Meggitt Backs Chair Nigel Rudd After Concerns Over Commitment

(Alliance News) - Meggitt PLC on Wednesday rebuffed shareholders who believe Chair Nigel Rudd does not have enough time to fully focus on the position.

At April's annual general meeting, 27% of voting shareholders voted against Rudd's re-election as the defence contractor's chair. Proxy advisors had advised shareholders to abstain from the vote, and only 67% of eligible shareholders voted.

Meggitt said both before and after the AGM that it has been reviewing Rudd's time commitments and has "engaged extensively" with shareholders.

"The board's unanimous conclusions remain that Nigel has sufficient capacity to dedicate the appropriate amount of time to Meggitt," said Meggitt.

"Many of our major shareholders share the board's view that Nigel continues to provide excellent leadership of the board and his skill set, experience and knowledge are of significant value to the company."

Rudd was formerly the chair of Destiny Pharma PLC, stepping down from the biotechnology firm's board in December 2018.

He currently is chair of South African paper and packaging firm Sappi Ltd and holds the same role at FTSE 250 aviation services company BBA Aviation PLC.

Meggitt shares were 0.2% higher on Wednesday in London at 629.20 pence each.

By George Collard; georgecollard@alliancenews.com

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