Pension & Investment Research Consultants Ltd., a U.K. corporate governance adviser, said that Cookson Group Plc (CKSN)’s entire board should be removed and its pay policies opposed, the Telegraph said, citing a report sent to its clients.

PIRC, which advises clients with 1.5 trillion pounds ($2.6 trillion) of assets, told investors that the directors of the London-based materials technology company have been among “the worst examples of poor stewardship of shareholder funds in recent history,” the newspaper reported.

Cookson disputes much of the analysis contained within the PIRC report, the newspaper reported, citing a statement from the company.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.