Only 1% of finance directors believe the recommendations of the Hampel Report offer good protection to shareholders, according to a poll of 200 FDs for The Big Question.
The survey, commissioned by Accountancy Age and Reed Accountancy Personnel, found that 38% of FDs thought Sir Ronald Hampel’s recommendations for corporate governance, released last Wed-nesday, did not offer very much protection. And 10% said it offered no protection at all.
Clive Scott, of Cranstown Drug Services, said: ‘I cannot see how the “wishy-washy” proposals of this report will help protect investors. A far more radical approach is required to change the current situation.’
Brendan Kelly, of Augusta Extrusions, added: ‘It seems to be more of a public rela-tions exercise.’
Richard Windsor, of Nuance Global Traders, who claimed the report offers no protection, added: ‘There remain few instances of corporate governance identifying and eliminating management weaknesses before they occur … Hampel has not addressed the fundamental issue of investors’ advance protection.’
Some FDs attacked the notion of appointing a non-executive director to liaise between the board of directors and shareholders. Jim Beard, of Molecular Products, said: ‘A senior non-executive director could stifle enterprise in many circumstances.’
Hampel criticised, page 4.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.