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LGIM Voting Against Sports Direct’s Chairman For Third Year Running LGIM Voting Against Sports Direct’s Chairman For Third Year Running

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LGIM Voting Against Sports Direct’s Chairman For Third Year Running

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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.”

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“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.”

 

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