UK: annual election for FTSE350 directors

The UK Corporate Governance Code recommends that the boards of FTSE350 companies should be elected annually. Companies are, however, free to adopt alternative arrangements, subject to the 'comply or explain' principle. Pensions and Investment Research Consultants (PIRC) - a long standing advocate of annual election for the board - has announced this week that its voting recommendations from 2012 onwards will be based on the expectation that FTSE350 companies will comply with the recommendation on annual election: see here.