UK - Boots survived a controversial annual general meeting despite numerous corporate governance concerns raised by Pensions Investment Research Consultants.
PIRC recommended abstention or opposition to resolutions relating to two sets of political donations – the appointment of independent non-executive director Sir Nigel Rudd and the remuneration report. Each of the resolutions had total opposition votes of 6% or more.
Rudd was targeted at the meeting over the number of roles he currently holds, including chairing the Confederation of British Industry’s boardroom issues group, being a non-executive of Barclays and acting as board chairman of Pilkington, Kidde and Pendragon.
“PIRC has raised the issue of the number of positions that Rudd holds and the time he can devote to Boots.”
Boots rejected criticism over its decision to purchase shares ahead of a quarterly trading update, claiming the latest sales data was not “price sensitive”.
The company has an ongoing share buyback programme.
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