Fortescue Metals Group Ltd has filed a Home Country News Release – Company Insight – Andrew Forrest on Chairmanship and China To view the full release click here (link to PDF).
Fri, Jun 08, 2012 12:52 – Fortescue Metals Group Ltd (FSUGY: OTC Link) released their Home Country News Release concerning Company Insight – Andrew Forrest on Chairmanship and China. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=83474.
See original here: Fortescue Metals Group Ltd (FSUGY: OTC Link) | Home Country News Release
Private equity boss famous for attacking tax avoidance in industry has risen through BSkyB since joining board in 2004
As one of Britain’s leading private equity bosses, Nicholas Ferguson shot to public attention five years ago when he attacked other buyout barons who “pay less tax than a cleaning lady”.
Speculation that Ferguson, 62, was being lined up for the chairmanship at BSkyB was sparked by his resignation as chairman of SVG Capital, a stock market-listed private equity investor and fund manager, last month.
He made his named in the private equity industry when he co-founded Schroder Ventures, which later became Permira, the debt-fuelled buyout business that owns fashion group Hugo Boss and the company that makes Birds Eye fish fingers.
From 1996 to 2005 he served as chief executive of SVG, until he moved on to the chairmanship. In 2007 he attacked tax avoidance in the controversial private equity industry. “Any commonsense person would say that a highly paid private equity executive paying less tax than a cleaning lady or other low-paid workers can’t be right,” he said. “I have not heard anyone give a clear explanation of why it is justified.”
As well as announcing his intention to step aside from SVG later this year, he has also cleared his diary of other commitments including the chairmanship of the Institute for Philanthropy and the Courtauld Institute of Art.
Ferguson joined the BSkyB board in 2004 and quickly rose to become the senior independent non-executive director. He was made deputy chairman in June 2010. His appointment as chairman was widely expected as he served as the de facto chairman during last year’s failed takeover talks with News Corporation, .
Ferguson praised James Murdoch for his “vision, drive and strategic insight” first as chief executive at the age of 30 from 2003 and then chairman of BSkyB. He added that the board’s “support for James and belief in his integrity remain strong”.
Although he is very close to the Murdoch family, Ferguson is also well-liked and respected by BSkyB’s independent directors, many of whom had raised increasing concerns about the Murdochs’ influence on the firm.
Ferguson, who was paid £155,685 last year, will get a significant pay rise as the chairman.
He will be replaced as deputy chairman by Tom Mockridge, the boss of News International, who will also continue in that role.