Pubs boss Tim Martin has suffered a slapdown from City advisory firms that are urging JD Wetherspoon shareholders to reject several motions at the company’s AGM next week.
Investor adviser Pirc has said Martin should not be re-elected as chairman because, as founder and a 32 per cent shareholder, he is not ‘independent’ enough for the job.
Glass Lewis is against Wetherspoon’s pay scheme, under which its finance boss Ben Whitley has been given an 11 per cent pay rise to £192,000.
Signing off: Investor adviser Pirc has said Tim Martin should not be re-elected as Wetherspoon’s chairman
Both bodies have told investors to vote against non-executive director Sir Richard Beckett because, after nine years, they consider he has served enough time on the board.
Martin took a pre-emptive swipe at advisory firms in Wetherspoon’s annual report in September.
He hit out at corporate governance guidelines which he says discourage lengthy executive and board tenures at companies.
He said: ‘Wetherspoon has a significant competitive edge in governance, since all of our directors, bar one, were in situ at the time of the last financial crisis… [The] ‘institutionalising’ of inexperience seems wrong.’