Staff power in decline at NFC
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• NFC has given notice that its long-running era of employee power looks set to end within six months. In an announcement lost week to the Stock Exchange the transport giant said it would probably end the historic double voting rights exercised by shareholding employees at Annual General Meetings. Employees now own less than 10% of NFC's issued shares—compared to around 50% in 1982 when the company was privatised. NFC's Articles of Association state if the situation continues for six months the double vote for employee shareholders will lapse. NFC management deny the change would allow cuts to be made at the company more easily but City transport analyists argue NFC's costs are too high because it has been over-shy of making redundancies because of NFC's employee culture. Next month NFC's new chief executive, Gerry Murphy, starts work as the company prepares to withdraw from unprofitable contracts, sell some sites and cut more jobs (CM 30 March-5 April).