Proxy advisor enters row over Speedy Hire executive chairman Jan Astrand, saying there’s no compelling argument for departure despite demands from investor Toscafund.
Proxy adviser ISS has entered the debacle over Speedy Hire’s executive chairman Jan Astrand, saying there is no compelling argument for his removal but a new appointment to the board should be made.
The intervention comes after activist investors Toscafund Asset Management issued a letter demanding the removal of Astrand through a shareholder vote at the company’s AGM on 9 September. Toscafund also proposed the appointment of David Shearer, a turnaround specialist, as a director.
The Telegraph now reports ISS as say
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More chief executives are being ousted from their roles for "ethical lapses", due to tightening regulation and governance, digital communications, the 24-hour news cycle and increased activity in developing economies.