Committee makes final report

Press, 31 August 1977, Page 37

Committee makes final report

The Company Distributions and Directors’ Fees Appeal Committee, now disolved, reports that during the fifteen months to August 14 it has held 60 meetings and considered 1077 cases concerning company distributions, and 185 cases concerning directors’ fees. Of the Company Distributions’ cases 733 were approved in part or in full, and 297 declined. Decisions were deferred on the remainder.

The cases approved included dividends on shares allotted prior to the regulations coming into force or in respect of which there were firm commitments, and dividends paid by whollyowned subsidiaries to their parent companies.

Also included are companies making payments within the prescribed rates, but from share premium reserves, and liquidation distributions on the formal winding-up of the companies involved.

A significant number of the remaining approvals in volved dividend payments on specified preference shares and cases of hardship. Of the cases of higher directors’ fees 153 were ap proved with one third of these involving commitments entered into prior to the regulations coming into force. When additional directors’ fees 153 were appa board the committee allowed them to receive the same fees as their fellow directors.