In the run up to the Sports Direct AGM this week (6th September) there were calls for shareholders to vote against the re-election of its chairman, Keith Hellawell, amid concerns that he has not been strong enough in dealing with the governance concerns that have surrounded the retailer for the past two years. Having said […]
Read MoreRetailer Sports Direct which has been under intense scrutiny from investors, politicians and the media for over a year due to perceived corporate governance failings and criticisms of its working practices has appointed a permanent finance director. Jon Kempster will join the company and its board in September. His previous experience includes being finance director […]
Read MoreA majority of Sports Direct independent shareholders remain sceptical of governance improvements at the troubled retailer and last week voted against the re-election of its chairman, Keith Hellawell. Under UK listing rules, the retailer had been forced to hold a general meeting to vote again on his reappointment after most independent shareholders voted against him at the […]
Read MoreKeith Hellawell, Sports Direct chairman, has hit out at the company’s critics in its half year results and stated that: “I have no doubt that the extreme political, union and media campaign waged against this company has not only damaged its reputation and influenced our customers, it has impacted negatively on the morale of our people.” Hellawell failed […]
Read MoreThe Financial Reporting Council (FRC) has commenced an investigation into retailer Sports Direct’s accounts following reports earlier this year that there was an arrangement between Sports Direct and Barlin Delivery which was not disclosed as a related party in the company’s 2016 financial statements. Barlin Delivery is managed by John Ashley, brother of Sports Direct founder, […]
Read MoreRetailer Sports Direct chief executive Dave Forsey has resigned to be replaced by Mike Ashley, founder of the company, its major shareholder and previously executive deputy chairman. No reason for his departure has been given but the resignation follows months of criticism of the company because of its working practices and poor corporate governance. Dave Forsey […]
Read MoreMajor institutional investors were among those criticising retailer Sports Direct at its AGM this week and showed their disquiet about the company through their votes. The majority of independent shareholders voted against the re-election of the chairman Keith Hellawell and in favour of a shareholder resolution put forward by the Trade Union Share Owners (TUSO) group and Islington Council […]
Read MoreIn a surprise change of PR last Friday, (26 August 2016) Sports Direct announced that it would hold a public open day to coincide with its AGM on 7th September at its premises in Shirebrook. The event is said to “enable the board to engage with as many people as possible in an open discussion about the […]
Read MoreBesieged retailer Sports Direct has responded to further criticism of its governance practices. This time it is the poor standard of its board evaluation procedures which Manifest’s recent AGM report has flagged as a clear breach of the UK Governance Code. Last Friday, a regulatory news bulletin announced that “an external evaluation of the board is planned […]
Read MoreThe shares of UK sports clothes and equipment retailer, Sports Direct, took a hit this week, despite reporting increased profits, following an investigation by the Guardian newspaper which it said revealed that workers at its new Shirebrook warehouse are receiving effective hourly rates of pay below the minimum wage. The Guardian found that Sports Direct warehouse staff […]
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