Sports Direct asked to ditch Mike Ashley

23 August 2016
Sports Direct asked to ditch Mike Ashley

While most people are only interested in cheap trainers and sportswear when it comes to Sports Direct, there's still a soap opera bubbling away at the retailer.

The company's working practices have come under a lot of fire from all angles, and now, the shareholders at Sports Direct are apparently being asked to block the re-election of Mike Ashley to the board, thanks to all the bad press.

Shareholder lobby group Pensions Investment and Research Consultants (PIRC) would like to see investors opposing Ashley's re-appointment as executive deputy chairman.

Of course, a number of MPs would like to see someone "held accountable" for the "appalling" practices at Sports Direct outlets and, notably, at their infamous warehouses.

PIRC advise clients with assets of over £200 billion, and they've said that they have "significant concerns" about Ashley's "influence on the board", and have added that they're worried about other directors and whether or not they can "objectively challenge and influence" the board's decision-making process.

It isn't just Mike Ashley getting it in the neck at the budget sportswear shop.

They've also said that chairman Keith Hellawell should be given the chop as well, after he "failed to show leadership in a critical period for the company."

Sports Direct are set to hold their annual general meeting on September 7th, which is when investors are going to vote about whether or not an independent review needs to be launched concerning the treatment of their staff.

With that, Sports Direct have said that thousands of their warehouse staff is going to get £1 million given to them in back-pay, after it transpired that they'd not been getting the national minimum wage.

Sports Direct have said that the results of a separate independent review, which has been carried out by RPC, is going to be published in the week starting September 5, and there'll be a review of the board by April 2017.

TOPICS:   High Street News

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