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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/sep/07/sports-direct-annual-general-meeting-showdown-mike-ashley-business-live
The article has changed 21 times. There is an RSS feed of changes available.
| Version 5 | Version 6 |
|---|---|
| Sports Direct faces shareholder revolt at AGM – live updates | |
| (35 minutes later) | |
| 11.48am BST | |
| 11:48 | |
| Sports Direct are now taking questions from the floor, and facing a flurry of criticism and accusations. | |
| One shareholder, Anis Anil, also a worker, asks why company "did nothing" after a letter he has seen was sent with various allegations. | |
| #SportsDirect employee addresses Mike Ashley: raises numerous allegations of sexual and racial harassment | |
| Another shareholder asks why Sports Direct hasn’t operated a staff forum, or appraisals. | |
| Keith Hellawell admits that “the system isn’t good enough” and promises to improve it. | |
| 11.45am BST | |
| 11:45 | |
| Why Standard Life lost patience with Sports Direct | |
| Standard Life says it is voting against the board because the turnaround plan announced yesterday simply doesn’t go far enough. | |
| It wants to see ‘strong’ independent directors who can challenge Mike Ashley, as well as help him run the company (which has been “starved” of investment). | |
| Standard Life says independent review of governance required at Sports Direct. Follow-up plan for working practices report doesn't do enough | |
| Standard Life: Ashley should have pivotal role at Sports Direct reflecting his influence but needs support and challenge from strong execs. | |
| Standard Life says there's long-term value in Sports Direct but it has been starved of investment in people, facilities and infrastructure. | |
| Standard Life's Stirling says has tried to talk to Sports Direct as long-term investor to little effect.Yesterday's report was step forward. | |
| 11.38am BST | |
| 11:38 | |
| Chief executive Dave Forsey doesn’t seem to share Mike Ashley’s perkiness. | |
| Dave forsey up&speaks about Improving relations with press & the City in same tone of voice one would use to discuss impending root canal | |
| Forsey admits that Sports Direct needs to engage better with shareholders, and strengthen its corporate communications arm. That’s on top of improving conditions for workers. | |
| 11.35am BST | |
| 11:35 | |
| Standard Life votes against Sports Direct directors | |
| NEWSFLASH: We understand that Standard Life, the second largest shareholder at Sports Direct, has voted against reappointing the company’s non-executive directors. | |
| It has also voted against the pay report, my colleague Sean Farrell reports: | |
| Standard Life, biggest Sports Direct shareholder after Ashley, has voted against all non-execs and remuneration report. | |
| Euan Stirling, Standard Life's governance head, will tell AGM stronger board needed, esp in "crucial role of chairman". | |
| 11.33am BST | |
| 11:33 | |
| Workers will be pleased to hear that a nurse and a welfare officer are (finally) being hired. Back in June, MPs heard that one Sports Direct worker actually went into labour on site, because she was afraid to take time off. | |
| 11.32am BST | |
| 11:32 | |
| Onto the scandalous conditions at Shirebrook. | |
| Hellawell admits that Sports Direct failed its staff -- and singles out the HR operation for particular criticism. | |
| He also confirms that the Six Strikes policy, which penalised staff for offences such as ‘excessive toilet breaks’ and ‘chatting’ has been axed. | |
| "We will stop anything we believe is unfair to our workforce" says Hellawell who admits Sports Direct was failing its workforce | |
| Sportsdirect chair says "it's clear we are failing in many ways in HR. We're going to beef up HR, provide a nurse & welfare officer" | |
| Updated | |
| at 11.32am BST | |
| 11.29am BST | |
| 11:29 | |
| Hellawell says Sports Direct’s directors genuinely want a worker to join them on the board (a move Ashley announced last night) | |
| SportsDirect chair says board fully supports a workers rep on the board "someone who's not afraid 2 stand up 2 a load of suits" @BBCBusiness | |
