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Informa admits to code breach
Informa, the events, training and STM publishing group, has defied corporate governance guidelines that chief executives should not move up to chair the same company, reports the FT.
The group is promoting Peter Rigby, its chief executive, to executive chairman. He will succeed Richard Hooper, who retires as non-executive chairman in May. The Combined Code on Corporate Governance says: "A chief executive should not go on to be chairman of the same company." If a company chooses to go against this, the code says it should consult major shareholders beforehand and explain its decision publicly.
Informa said it had discussed the move with its six largest shareholders, including L&G and Standard Life.