Monday 21 August 2017

Doubts over whether INM's CEO will vote to support re-election of fellow board members

INM chief executive officer Robert Pitt. Photo: Tom Burke
INM chief executive officer Robert Pitt. Photo: Tom Burke
Donal O'Donovan

Donal O'Donovan

It is not clear whether Independent News & Media (INM) CEO Robert Pitt will vote to support the re-election of his fellow board members and in favour of other resolutions being put to the Group's annual general meeting (AGM) next month, according to a letter circulated to shareholders.

The shareholder meeting will take place at 11am on August 23rd at The Westbury Hotel in Dublin. The group's non executive directors with the exception of Jerome Kennedy, who is retiring as a director, will all retire and seek immediate re-election at the meeting, in keeping with INM practice for non executives.

CEO Robert Pitt, as an executive, is not subject to re election.

The re-election of the directors will be among a number of motions including technical issues such as remuneration, the ability to call general meetings at shorter than usual notice, share issuance and auditors' pay that are proposed under seven resolutions outlined by chairman Leslie Buckley in a letter circulated to shareholders on Monday.

In the letter, Mr Buckley said the board believes that the resolutions set out in the notice of the AGM are in the best interests of the company and its shareholders, and recommends that shareholders vote in favour of the resolutions including supporting the re-election of directors.

The directors, other than Robert Pitt who reserves his position, intend to vote in favour of the resolutions in respect of their own shares, the letter said.

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