FTSE100 fights back against Higgs
Strong opposition to the proposals outlined in the Higgs report to increase the powers of non-executive directors has emerged from many of the country's top companies.
Link:Fds split on Higgs
A CBI survey released today shows that 82% of FTSE100 chairmen think that their ability to run an effective board will be damaged by these proposals, while 87% disagreed that the introduction of a non-exec to chair the director nominations committee would strengthen board independence.
Over 60 chairmen responded to the survey and several others have sent letters of concern to the CBI. Among those business leaders strongly against the proposals are Sir George Mathewson of the Royal Bank of Scotland, Sir John Bond of HSBC, Lord Stirling at P&O and Sir David Lees at GKN.
Despite the opposition it is thought unlikely that the government will change its position on these matters.