8th Sep 2015 05:37
LONDON (Alliance News) - Royal London Asset Management is set to vote against the re-election of Sports Direct International PLC founder Mike Ashley as executive deputy chairman at the company's annual general meeting on Wednesday, the Financial Times reported.
Royal London said it has lost confidence in the company's board and would vote against Ashley's re-election for the first time. Ashley Hamilton Claxton, corporate governance manager at Royal London, one of the City's most prominent institutional investors, said the investment manager is "very concerned about the long list of corporate governance failings that have not been addressed."
She said Royal London will, for the second consecutive year, vote against the re-election of the retailer's non-executive directors and would vote against Ashley for the first time.
"We question how a board can effectively function when the executive deputy chairman fails to attend four board meetings, even if they are unscheduled," Hamilton Claxton said.
https://next.ft.com/97e58a50-557a-11e5-a28b-50226830d644
By Sam Unsted; [email protected]; @SamUAtAlliance
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