Company briefs

Monday, May 16, 2005 | 0 comments »


CC's UK correspondent writes:

M&S
The eponymous retailer is again in the press because of the ludicrous situation (partly fostered by "Good Corporate Governance" gurus) where the senior non-executive director, K. Lomax, who was previously asleep on the job (in the Vandervelde days) is objecting to the appointment of Paul Myners the acting chairman. Myners has, by all accounts, has done an excellent job - beating off one Philip Green in the process. Lomax should (be told to) get on and appoint Myners before quietly resigning. With things so bad out there M&S clearly doesn't need further upheaval.

AIG
The fallout from Elliot Spitzer's investigation continues for AIG with a major restatement of their accounts for 5 years. A billion here, a billion there, pretty soon you get to a pretty...you know how it goes. What's worse is that they and the auditors believe it's been going on for longer than that. I suspect they haven't the energy to look further. Greenberg continues to protest his innocence but I note he has transferred his $2bn (!!!!) fortune into his wife's name. If Sarbanes Oxley means anything this man should, on the face of it, have his collar felt.

The Prudential
Jonathan Bloomer the outgoing head of Prudential PLC the UK insurer and fund manager gave a valedictory speech at last weeks AGM. You have to have some (or maybe not) sympathy and wonder if at the very least the Chairman, one David Clementi, should also go. This jot remains hopeful that the architect of the stupendous losses at Egg - Paul Gratton - will get his just deserts. Now that would have cheered up the AGM.

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