Sports Direct founder Mike Ashley is facing a showdown with investors at the retailer’s annual general meeting on Wednesday.
Royal London Asset Management, an institutional investor that owns a 0.018% share in Sports Direct, is planning to vote against the re-election of Ashley to his current post of executive deputy chairman, the Financial Times reports.
“We have lost confidence in the board and are very concerned about the long list of corporate governance failings that have not been addressed,” said Ashley Hamilton Claxton, corporate governance manager at Royal London.
“We question how a board can effectively function when the executive deputy chairman fails to attend four board meetings, even if they are unscheduled.”
Royal London also plans to vote against the re-election of Sports Direct’s non-executive directors for a second consecutive year.
Last week, it emerged that Sports Direct chairman Keith Hellawell could also face calls to step down from the board at the AGM.