Clothing retailer Urban Outfitters faces claims that it has failed to address a lack of boardroom diversity.
CtW Investment Group has now written to investors proposing they vote against the reappointment of two directors, claiming that âextreme insularityâ has contributed to weak performance, according to Bloomberg.
The letter says investors should oppose the re-election of the boardâs two longest-serving members, Robert Strouse and Harry Cherkin.
Bloomberg quotes the CtW letter from executive director Dieter Waizenegger, saying the companyâs nominating committee has âlargely failed to recognise the necessary director qualificationsâ to deal with changing consumer habits.
Urban Outfitters has responded by saying it has been making âtargeted, strategic stepsâ to alter the profile of the board.
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