Next PLC (LSE:NXT), the clothing retailer, has launched a staunch defence of chair Michael Roney after more than 20% of shareholders didn’t support his re-election at May's AGM.
Under the guidelines of the 2018 UK Corporate Governance Code, Next said it had asked these shareholders their reasons for voting the way they did.
Most said it was because Roney was “overboarded” with too many directorships already though a secondary concern was the gender make up of the Next board.
In response, Next said it acknowledged some investors had stricter rules on the number of directorships, but added Roney “provides more than enough time to his role as chair and effectively discharges the functions and obligations of the role.
“He has attended all board and committee meetings held in the past three years. He is always available when required as was evident in the group's response to the pandemic and his involvement in the major strategic decisions made by the board in recent years.”
In addition, Next said Roney brings significant experience to his role in the company, provides clear direction and leadership and the board believes that his continuing appointment as chair is for the benefit of all stakeholders.