A GROUP of influential investors has urged Sports Direct to overhaul the way and to launch an independent review into its corporate governance practices.
The Investor Forum, which has £14.5trn of investments, has told the embattled sports clothing retailer to launch an independent review of the company’s entire corporate governance framework.
This would go substantially beyond the currently proposed board effectiveness evaluation, and the terms of reference should address previously raised investor concerns including:
– corporate governance and Board oversight and effectiveness,
– related party transactions and potential conflicts of interest,
– employment practices,
– acquisition strategy and associated due diligence,
– oversight of key supplier relationships and the management of the store portfolio.
Andy Griffiths, executive director of the Investor Forum said: “It is highly unusual for the Investor Forum to consider it necessary to make public their concerns and recommendations in this way. In prior situations we have always managed to work privately with companies to create effective long term solutions.
Our latest in a daily series of interviews with FDs showcases Tim Lawlor, CFO at Wincanton, who discusses his team focusing on supporting commercial decision-making, and thinking ahead on client needs in uncertain times
Falling profits and governance plans still up in the air at Sports Direct, as interim finance chief's team is boosted
Our latest in a daily series of interviews with FDs showcases CAST group CFO Alexandre Rérolle, who talks of the balance between structure and agility
WANdisco's 'new' finance chief Erik Miller is named CFO - again - after an extraordinary few months for the AIM-listed big data business