Money News
The financial services industry is renowned for its awards ceremonies but last night (Thursday 17 July 2008) marked an award ceremony with a difference. The writers of t1ps.com, the small cap stock pickers, including pundit Tom Winnifrith and PLUS Journalist of the Year Richard Gill, revealed the winners of the inaugural Worst Company Awards, as voted for by readers of the groups online publications, notably Sharecrazy.
As an investor, you wouldn't want any company you invest in to feature in this ceremony- these awards, celebrating spectacular non-achievement in the field of public company management over the past year, should serve as a reminder to all businesses that in today's climate there is nowhere to hide from angry shareholders.
The winners were:
Voting in most categories was close but in one - the Lifetime Award for Value Destruction - ex-Marconi boss John Mayo polled almost three-quarters of the total vote. It is perhaps hardly surprising that Northern Rock and its board featured strongly in the polls. It is also hardly surprising that none of the winners turned up to collect their awards in person!
Richard Gill, comments, "All too often the corporate world pats itself on the back for its achievements but rarely does it recognise its failures. These awards aim to highlight corporate ineptitude, uselessness and sheer incompetence and to shame all companies into working harder to create real shareholder value."
18 July 2008 © Moneyextra.com
Moneyextra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.