blog header image

Posted : 03 Jun 2019 at 09:09:53
Category: News

Share this article

The annual general meeting of building maintenance contractor Mears Group on Friday ended with a tight victory for the board against a discontented shareholder trying to get its own nominees on the board.

As we have previously reported, PrimeStone Irish Capital Holdco DAC wanted two of its nominees elected to Mears board, against the wishes of the current directors. PrimeStone owns 13.5% of Mears, making it the company’s biggest shareholder.

Primestone said that the Mears board had too many directors with a background in social housing or charities and it needed more business expertise. It nominated former Jockey Club chief Andrew Coppel and former Severfield CEO Ian Lawson to be non-executive directors of Mears.

The Mears board, however, argued that the process of appointing directors should not be hi-jacked by shareholders but rather “should be conducted by the nominations committee of the board after an appropriate external search open to a broad range of candidates followed by a diligent review process”. This is process is ongoing, with two more board appointments expected in due course.

In the event, the election of Andrew Coppel was voted down at the AGM by 49,826,120 against 46,178,165 in favour. Ian Lawson’s election was opposed by 53,653,884 votes, with 43,161,940 in favour.

Mears chairman Kieran Murphy said: "I am pleased that the majority of shareholders have supported the board in its decision to appoint two new non-executive directors in accordance with the best standards of corporate governance. The board will continue to engage with shareholders during this process.

"This is an important year for Mears and we look forward to now focusing our attention on ensuring that the group delivers on its plans for the benefit of all shareholders."

SIMILAR NEWS

blog header image
NEWS
NUMBER OF FURLOUGHED CONSTRUCTION WORKERS FALLING FASTER THAN WIDER ECONOMY

Number of furloughed construction workers falling faster than wider economy  Latest HMRC data shows size industry’s furloughed workforce shrank by 15% in March The numbe ...

blog header image
NEWS
WILL THEY COME BACK? WHY BRITISH CONSTRUCTION LOST ITS EASTERN EUROPEAN WORKFORCE

In recent weeks, a persistent rumour has been circulating about migrant workers in construction. The specifics differ, but the central premise is the same: ‘foreign workers have taken the govern ...

blog header image
NEWS
CONSTRUCTION OUTPUT GROWS BY 1.6% IN FEBRUARY

Construction output grew by 1.6% in February 2021, largely thanks to a 1.5% increase in new work and 1.9% increase in repair and maintenance, as the industry maintains its recovery The level of constr ...

blog header image
NEWS
IR35: RISHI SUNAK URGED TO AMEND ‘FLAWED’ OFF-PAYROLL RULES TO ENSURE SELF-EMPLOYED RIGHTS

IR35 LEGISLATION must be re-examined to correct the "fundamentally flawed" nature of how off-payroll rules operate, a group of MPs have said. IR35 changes kicked in this month, following a year of del ...

blog header image
NEWS
FREE HOME TESTING COVID KITS NOW AVAILABLE TO ALL CONTRACTORS

Construction companies can now order free Covid test kits for workers to use at home. The extension of the workplace testing regime will supply home test kits to companies with over 10 workers where ...

blog header image
NEWS
EMPLOYMENT LAW CHANGES: WHAT YOU NEED TO KNOW

With Brexit, Covid, and new tax rules for the self-employed, this year sees a plethora of significant changes in the field of employment law. Here is a recap of what you need to know. 1. End of furlou ...

business-directory Business Directory
smartbusinessdirectory Payroll Services Business Directory
truebusinessdirectory payroll-services Directory
payroll-services Directory