Smith & Nephew shareholders urged to sack E&Y
Shareholders at medical equipment group Smith & Nephew are being urged to vote against the re-appointment of Ernst & Young as auditor at its AGM later this week.
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Shareholders activist group Pensions Investment Research Consultants (Pirc), say stockholders should vote against E&Y over the ‘excessive’ fees it earns from its non-audit work, The Observer reported.
According to Pirc: non-audit fees stand at £4.1m, while audit fees are just £1.3m.
Pirc also wants shareholders to vote against the remuneration report because bonus targets are too lax and termination provisions too generous for directors leaving before their contracts end.
The AGM takes place on Thursday.