Investors in Berkeley Group should reject the appointment of founder Tony Pidgley as executive chairman and throw out the boardroom pay package because of 'wide-ranging corporate governance concerns', according to Pirc, the investment consultancy.
In an alert to shareholders ahead of next Wednesday’s annual meeting, Pirc also recommended dropping PwC as auditors, because of 'independence concerns' as a result of the volume of non-audit work carried out.
Pidgley rejected the criticism, pointing to the housebuilder’s strong earnings and share price performance.
'The only thing we have going for us is our track record, which is impeccable in terms of how we’ve managed this company, while other companies have lost tens of millions for their shareholders,' he said.
Financial Times, The Times