Political

Chairman of company stumps up cash after shareholders object to firm donating to Conservatives

After a shareholder revolt, the chairman of a City firm which made £25,000 worth of donations to Conservative candidates has agreed to reimburse the firm for the money given:

The chairman of City trading outfit NEX is paying back the £25,000 of shareholders funds the company donated to Tory election candidates in an attempt to keep out Remain backing Liberal Democrat MPs, including Sir Vince Cable.

Charles Gregson said he would refund the money from his own pocket following consultations with investors and governance groups…

NEX, run by former Tory Party Treasurer Michael Spencer, targeted seats where sitting Tories enjoyed narrow majorities over Liberal Democrat challengers, including Twickenham, which Sir Vince ultimately won back from the sitting Conservative MP Tania Mathias…

Pirc, which advises investors with billions of pounds under management, said it believed this to be an inappropriate use of shareholders cash in a critical report issued ahead of the company’s AGM. [The Independent]

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