Corporate captains have been brought up short by the impact on this year's proxy round of the IRAA
Separating tobacco business from consumer products divisions? Labour issues? Compensation? Staggered boards? Secret ballots? Golden parachutes? All these were likely to be on the proxy agenda in 1995, but until the season got under way it was anyone's guess which would be the hot issues for this year's round.
Now, with the season in full swing, it's clear that the issue attracting most attention is that of non-employed directors' pensions. 'There are about 20 proposals to do with directors' retirement
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