Most listed companies are following the UK Corporate Governance Code guidance
PIRC, the corporate governance consultancy firm, has analysed the annual general meetings of FTSE 350 companies held so far in 2011 and found that:
69% of FTSE350 companies have introduced annual elections. Amongst the FTSE100 alone compliance is at 80%.
This follows the introduction in May 2010 of guidance in the UK Corporate Governance Code (the Code) that “all directors of FTSE 350 companies should be subject to annual election by shareholders”. The full PIRC story is here.
PIRC observes that companies that have adopted annual director elections include those that opposed the change to the Code, including GlaxoSmithKline, HSBC and Tesco.
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