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LGIM to vote against Sports Direct chair at AGM over governance concerns
September 1, 2017 / 2:41 PM / 3 months ago

LGIM to vote against Sports Direct chair at AGM over governance concerns

LONDON (Reuters) - British fund manager Legal & General Investment Management said on Friday it would vote against the re-election of the chairman of retailer Sports Direct (SPD.L) over continued concerns about the company’s governance.

A company logo is seen outside a Sports Direct store in Vienna, Austria, April 28, 2016. REUTERS/Leonhard Foeger

LGIM, the fund arm of insurer Legal & General (LGEN.L), said it had voted against the chairman’s re-election since 2014 and had opposed the re-election of all the company’s non-executive directors in 2016.

“Although we are encouraged by some of the positive steps made over the past year, such as refreshing the board and labour relations, we believe progress is not sufficient to warrant supporting the Chairman’s re-election this year,” Sacha Sadan, director of corporate governance, said in a statement.

“We believe that all shareholders should continue to send a strong signal to Sports Direct calling for change.”

The AGM will be held on Sept. 6.

Reporting by Simon Jessop; editing by Pamela Barbaglia

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