Major shareholders in Sports Direct are contemplating voting against the reappointment of the company’s chairman, Keith Hellawell, and other directors at the firm’s AGM in September. Of the independent shareholders’ votes, 24% were cast against Hellawell at the 2015 AGM. At last year’s meeting, almost 24% of independent shareholders’ votes went against him. The Guardian understands that a number of investors have been approached by representatives from the Football Supporters’ Federation (FSF) to discuss their concerns about the future direction of the club. The upcoming AGM is seen as a potential test of new rules requiring minority investors to grant approval to non-exec directors in companies where an individual shareholder controls 30% of shares; Sports Direct’s founder, Mike Ashley, owns 55% of the company.
Major shareholders in Sports Direct are contemplating voting against the reappointment of the company’s chairman, Keith Hellawell, and other directors at the firm’s AGM in September. Of the independent shareholders’ votes, 24% were cast against Hellawell at the 2015 AGM. The Guardian understands that a number of investors have been approached by representatives from the Football Supporters’ Federation (FSF) to discuss their concerns about the future direction of the club. The upcoming AGM is seen as a potential test of new rules requiring minority investors to grant approval to non-exec directors in companies where an individual shareholder controls 30% of shares; Sports Direct’s founder, Mike Ashley, owns 55% of the company.