Sports Direct has weathered a rebellion by shareholders as all its senior directors were backed in a vote at today’s AGM.

There had been speculation that the roles of deputy executive chairman Mike Ashley, chairman Keith Hellawell and chief executive Dave Forsey would come under pressure.

Ashley, who owns 55% of Sports Direct, saw around 172 million votes in favour, with around 22 million against.

However around half of the retailers independent shareholders who voted were against its pay regime, while nearly a third refused to back the re-election of Keith Hellawell as chairman.

Just 10 shareholders were present at the 40-minute meeting and six questions were asked, Retail Week understands. Three of those were asked by trade union representatives.

Ashley had been expected to face a protest from shareholders Royal London Asset Management at the AGM. Meanwhile, the Investment Association shareholder group had issued a ‘red top’ alert – the most serious warning it can issue about corporate governance breaches – over the potential shake-up to the retailer’s bonus scheme.

However a source said it was “not a stormy event” and there was no picketing outside the meeting.

Topics