Wetherspoons shareholders reject advice to sack founder Tim Martin

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Wetherspoons shareholders gave their backing to founder Tim Martin yesterday after they were advised to vote him off the board.


Wetherspoons shareholders reject advice to sack the pub chain’s founder Tim Martin

Wetherspoons shareholders gave their backing to founder Tim Martin yesterday after they were advised to vote him off the board.

Less than 2 per cent voted to sack the chairman days after he blasted the City’s ‘navel-gazing’ governance rules in a 1,300-word rant.

Advisory service PIRC had said Martin should be sacked because, as an executive, he was not an independent chairman. 

Wetherspoons shareholders gave their backing to founder Tim Martin yesterday after they were advised to vote him off the board.

It also said the pub giant may have broken company law when it failed to tell shareholders it had spent £95,000 on pro-Brexit beer mats and magazines.

Yesterday shareholders supported Martin and just 6.4 per cent voted against the amount his top team were paid. 

He told shareholders: ‘I’ve been at this company 40 years, and I’m planning another 40 years.’

There was a revolt of 27.7 per cent, against a controversial measure to allow the company to buy back more stock, which will concentrate more power in the hands of Martin, who holds more than 30 per cent of shares.

 

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