Card Factory is set to engage with shareholders to “fully understand concerns” over the retailer’s chair after almost a quarter of them voted against his re-election at its annual general meeting (AGM).
The results from the AGM, which were published on the London Stock Exchange, show that 24.87% of votes were cast against re-electing Card Factory chair Paul Moody to the board.
Card Factory said in a statement: “The board notes that, although it was approved, resolution 3 on the reappointment of Paul Moody (chairman) as a director received less than 80% support and accordingly we will engage with shareholders to fully understand shareholder concerns, and provide an update on further consultations within six months of today’s AGM in accordance with the UK Corporate Governance Code.”
Moody was first appointed chair of Card Factory in July 2020 and, according to City AM, his base salary increased from £146,400 to £170,300 in its latest financial year.
The news comes as the greeting cards specialist reported strong annual revenue and earnings growth for the year to January 31, 2024.
Card Factory said that it had seen “continued positive momentum” in core categories and hailed the performance of its stores as it maintains its “relentless focus on value for money”.
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