In a corporate governance standoff with the Pensions Investment Research Consultancy (Pirc), Institutional Shareholder Services (ISS) is asking shareholders to approve a motion on share buy-backs by property company Tops Estates.

Tops Estates' chief executive and chairman, Everard Goodman, has requested permission to buy back 10% of the 46.13 million ordinary shares currently outstanding. The buy back scheme would increase his stake in the company from 47.5% to 52.7%.