(Alliance News) - Institutional Shareholder Services has called for James Richards to be sacked as chair of CMC Markets PLC its annual general meeting on Thursday over failures to hire enough women to its board of directors, the Telegraph reported at the weekend.
Clare Salmon will retire as non-executive director at CMC at Thursday's AGM, leaving just Sarah Ing and Susanne Chishti as the board's female representation. This falls short of the 33% target for all FTSE 350 companies set by the Hampton-Alexander review.
ISS, which advises shareholders on voting, said CMC has made "no firm public commitment with a timeline towards meeting the 33% target by the next AGM", according to the report.
However, the Telegraph report highlighted that Peter Cruddas, chief executive of CMC, owns a majority stake in the business, meaning ISS is unlikely to succeed in its attempt to oust Richards at Thursday's meeting - unless Cruddas votes to sack him.
Still, ISS' recommendations are often followed by many institutional investors, meaning CMC could face a sizeable revolt, the report added.
https://www.telegraph.co.uk/business/2022/07/24/lord-cruddas-faces-investor-rebellion-lack-women-cmc-markets/
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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CMC Markets (CMCX)