PPHE non-exec director to step down as deputy chairman sheds roles
By Frank Prenesti
Date: Friday 15 Nov 2019
(Sharecast News) - PPHE Hotel Group on Friday said it was making some changes to its board after a shareholder revolt at May's annual meeting over deputy chairman Kevin McAuliffe and non-executive director Nigel Jones.
The company said McAuliffe was stepping down from his posts on the audit and remuneration committees as he was "no longer deemed to be an independent director", but would stay on in his main role overseeing corporate governance.
It added that Jones would retire from the board before the 2020 annual general meeting. Major independent shareholders had told the company they were concerned about the independence of the duo given they had served on the board for more than nine years.
"In anticipation of Mr Jones's retirement, the company is currently looking for an additional independent non-executive director to join the board," the company said.
Both men saw a significant vote against them at the meeting, with 31% voting against McAuliffe's reappointment and 25.3% against Jones.
PPHE said it understood that some investors had concerns that both men had served on the board for more than nine years.
"Whilst the board believes that both Mr. McAuliffe and Mr. Jones are highly effective and engaged members of the board with a wealth of knowledge which is highly valued by the company, the board has given further consideration to the views of its independent shareholders," it added.
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10 Lower Thames St,
London EC3R 6EN