Mears board staves off shareholder rebellion

Aaron Morby 1 year ago
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The board of maintenance contractor Mears has fended off a shareholder rebellion to appoint two new non executive directors.

Mears' biggest shareholder fails to win backing for Ian Lawson to join the board
Mears' biggest shareholder fails to win backing for Ian Lawson to join the board

But around a third of shareholders voted against the board’s pay proposals amid concerns about the group’s performance.

Major shareholders PrimeStone Capital led the annual general meeting rebellion that attempted to impose two of its favoured non-executive directors against the wishes of the board. This narrowly failed.

It wanted to see former Severfield chief and Kier director Ian Lawson and former chairman of Dolphin Capital Andrew Coppel take up board roles, arguing both had strong financial and commercial skills to complement the existing board.

A Mears statement after the vote,  said: “The board recognises that a small number of significant shareholders are dissatisfied with the performance of the company.

“Their concerns were acknowledged by the board in the full year results announcement and it was made clear that the composition of the board would be kept under review to ensure that it continued to provide the effective leadership that the company requires. ”

It added that it was working towards the appointment of two additional non executive directors by the end of June and the other before the summer holidays if possible.

Kieran Murphy, chairman of Mears, said: “I am pleased that the majority of shareholders have supported the board in its decision to appoint two new non-executive Directors in accordance with the best standards of corporate governance.  

“This is an important year for Mears and we look forward to now focusing our attention on ensuring that the group delivers on its plans for the benefit of all shareholders.”

 

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