Saturday 17 March 2018

Investor revolts against ICG chair

Roisin Burke

Shareholders voted in large numbers against the re-appointment of ICG chairman John McGuckian to the ferry company's board at its annual meeting last week.

Though McGuckian was re-elected, a hefty 21 per cent of stakeholders registered their disapproval by voting against his re-appointment. A vote of that level is highly unusual.

However, it was a week of ISE shareholder twitchiness.

Kenmare Resources saw a chunk of dissenting vote go against the remuneration of its board members at its annual meeting in the gracious environs of the Westbury, on Wednesday last.

Some 7.8 per cent voted against the package, but a further 12 per cent also withheld on the issue, meaning close to 20 per cent in total did not endorse director pay at the exploration firm.

At pharmaceutical giant Elan, 23 per cent of stakeholders voted against the re-election of Kieran McGowan to the board. McGowan, a former chairman of CRH and IDA boss, has been a director at Elan right back to 1998.

Irish Independent

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