The businesswoman who chairs Hargreaves Lansdown, the retail funding platform, is dealing with a shareholder backlash in opposition to her re-election for the second successive 12 months.
Sky News has learnt that Glass Lewis, the influential proxy voting adviser, is recommending that traders vote in opposition to Deanna Oppenheimer at its annual assembly on 8 December.
Last 12 months, a 3rd of shareholders, together with co-founder Peter Hargreaves, opposed Ms Oppenheimer’s re-election amid considerations in regards to the firm’s management and price administration.
The 2023 AGM will happen in opposition to a backdrop of Hargreaves Lansdown’s ejection from the FTSE 100 index and with a succession course of for the chair already underway.
In a report back to shoppers, Glass Lewis stated it was “concerned with the paucity of disclosure surrounding the significant level of dissent to the re-election of directors”.
The company stated this raised considerations about whether or not Hargreaves Lansdown’s nomination committee was fulfilling its obligation to shareholders.
“In our view, the nomination committee should heed the voice of shareholders and act to remove directors not supported by shareholders or, at the very least, address the issues that raised shareholder concern.
“In this case, whereas we recognise that the board has engaged with shareholders, we consider shareholders might fairly have anticipated better transparency across the particular considerations raised.”
Sky News revealed earlier within the 12 months that the corporate had began working with headhunters on a seek for Ms Oppenheimer’s successor.
Mr Hargreaves, who owns a 20% stake within the enterprise, has repeatedly lambasted Ms Oppenheimer over its efficiency.
Mr Hargreaves has known as for a radical cost-cutting programme and stated Ms Oppenheimer’s five-year tenure had been “a disaster”.
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The firm has recruited Dan Olley to interchange Chris Hill, who stepped down as chief govt earlier this 12 months.
Hargreaves Lansdown has a market valuation of about £3.4bn, has seen its shares stoop by practically 20% over the past 12 months.
Ms Oppenheimer additionally chairs Intercontinental Hotels Group, and is a former director of firms together with Tesco and Whitbread.
The seek for her successor is being led by Penny James, the previous Direct Line Group chief who’s Hargreaves Lansdown’s senior impartial director.
Hargreaves Lansdown declined to remark.
Source: information.sky.com”