a leading supermarket chain making … Continue reading Sir Ken Morrison – a retail giant, but still human