Mears board staves off shareholder rebellion

Aaron Morby 5 years ago
Share

The board of maintenance contractor Mears has fended off a shareholder rebellion to appoint two new non executive directors.

Mears' biggest shareholder fails to win backing for Ian Lawson to join the board
Mears' biggest shareholder fails to win backing for Ian Lawson to join the board

But around a third of shareholders voted against the board’s pay proposals amid concerns about the group’s performance.

Major shareholders PrimeStone Capital led the annual general meeting rebellion that attempted to impose two of its favoured non-executive directors against the wishes of the board. This narrowly failed.

It wanted to see former Severfield chief and Kier director Ian Lawson and former chairman of Dolphin Capital Andrew Coppel take up board roles, arguing both had strong financial and commercial skills to complement the existing board.

A Mears statement after the vote,  said: “The board recognises that a small number of significant shareholders are dissatisfied with the performance of the company.

“Their concerns were acknowledged by the board in the full year results announcement and it was made clear that the composition of the board would be kept under review to ensure that it continued to provide the effective leadership that the company requires. ”

It added that it was working towards the appointment of two additional non executive directors by the end of June and the other before the summer holidays if possible.

Kieran Murphy, chairman of Mears, said: “I am pleased that the majority of shareholders have supported the board in its decision to appoint two new non-executive Directors in accordance with the best standards of corporate governance.  

“This is an important year for Mears and we look forward to now focusing our attention on ensuring that the group delivers on its plans for the benefit of all shareholders.”

 

Latest news

Winners revealed for £5.4bn electricity grid upgrade

SP Energy Networks unveils 19 winners - full list
2 days ago

Malaysian property giant to buy 50% stake in JRL

IJM Land to buy into diversified £800m turnover south east contractor
2 days ago

Fast-track skills hubs to train 5,000 extra apprentices

Plan for network of 32 skills hubs to rain construction apprentices in half the time
1 day ago

Luxury house builder files administration notice

£31m turnover Octagon Developments Ltd lodges court notice
2 days ago

Morgan Sindall takes on £22m stalled ISG Cardiff school job

Workplan is being drawn up ahead of restart on Penarth school
2 days ago

Walker Modular wins bathroom pod deal on student tower

Sealant-free construction method helps supplier dominate student market
2 days ago

Over £600m awarded for decarbonisation projects – full lists

Over 240 public building energy upgrade projects secure cash
2 days ago

Enabling works to start on £130m Huyton town centre regen

Phase one includes a new council HQ, hotel and 72 flats
3 days ago

Ridge buys rival consultant Jubb

Acquisition will see 100 new staff join Ridge
3 days ago

Grainger build to rent pipeline rises to £1.4bn

Rental specialist buys sites in Sheffield and Cardiff to build 600 rental homes
3 days ago

Kier wins Cambridgeshire County council estate upkeep

Firm will provide building and M&E services to 106 buildings across the county
3 days ago

Louvres and solar shading specialist files for administration

Hampshire based ALPS lodges court notice after 25 years in business
3 days ago

Speedy Hire posts a loss in latest results

Hire giant confident of better performance in next six months
3 days ago

Esh to lead next phase of Riverside Sunderland regeneration

Infrastructure work will allow further development of Sheepfolds area
3 days ago

Green light for £1.3bn Edinburgh coastal town revamp

First phase of Granton Waterfront scheme will see Cruden Homes create a new community
3 days ago

Vistry chief operating officer steps down

Earl Sibley exits as his COO role axed for more direct reporting to CEO
4 days ago

House builder Camstead goes into administration

Work stopped on three current sites
4 days ago

Death of piling legend Roger Bullivant

Industry innovator dies after long illness aged 85
4 days ago

ESS Modular went down owing suppliers £7m

Modular specialist owned by ISG owner Cathexis
4 days ago

Builders back farmers in inheritance tax protest

"A rethink is desperately needed" say National Federation of Builders
4 days ago

Willmott Dixon wins £36m leisure centre upgrade

Work to start on historic Westminster 1930s Grade II listed Seymour Centre
4 days ago

Graham wins £100m Cardiff Crossrail phase 1

Work on route to Cardiff Bay to start before end of next year
5 days ago

Laing O’Rourke appoints new European MD

Peter Lyons to take-up new role in February
6 days ago

Profits dip at Stepnell ahead of demerger

Turnover and secured workloads up ahead of restructure
5 days ago

HS2 green bridge deck takes shape

100m-wide wildlife bridge to carry hedgerows and country lane over HS2
5 days ago

1,000-home Wolverhampton city centre scheme in for planning

ECF and council advance City Centre West build to rent scheme
6 days ago

Sisk clinches £54m North London council HQ revamp

Haringey's iconic Grade II listed civic centre to be brought back into use
6 days ago

Ofgem approves £2.5bn Eastern Green Link 1

Work to start next Spring on cable project from Scotland to the north of England
6 days ago

Anglian Water hunts for £1bn delivery partner

Programme delivery partner wil integrate with client team over 15-year plan
6 days ago

Hadden collapse costs supply chain £6.7m

"Highly unlikely" subcontractors will receive anything for their unpaid invoices
6 days ago

Contractor services