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Hargreaves Lansdown shareholders urged to vote against chair again

Published Nov 28, 2023 14:12 Updated Nov 28, 2023 14:41
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Hargreaves Lansdown shareholders urged to vote against chair again

Proactive Investors - Hargreaves Lansdown (LON:HRGV) is heading for a second year of ructions at its AGM.

Reports today said Glass Lewis, the US proxy voting advisor, is advising shareholders to vote against the re-election of chair Deanna Oppenheimer on 8 December.

A year ago, 33.5% of votes were against her re-election in a revolt led by the firm's co-founder and 20% shareholder Peter Hargreaves.

Sky News, which reported the story today, wrote earlier in the year that the wealth platform had started the process of finding a successor to Oppenheimer, who also chairs Intercontinental Hotels.

In a letter to its clients seen by the broadcaster, Glass Lewis said it was "concerned with the paucity of disclosure surrounding the significant level of dissent to the re-election of directors".

"In our view, the nomination committee should heed the voice of shareholders and act to remove directors not supported by shareholders or, at the very least, address the issues that raised shareholder concern.

"In this case, while we recognise that the board has engaged with shareholders, we believe shareholders could reasonably have expected greater transparency around the specific concerns raised."

Last week it was confirmed that Hargreaves Lansdown had lost its spot in the FTSE 100 index after a near 20% drop in its share price this year.

Dan Olley from Tesco (LON:TSCO) was recently appointed as chief executive to stop the slide, which reflects a slowdown in trading activity as retail investors park money in high-yielding savings accounts.

Shares in HL dropped 0,65% to 703p.

Read more on Proactive Investors UK

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Hargreaves Lansdown shareholders urged to vote against chair again
 

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