13th Dec 2019 16:48
(Alliance News) - Office space provider Workspace Group PLC on Friday said it has engaged with investors over their opposition for re-election of Non-Executive Director Stephen Hubbard and continues to believe that Hubbard is a valuable and effective board member.
In the company's 2019 annual general meeting in July, 20.4% Workspace shareholders voted against the appointment of Hubbard.
Workspace said since the annual meeting it has constructively engaged with shareholders to understand the reasons behind their opposition and understands that the votes against Hubbard's re-election were based on his additional board roles, and in particular his role as executive chair of CBRE UK.
"The company confirms that it was notified on 4 November 2019 that Mr Hubbard will be retiring as executive chairman of CBRE UK on 31 December 2019. The board continues to believe that Mr Hubbard is a valuable and effective non-executive director and is satisfied that he is able to devote sufficient time to his role at the company in order to effectively discharge his responsibilities," the company added.
Workspace shares in London closed 4.3% higher at 1,177.00 pence each on Friday.
By Tapan Panchal; [email protected]
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