Ex-Paddy Power exec feels heat
Investors in UK gambling group Betfair - which is headed by former Paddy Power executive Breon Corcoran (below) - have been urged to vote against a raft of resolutions at the company's annual general meeting today amid concerns over corporate governance and pay.
Earlier this year, Betfair admitted that it had been advised that it did not have sufficient distributable reserves to pay dividends in 2011, 2012 and 2013, or to engage in share buybacks.
The total funds used amounted to £60m.
Prominent and influential UK shareholder watchdog PIRC said the payments were illegal under company law.
It has also asked shareholders to vote against the remuneration policy.