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Sports Direct to face shareholder wrath at AGM

Sports Direct is steeling itself to face investor anger at its AGM this week after another shareholder said it would oppose the reappointment of chairman Keith Hellawell, it has been reported.

Hermes Investment Management has joined pension funds the Ontario Teachers’ Pension Plan, CalPERs and CalSTRs in saying it will vote against both Hellawell and executive deputy chairman Mike Ashley at the meeting on Wednesday (7 September), which will be open to members of the public as well as shareholders.

Last month, the Local Authority Pension Fund Forum backed trade union Unite’s resolution for an independent review into staff working conditions, which will be tabled at the AGM. Major investment group the Investor Forum, which represents 27% of Sports Direct’s independent shareholders, has also called for an independent review, arguing the board has failed to act in line with shareholder’s views.

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