Last checked at (Sharecast News) - Reach said non-executive director Steve Hatch was an "invaluable" member of the board but kept its options open after almost a third of shareholder votes opposed him at the company's annual general meeting.
At the AGM in May, 32.9% of votes were cast against Hatch's re-election to the media group's board. Shareholders were unhappy that Hatch, who was paid £45,000 in 2019, attended only seven of 11 board meetings that year.
Hatch sits on Reach's remuneration committee but only went to one of its four meetings. He also missed one of three nomination committee meetings. Hatch, who is Facebook's vice president for Northern Europe, joined Reach's board in December 2015.
Reach, which publishes the Mirror and Express papers, said it had spoken to investors to understand their views after the revolt. It said Hatch was involved in all important debates and decisions and in developing strategy. Reach did not give reasons for Hatch missing meetings.
"The board regards Mr Hatch's broad contribution as invaluable and benefits greatly from his expertise, insight and guidance," Reach said. "The company will continue to engage with shareholders on this matter as appropriate and provide any further update in the company's 2020 annual report and accounts."
The UK's governance code requires companies to consult with investors if an AGM resolution is opposed by at least 20% of votes. The company has six months to publish an update and then has to provide a final summary in the next annual report.
31 Aug 2021 09:12
Liberum says Reach at an inflection point, starts at 'buy'
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