News of Snap Inc’s pending IPO arrived too late for our usual weekly round-up, but no matter, now that the full implications of the disappearing photo-apps disappearing votes have started to sink in, we can take a moment to reflect on what this really means for investors and good governance.… Read the rest
A significant proportion of corporate governance practitioners are unsure whether the UK’s system of corporate governance is fit for purpose. According to a poll published last week [01-Feb-17] by the UK’s corporate secretary professional body, ICSA, and recruitment specialist The Core Partnership, 45% of respondents are on the fence, or just ‘maybe’ when asked if the current system is working.… Read the rest
A majority of Sports Direct independent shareholders remain sceptical of governance improvements at the troubled retailer and last week voted against the re-election of its chairman, Keith Hellawell. Under UK listing rules, the retailer had been forced to hold a general meeting to vote again on his reappointment after most independent shareholders voted against him at the company’s AGM last September.… Read the rest
Keith Hellawell, Sports Direct chairman, has hit out at the company’s critics in its half year results and stated that: “I have no doubt that the extreme political, union and media campaign waged against this company has not only damaged its reputation and influenced our customers, it has impacted negatively on the morale of our people.”
Hellawell failed to achieve support for his re-election from the majority of Sports Direct’s independent shareholder at the AGM in September and will again seek re-election at a general meeting on 5th January.… Read the rest
The Financial Reporting Council (FRC) has commenced an investigation into retailer Sports Direct’s accounts following reports earlier this year that there was an arrangement between Sports Direct and Barlin Delivery which was not disclosed as a related party in the company’s 2016 financial statements.… Read the rest
Australian entertainments group, Ardent Leisure, held its AGM just two days after an accident at its theme park Dreamworld in which four people died and two children were injured on a river rapids ride. The out-going chairman, Neil Banaves, offered sincere condolences to the victims and their families but said that despite the seriousness of the incident they were still required to convene the AGM as planned.… Read the rest
Mortgage Choice (ASX:MOC) chairman, Peter Ritchie, has resigned abruptly, raging at proxy advisors for “damaging Australian business” after another bruising shareholder revolt at last week’s AGM.
Close to 80% of the Australian firm’s independent shareholders voted against the remuneration report, the third such vote, leading Ritchie to blame the outcome on analysts.… Read the rest
Over half of the Sky’s (LON: SKY) independent shareholders rebelled against the election of James Murdoch as a non-executive director at last week’s AGM following his appointment as chairman earlier this year.
Overall Murdoch received 71.6% support for his re-election, the lowest vote in favour of any of the AGM’s resolutions.… Read the rest
John Stumpf, the chairman and chief Executive (CEO) of troubled US bank Wells Fargo, has quit following admissions of fraudulent activities, including the opening of customer accounts without permission. Stumpf’s replacement as CEO is Tim Sloan, the company’s president and chief operating officer.… Read the rest
With broadcaster Sky’s AGM taking place on 13th October investors have a chance to show their concern about the re-appointment of James Murdoch as chairman of the company.
Murdoch has previously been chief executive and chairman at Sky. He stepped down as non-executive chairman in the 2012 financial year but continued as a non-executive director at Sky. … Read the rest
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