Mirror Group boss, 73, to seek re-election
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sir Robert Clark, the 73-year-old chairman of Mirror Group, will seek re-election at the newspaper group's annual meeting next month after a proposed shake-up in the company's articles of association.
Until now two special clauses in the Mirror Group's articles of association have allowed the group to sidestep clauses in the Companies Act requiring directors to retire by rotation and seek re-election at every agm after the age of 70.
But Paul Vickers, Mirror Group company secretary, said shareholders at the agm would be asked to approve changes which would "clean up" the articles in line with general business practice.
He added: "We are aware that the exemptions in the articles had become unfashionable in the light of the Cadbury and Greenbury reports. So we are proposing changes that will require many directors to stand for re- election"
Sir Robert will ask for a 12-month extension standing alongside several other directors including David Montgomery, chief executive, and Mr Vickers himself.
The company secretary said that the changes were being proposed by the company, rather than being the subject of outside pressure.
One newspaper report suggested there was investor concern about Sir Robert's age but Mr Vickers said that he had not been contacted by any shareholders on this or other aspects of corporate governance. Mirror Group's largest shareholder, PDFM, is understood to be unconcerned about Sir Robert's age and is happy to see him continue in the role as chairman.
Mr Montgomery saw his total salary including bonus and pension rise to pounds 581,000 in 1996. His basic salary of pounds 375,000 compared with pounds 293,000 the year before. But a share award in 1995 would have brought the comparative figure to pounds 328,000.
Kelvin Mackenzie, managing director of Mirror Television, saw his total package rise from pounds 265,000 to pounds 362,000.
Mr Vickers said executives had been given increases last year to bring them into line with directors in media companies of a similar size.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments