Blog posts

Ventus VCT AGMs – A Disappointing Result, National Grid and Sports Direct

I have mentioned previously the attempt by a shareholder in the Ventus VCTs (VEN and VEN2) to start a revolution, i.e. replace all the directors and appoint new ones. See . Nick Curtis was the leader of the revolt but at the AGMs on the 8th August the required resolutions were narrowly defeated with one exception. This was after the boards of these companies paid a proxy advisory service £38,000 to canvas shareholders, which of course shareholders will be paying ...

House of Fraser Pre-Pack – Is It Such a Great Deal?

The acquisition of House of Fraser by Sports Direct is a typical “pre-pack” administration. In administration one minute, sold the next. The national media promptly welcomed it as the rescue of everyone’s favourite department store, the protection of 17,000 jobs and just what is needed to help save Britain’s High Streets. Mike Ashley of Sports Direct trumpeted this as a great deal. All the stores and stock were purchased for £90 million when gross assets were £946 million and the company made ...

Employee Directors at Sports Direct

It seems that controversial company Sports Direct (SPD) are likely to become the first UK public company to have a worker on their board. They plan to appoint an elected "Worker's Representative" who will attend and speak at board meetings although they would not formally be appointed as a director. A spokesman for Sports Direct said: "Having explored all options we believe this is the best way to ensure the Workers' Representative is free to champion the interests of all staff. ...

Sports Direct – AGM Resolution on Working Practices

Sports Direct (SPD) have received a requistioned resolution for its Annual General Meeting on the 7th September. The resolution which has been put forward by Unite Union and its supporters says: "That the board commissions an independent review of Sports Directs PLC’s human capital management strategy and report back to shareholders within six months." with the supporting comment that "As over 100 shareholders in Sports Direct, we believe the company’s current approach to human capital management will compromise its long-term growth ...

ShareSoc News

Government delivers a damp squib on executive pay

Press Release 97 - Joint Press Release from UKSA and ShareSoc Bizarre move to publish register of pay offenders managed by non-independent industry fund manager body the Investment Association Positive steps re Stakeholders via FRC consultation on S172 reporting Retail shareholders have been ignored again. The government's long awaited package of reforms on corporate governance was published this morning. The main components of the reforms had already been widely 'leaked' to the media. This morning's publication confirms that the proposals fall well short ...

Corporate Remuneration Reports

Sports Direct Remuneration Report 2016

link to CityAM article quoting ShareSoc views Sports Direct. Attached is the Manifest Report. Manifest Executive Remuneration Assessment is grade 'B’ (on scale A =good to F=awful) However, a number of other corporate governance issues are highlighted and ShareSoc members may find this report of interest. Attachments: SportsDirectInternationalplc