David Jones, the deputy chairman of supermarket company Wm Morrisons
Supermarket plc, has written to shareholders in an attempt to ease governance
concerns over new rules for executive contracts.
Morrisons wants to extend executive contracts from one to two years, which is
in breach on the combined code, the FT reports. The company believes it
is essential for the business’s new FD Richard Pennycook to have the security of
a two-year deal.
Pennycook replaced long-standing FD Martin Ackroyd, who was forced to resign
last year after a string of profit warnings. Pennycook, formerly the FD of RAC,
was appointed in October on the same day that Morrisons chief executive Bob
Stott announced that he would leave this summer.
Stott’s successor has yet to be named and Pennycook wants the security of a
two-year contract in case the new chief executive seeks to replace him.
Pennycook has relocated his family to the Morrisons headquarters in Yorkshire.
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live