In the build up to Sports Direct International’s upcoming AGM (7th September) Sacha Sadan, Director of Corporate Governance at Legal & General Investment Management (LGIM), has released the following statements.
“For the third consecutive year we will be voting against the re-election of the Chairman at Sports Direct. We first voted against the Chairman in 2014 when the share price performance was still strong trading at around £7.00. Today it is trading at around £3.08.”
“We will also be voting against the re-election of all non-executive directors as we believe that Sports Direct needs a stronger body of independent non-executive directors to ensure the business is run in the interest of all shareholders.”
We are disappointed that there have been no new non-executive board appointments in the last five years.
“LGIM will also support the shareholder requisition resolution on an independent review of labour practices.”
“We also fully support the statement, released today, from the Investor Forum, of which we are a member, calling for an independent review of overall governance practices. We believe that all shareholders should send a strong signal to Sports Direct calling for change.”