Retailer Sports Direct Chair Keith Hellawell "narrowly survived a tense shareholder meeting" after a majority of independent investors voted in favor of his re-election, according to Ashley Armstrong of the London TELEGRAPH. After "heightened speculation that he would be toppled," polling results revealed that 53.3% of independent shareholders voted to "re-elect the former police chief and drugs tsar," while 46.7% voted against him. Including Founder Mike Ashley's 62% stake, Hellawell had a backing from 87.5% of investors. The chair "has escaped being ousted by rebelling investors," despite his promise to step down if a majority of shareholders voted against him again (TELEGRAPH, 9/6). The BBC reported Aberdeen Standard Head of Corporate Governance Paul Lee said that Hellawell had become "a lightning rod" for shareholders' concerns about corporate governance. Aberdeen Standard and Royal London Asset Management "were among the shareholders who voted against his re-election." Fund manager Hermes "also recommended shareholders to make the protest vote." Two shareholder advisory groups, Pirc and the Institutional Shareholder Service, "encouraged its members to do the same" (BBC, 9/6).
