Standard Life blames ITV 'mess' on Grade
ITV came under attack from one of its biggest shareholders for allowing boss Michael Grade to build up an unprecedented power base - a decision that has left the broadcaster in a complete 'mess'.
Power base: Michael Grade
Standard Life lambasted the ITV board for allowing Grade to combine the chairman and chief executive roles when he defected from the BBC nearly three years ago.
'The mess that they are in at the moment highlights the dangers' of concentrating so much power in the hands of one executive, Standard Life fund manager Euan Stirling told BBC Radio Four.
The Edinburgh-based giant is the first large shareholder to go public over the broadcaster's farcical attempts to hire a replacement for Grade.
ITV (down 0.55p at 44.43p) last week shocked investors after abandoning talks with former Sky boss Tony Ball, who had demanded more than £40m to succeed Grade as chief executive. He was also asking for the power to veto the new chairman.
Record fund sales
Sales of investment funds hit record levels for the month of August as consumer confidence in financial markets returned.
Net sales of unit trust and openended investment companies to retail investors reached £2.17bn last month. That compares with £58.7m of net sales in the same month last year but is down from £2.3bn in July.
Bond funds remained the most popular asset class, followed by equity funds. Retail investors are also returning to ISAs. Net sales reached £150.6m, marking the sixth consecutive month that payments into them have increased.
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Dean Dunham: Entitled to comparable replacement concert tickets?
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Land Rover unveil newest all-electric Range Rover SUV
- Blue Whale fund manager on the best of the Magnificent 7
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Mini Cooper SE: The British icon gets an all-electric makeover
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Volvo's Polestar releases new innovative 4 digital rearview mirror
- Mercedes has finally unveiled its new electric G-Class
- Should the Bank of England have cut interest rates...
- Ikea pushes back opening of its Oxford Street store to...
- As firms abandon the stock market, how these four private...
- BHP boss to meet his counterpart at takeover target Anglo...
- Jaguar Land Rover posts its biggest profit since 2015...
- Households with emergency savings pots rises...
- British Airways owner IAG set for bumper summer
- My favourite 20 new cars for under £20,000 - by the...
- Rightmove expects weaker ad revenue growth as more...
- MARKET REPORT: S4 Capital shares soar as Sir Martin...
- The government is asking motoring enthusiasts for help...
- ALEX BRUMMER: UK second to United States among G7 richest...
- Footsie hits new high as economy roars back
- SMALL CAP MOVERS: Light Science Technologies sales flourish
- BUSINESS LIVE: UK GDP grows 0.6%; IAG profits take off;...
- How criminals could use AI to scam Britons - and what can...
- BA owner IAG profits climb more than sevenfold
- Vodafone told to boost security as £15bn Three merger is...