30th Apr 2019 18:43
LONDON (Alliance News) - FTSE 250-listed Weir Group PLC on Tuesday said almost a quarter of its shareholders voted against the reappointment of Rick Menell as a senior non-executive independent director.
"With regard to the re-election of Rick Menell, we are pleased that he received votes in favour of 75.19%, but note that support for his re-election was not as strong as that shown for other directors," the company said in the statement Tuesday.
The engineering company's shareholders were concerned about Menell's independence, but Weir reassured that the nomination committee were satisfied that Menell's tenure had not compromised his independence in any way and he is, and remains, independent in character and judgement notwithstanding the fact that he has served on the board for more than nine years.
Weir shares closed down 1.2% on Tuesday at 1,703.75 pence each.
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