Smith & Nephew shareholders urged to sack E&Y

Link: Shareholders to oppose Stagecoach chief’s pay deal

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.

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