Monday 24 October 2016

Sports Direct hands working practices probe to independent party

Published 20/09/2016 | 08:04

Sports Direct founder Mike Ashley. Photo: Reuters
Sports Direct founder Mike Ashley. Photo: Reuters

British retailer Sports Direct said a review of its corporate governance and working practices would be carried out by a third party, bowing to investor concerns that the firm's own legal advisers were not appropriate for the job.

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The 450-store sportswear chain, founded and controlled by billionaire Mike Ashley, has been condemned by politicians for effectively paying workers less than the minimum wage, and by shareholders for poor corporate governance.

Sports Direct said on Tuesday that having talked to shareholders it had decided to hand responsibility for what it called a "360-degree" review to an independent party other than RPC, its regular legal adviser.

Earlier in September it had asked RPC to carry out a comprehensive review, after its lawyers published their initial findings on its practices.

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