// THG faces shareholder revolt as Glass Lewis recommends investors reject two proposals
// Investors are being urged to reject THG’s pay report because of an increase in chief financial officer Damian Sanders’ salary
THG is facing a shareholder revolt at its investor meeting, which could further intensify chief Matthew Moulding’s aversion to life on the stock market.
The embattled online business, which owns brands including Lookfantastic and Glossybox, faces potential trouble at its upcoming annual general meeting (AGM) later this month according to the Telegraph after influential shareholder advisory firm Glass Lewis recommended that investors reject two proposals being voted on.
Investors are being urged to reject THG’s pay report because of an increase in its chief financial officer’s salary.
Damian Sanders will earn £500,000 a year, 11% more than his predecessor John Gallemore.
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Glass Lewis said no “compelling justification” had been given for the increase, which comes despite ballooning losses and a declining share price.
The investment advisory group has also urged investors to vote against the re-election of non-executive director Iain McDonald, a proposal it also put forward last year.
Glass Lewis claimed this was because he was an “affiliate or insider” on the pay committee.
McDonald is a also a non-executive director at Boohoo, as well as a founder of Belerion Capital, which last year tabled a takeover approach for THG.
The call to a vote against THG’s management risks deepening founder Moulding’s dislike of life as a listed business.
Moulding has been highly critical of the London stock market since THG’s debut in September 2020. He has called the listing a “mistake” that “just sucked from start to finish”.
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