At the National Association of Pension Funds annual conference in Edinburgh yesterday, he told attendees that the comply or explain approach that dominates his proposals could become ‘comply or breach’ if shareholders took the report in the wrong way.
He advised shareholders to take a pragmatic approach and judge companies on the individual circumstances ‘Don’t create a little hatched empire of corporate governance which has no connection to the substance of investment decisions,’ Higgs was reported to have said in the FT.
The climbdown follows mounting criticism from several business leaders that parts of the review could undermine the role of the chairman and cause splits on the board.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements