Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Mike Ashley faces shareholder revolt

Sports Direct boss Mike Ashley is reported to be facing a shareholder rebellion ahead of the retailer’s upcoming annual meeting in September.

Institutional Shareholder Services (ISS) has joined advisory firms Glass Lewis and Pirc in recommending that investors vote against Ashley’s re-election as a director, The Guardian has reported.

ISS flagged “significant operational and governance concerns” at the retailer, which include its purchase of House of Fraser, an unexpected Belgian tax bill and struggle to find an auditor to replace Grant Thornton.

The report said: “ISS’s policy for UK companies provides for withholding support from directors under extraordinary circumstances for material failures of governance, stewardship, or risk oversight. Recent events at Sports Direct appear to indicate that in this case, all three criteria apply. A vote against the re-election of Mike Ashley is therefore considered appropriate.” 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.