Investor issues alert over failure of corporate governance at Mitchells & Butlers

by Neil Gerrard, for Caterer Search, January 22, 2010.

A major investor in Mitchells & Butlers has issued an alert over a failure of corporate governance at the company, as hopes of a reconciliation and an end to its boardroom crisis faded.

The Association of British Insurers (ABI), which represents around 20% of shareholders at the company, said that the company’s board and Bahamas-based billionaire Joe Lewis had been unable to reach a compromise.

The news led to the ABI issuing a ‘red top’ alert to shareholders. The Financial Times reported that the alert was the “strongest possible” warning about governance concerns.

M&B said that it remained willing to reach an agreement with shareholders.

Piedmont, Joe Lewis’ investment vehicle, said it would seek a review of the company and a new plan within 60 days if its resolutions were approved…(continue reading)

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