The Investor Forum doesn’t want any more “quick fixes” from Sports Direct September 9, 2016 Influential shareholder group the Investor Forum has said today that Sports Direct "can't have any more quick fixes" in its bid to reform its corporate governance. Phineas Glover, senior adviser at the Investor Forum, said a meeting with Sports Direct's founder Mike Ashley on Wednesday – after the company's AGM – was the "frankest exchange of views [...]
Nearly three per cent of UK workers have reported they are now on a zero-hours contract September 8, 2016 Almost three per cent of the UK's workforce has reported being employed on a zero-hours contract basis in their main job, according to new figures. Data released today by the Office for National Statistics (ONS) showed the number of people on zero-hours contracts, which do not guarantee staff a certain number of hours' work, rose by [...]
Sports Direct chairman Keith Hellawell tells City A.M.: “My past is dealing with child murderers, I don’t have a problem saying no in board meetings” September 8, 2016 As Mike Ashley stood sweating under the lights of TV cameras in Sports Direct’s warehouse yesterday, he urged journalists to allow investors some room. Everyone wore high-visibility jackets, but the shareholders were relatively hard to see. The company’s founder had no real intention of listening to investors, though; he was just keen to manage the [...]
Investors vote against the re-election of chairman Keith Hellawell to the board of Sports Direct September 7, 2016 Sports Direct's investors have said today they want to see the company's chairman kicked off the board. The vote comes after the business said they would be keeping Keith Hellawell as chairman, despite saying they would listen more to investors. He offered his resignation, but the board would not accept it. On the vote, non-executive [...]
Sports Direct investors vote against chair Keith Hellawell’s re-election as he vows to leave next year if he fails to win over shareholders September 7, 2016 Investors in troubled British retailer Sports Direct today voted against the re-election of chairman Keith Hellawell as chairman of the board – but he's not in any rush to leave. Hellawell said he will step down next year if he does not receive the backing of independent shareholders at the 2017 annual general meeting (AGM), after 53 [...]
Mike Ashley just lost it at Unite in front of his investors at the Sports Direct September 7, 2016 Sports Direct's founder Mike Ashley could not contain his irritation with Unite today at his company's annual meeting, ranting at the union's representatives in front of his investors. Steve Turner, Unite's assistant general secretary, stood up at the AGM to criticise the changes Ashley has made to improve conditions for workers on zero-hours contracts, saying that the [...]
Sports Direct’s Mike Ashley wants to follow Theresa May’s lead and put staff on the board September 7, 2016 Mike Ashley today told shareholders at Sports Direct's annual general meeting (AGM) that one staff member from the company will be joining the board. The founder of Sports Direct said he is "absolutely in agreement with Theresa May" that there should be more staff representation at board level. The move would be a "no-brainer future [...]
Sports Direct share price drops as it faces investor rebellion at AGM in Shirebrook September 7, 2016 Sports Direct investors are making their dissatisfaction with the retailer known, with major shareholders rebelling despite the company's promises to reform. And the company's share price reflected this ire, with the stock closing down by 8.5 per cent, having dipped by as much as 10 per cent earlier in the day. [stockChart code="SPD" date="2016-09-07 16:34"] [...]
Sports Direct AGM: Retailer issues earnings warning as it asks chair Keith Hellawell to stay on board despite offering to step down September 7, 2016 Sports Direct has issued a number of updates to the market this morning – including a warning of a dip in earnings and profit this year – ahead of its AGM, due to start at 11am. The retailer said it expects underlying profits for the full year to come in £120m lower than previously expected, while earnings [...]
Too little too late, Mike Ashley – shareholder groups shun Sports Direct’s report September 6, 2016 Sports Direct attempted to fix its tattered public image today by publishing a report on its review of working practices – but shareholder advisory groups are unmoved by Mike Ashley's last-ditch efforts to avoid an investor revolt at his company's annual general meeting. City A.M. understands that influential advisory group Glass Lewis has not changed its position [...]