Ocado Group PLC - Hatfield, Hertfordshire-based online grocer and platform provider - At annual general meeting on Thursday, 23% of shareholders voted against the reappointment of Andrew Harrison as a director of the company.
Ocado said the main reason for the opposition to Harrison's re-election was a concern over the level of gender diversity on the board, for which he was held culpable, as well as concerns over the Remuneration Committee's approach to executive remuneration.
"The board recognises the importance of diversity and inclusion in the boardroom and throughout the organisation, and understands that a diverse board will offer wider perspectives that ultimately improve decision-making. Our diversity policy is committed to increasing female and ethnic representation on the board and throughout the wider organisation in the future. During the year the Nomination Committee undertook a review of the board's composition (including its gender balance). The Nomination Committee recognises that the composition of the board today falls short of its objectives in this regard, exacerbated in part by the unexpected resignation of Claudia Arney in December 2020 to take up the role of chair of Deliveroo ahead of its listing," Ocado notes.
Current stock price: 1,967.00 pence
Year-to-date change: down 14%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Ocado (OCDO)
