PIRC Urges Cranswick Shareholders To Reject Chairman Vote, Pay

20th Jul 2010 12:57

LONDON (Dow Jones)--Shareholders of food producer Cranswick PLC (CWK.LN) should oppose the re-election of Executive Chairman Martin Davey as well as the remuneration report, investor advisory group PIRC said Tuesday. Davey was previously chief executive of the sausage specialists from 1988 to 2004 but PIRC said responsibilities at the head of the company should be clearly divided between a non-executive chairman and a chief executive. The advisory group also urged shareholders to oppose the remuneration report, saying while cash remuneration and pension contributions are disclosed, outstanding share options are stated but an expected value calculation hasn't been provided. PIRC also said that while the maximum bonus level payable has been disclosed, the targets associated with past and present bonus awards aren't. Cranswick's annual general meeting will be held July 26. The company wasn't immediately available for comment. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires July 20, 2010 07:57 ET (11:57 GMT)