26th Oct 2026 11:30
(Alliance News) - Whitbread PLC on Monday said two independent proxy advisers have recommended that shareholders vote against proposals from activity investor Corvex Management LP, although another has backed the New York-backed firm.
The Dunstable, England-based operator of Premier Inn and other hospitality chains said Institutional Shareholder Services and Pensions & Investment Research Consultants recommendations reinforce its view that Corvex's proposal is "unnecessary" and risks disrupting Whitbread's Five-Year Plan "at a time when the strategy is already delivering early results".
However, fellow proxy advisor Glass Lewis has recommended in favour of Corvex's proposal, although Whitbread noted it also agreed with most of its "key" arguments.
"Whitbread continues to engage extensively with shareholders and is encouraged by the support it is receiving," the FTSE 100 listing said in a statement.
Corvex, a 6.4% shareholder in Whitbread, said it welcomed Glass Lewis's recommendation.
"Glass Lewis's recommendation is a clear endorsement of the need for shareholder representation on the Whitbread board and the valuable experience and alignment James Gemmel would bring to its existing composition," Corvex said in a statement.
Corvex, back in September requisitioned a general meeting to elect a Corvex partner, James Gemmel, to the Whitbread board.
At the time, Corvex said Whitbread shares have underperformed peers and the wider market over multiple time horizons. The activist investor claimed that Whitbread's recent strategy review "failed to address Whitbread's underlying challenges and was poorly received by the market".
The meeting is scheduled for November 9.
Shares in Whitbread were up 0.2% at 2,607.00 pence each in London on Monday.
By Jeremy Cutler, Alliance News reporter
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