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Sports Direct may face more shareholder unrest

Sports Direct founder Mike Ashley and chairman Keith Hellawell could face yet another shareholder revolt at the annual meeting next month, amid calls to vote against their re-election to the board.

Glass Lewis, a shareholder advisory company, made its recommendation ahead of the company’s annual meeting on 12 September, following years of “poor governance”.

It also urged caution about the circumstances of Sports Direct’s acquisition of House of Fraser for £90m.

It said: “Shareholders should be concerned with any type of regulatory investigation involving the company, as such matters could potentially expand in scope and prove to dampen shareholder value.” 

The Pensions Regulator has confirmed it is looking into the circumstances of HoF’s administration and subsequent sale.

 

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