The Takeover Panel has denied press reports that it has made any
proposals regarding the fees paid to City PR firms.
Earlier this week two newspapers reported that a number of senior fund
managers had expressed their concern to the panel about the fees
financial PR firms command.
But the panel’s director general Alistair Delfriez told PR Week: ’This
is not a regulatory issue but a commercial one between fund managers and
how they spend their shareholders’ funds.’
Stewart Prosser, chairman of the IPR’s City and Finance Group said he
supported the disclosure of fees: ’Transparency in their activities is
good for business as it will help people understand their role.’
But Lowe Bell Financial chairman Piers Pottinger said: ’We have a
commercial relationship with clients and it would be ridiculous to
disclose our fees.’
Meanwhile, City PR man Antony Cardew also came into the spotlight for
his role as adviser to Nicola Horlick in her dispute with Deutsche
Morgan Grenfell. Many criticised the campaign as overblown.
Diana Soltmann of Millbank PR, who handled PR for former prison chief
Derek Lewis in his dispute with Home Secretary Michael Howard last year,
said: ’The public tends to remember a few things and they may not be the
right ones. She should have kept her personal life out of the issue’.