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Shareholders unite in protest against re-election of Rightmove chairman

ONE UTILITY NS

Investors in Rightmove mounted something of a shareholder rebellion when almost 39% voted against the re-election of chairman Scott Forbes.

The re-election of senior independent director Peter Williams was also opposed by 37.3% at the annual general meeting.

A number of shareholders abstained.

The protests were about so called ‘over-boarding’, where highly paid board members have other directorships and shareholders believe they do not give enough time to their own company.

Forbes, who was paid £170,000 by Rightmove last year, is also chairman of global market research giant Ascential, renewable energy business Innaol Group, and US car-selling website Cars.com

In addition, he is a non-executive director of travel firm Travelport Worldwide.

Forbes has been chairman of Rightmove since 2005, and last year sold 100,000 shares for some £4.2m.

In 2007, he sold £7m worth of shares to buy a house in central London.

Williams, former Selfridges CEO, who received £65,000 last year from Rightmove, was appointed to the board in 2014.

He is also chairman of online fashion shop Boohoo, Domino’s Pizza’s Turkish franchise DP Eurasia, German optician Mr Spex, and property developer U and I.

A spokesperson for Rightmove said after the AGM: “The Board has noted that a significant minority of votes were received against the re-election of our chairman, Scott Forbes, and our senior independent director, Peter Williams.

“The board ensures that every director is both highly qualified to deliver for the company, and has sufficient time capacity to meet their commitments to Rightmove plc.

“As part of our ongoing dialogue with shareholders we had been discussing director re-election prior to the vote at the AGM, and will continue to work with shareholders on this matter.”

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Source:: Shareholders unite in protest against re-election of Rightmove chairman