Shareholder director
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MOVES to appoint a shareholder director to the National Freight Consortium were approved last weekend, when it was revealed that the group may also make charitable and political donations in future.
The NFC annual general meeting approved a plan to elect a shareholder director who would hold a non-executive post for two years, after which he will be entitled to stand for re-election.
A £5,150 annual salary will be paid to the successful candidate, who is expected to represent the grass roots views of the employee/pensioner/family shareholders of the one-time stateowned haulage group.
Deputy NFC chairman Frank Law outlined plans for charitable donations, saying that NFC's return to profits ought to be an opportunity to follow the example of the Transport Development Group (which gave £11,000 or 0.06 per cent of its profits) to charities last year.
The matter will have to be discussed more widely by shareholders, as will the question of whether contributions might be made to political parties, and to which ones these might be made.
More generally, shareholders are to be encouraged to attend meetings in May/June to discuss in detail the future direction in which NFC might go. The agm approved a plan to divide existing ordinary £1 shares into 50p shares, each of which now has a "fair value" of £1.30 each for the next shares dealing day on March 30, when existing shareholders may sell theirs.