Jimmy Choo shareholders are poised to stage a revolt at this afternoon‘s annual general meeting (AGM) as opposition towards the company‘s chairman grows.
According to City AM, chairman Peter Harf could see shareholders block his re-election as two key shareholder advisory groups, Pension & Investment Research Consultanta (Pirc) and Institutional Shareholder Services (ISS), have encouraged shareholders to vote against him.
As Harf also acts as chairman for JAB Luxury, which controls 68 per cent of Jimmy Choo‘s issued shares, Pirc has argued that he can no longer be considered truly independent.
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In a note to shareholders the ISS also said: “The board chairman who was not independent on appointment (being a shareholder nominee) chairs the joint remuneration and nomination committee.
“A chairman may sit on the remuneration committee only if he or she was independent on appointment, but, in any case, should not chair the committee.”
Jimmy Choo put itself up for sale in April, but failed to mention any further developments in its trading update issued this morning ahead of its AGM.