24th Jan 2020 08:25
(Alliance News) - Exhibitions and conferences firm Hyve Group PLC on Friday reported dissent from shareholders over the re-appointment of its non-executive chair.
Hyve was known as ITE Group until September last year after a transformation programme.
Some 42% of voting shareholders voted against the re-election of Non-Executive Chair Richard Last, though this was not enough to stop the motion being carried.
London-headquartered Hyve believes some shareholders feel Last is on the boards of too many companies, meaning he does not have the time to properly carry out his role at the company.
"Since last year's AGM Richard has stepped down from the boards of two public companies (one fully listed and one AIM-listed, both in financial services which carried additional regulatory burden) and has stood down from three private companies. He has not taken on any new appointments," said Hyve.
"The board remains of the unanimous view Richard is able to devote the necessary time to Hyve Group notwithstanding his other commitments. Since joining the board in 2018, Richard has provided an exceptional level of commitment to his role during a period of considerable change for the company and this has included significant engagement with shareholders," the company continued.
Current board appointments of Last include being the chair of Gamma Communications PLC, education technology firm Tribal Group PLC, and fintech business Arcontech Group PLC.
Hyve said he has attended all board and relevant committee meetings since joining Hyve, and has been "available at all times".
There was also some dissent against the re-election of Non-Executive Director Sharon Bayley, with 8.0% of shareholders voting against her re-appointment.
Further, 11% of shareholders voted against approving the company's remuneration report.
Shares were 0.6% lower on Friday morning in London at a price of 104.00 pence each.
By George Collard; [email protected]
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