| He also defends using a company owner by Mike Ashley’s brother, John, to deliver Sports Direct stock overseas -- a deal which one investor said “doesn’t look very good”.... | |
| He says in hindsight it should have disclosed that Ashley's brother was behind Barlin, a logistics company, that supplies services to SD | |
| 11.26am BST | |
| 11:26 | |
| Onto corporate governance issues - always a sticky subject for a company where the found owns 55% of the shares. | |
| Chairman Hellawell says the search for new independent directors is ‘ongoing’.... so no news of fresh heavyweight expertise to help steer the company. | |
| 11.22am BST | |
| 11:22 | |
| It sounds like Keith Hellawell is giving himself a 12 month window to win back the support of Sports Direct’s investors. | |
| He says Sports Direct must become “even more transparent and over-zealous” in the way it reports information (an area where the company has traditionally struggled). | |
| But there’s no update on whether the company will appoint a permanent finance chief - a role which ‘acting’ CFO Matt Pearson has been conducting for more than two years! | |
| Hellawell says board will making decision on role of acting finance boss Matt Pearson 'in due course' | |
| Updated | |
| at 11.25am BST | |
| 11.17am BST | |
| 11:17 | |
| Chairman Keith Hellawell gets the AGM underway. | |
| He says he is committed to working with the parliamentary Business committee to implement Sports Direct’s turnaround plan. | |
| But he would step down next year if shareholders vote against him. | |
| Hellawell says will step down if he doesn't have support of independent shareholders by time of the NEXT agm. | |
| Updated | |
| at 11.19am BST | |
| 11.12am BST | 11.12am BST |
| 11:12 | 11:12 |
| Ho ho ho | Ho ho ho |
| Mike Ashley smiles for cameras before joking to chairman Keith, "I'm off now." Good one... #SportsDirectAGM | Mike Ashley smiles for cameras before joking to chairman Keith, "I'm off now." Good one... #SportsDirectAGM |
| 11.09am BST | 11.09am BST |
| 11:09 | 11:09 |
| Sports Direct AGM begins | Sports Direct AGM begins |
| Here we go.. Ashley and Hellawell take their seats.. pic.twitter.com/2iXmljsxaT | Here we go.. Ashley and Hellawell take their seats.. pic.twitter.com/2iXmljsxaT |
| 11.09am BST | 11.09am BST |
| 11:09 | 11:09 |
| Sports Direct’s founder is in good spirits, apparently, as he arrives for his grilling from shareholders and other critics: | Sports Direct’s founder is in good spirits, apparently, as he arrives for his grilling from shareholders and other critics: |
| Just bumped in Mike Ashley outside the loos.. Seems v perky.. Maybe 200 people here at the agm.. Bit more than the usual 6 | Just bumped in Mike Ashley outside the loos.. Seems v perky.. Maybe 200 people here at the agm.. Bit more than the usual 6 |
| Mike Ashley arrives. pic.twitter.com/rrCsuk1BvZ | Mike Ashley arrives. pic.twitter.com/rrCsuk1BvZ |
| 11.04am BST | 11.04am BST |
| 11:04 | 11:04 |
| Keith Hellawell, Sports Direct’s chairman (despite his offer to quit) will address investors first: | Keith Hellawell, Sports Direct’s chairman (despite his offer to quit) will address investors first: |
| Sports Direct's AGM about to start, hosted by someone who doesn't want to work for the company, but isn't allowed to quit... | Sports Direct's AGM about to start, hosted by someone who doesn't want to work for the company, but isn't allowed to quit... |
| Who will then ask shareholders to vote for him to continue working in a job he doesn't want to do. You're welcome | Who will then ask shareholders to vote for him to continue working in a job he doesn't want to do. You're welcome |
| If you’re just tuning in, here’s our story about how Hellawell tried to resign over the serious problems exposed at Sports Direct - but was told to stay on. | If you’re just tuning in, here’s our story about how Hellawell tried to resign over the serious problems exposed at Sports Direct - but was told to stay on. |
| Updated | Updated |
| at 11.07am BST | at 11.07am BST |
| 10.58am BST | 10.58am BST |
| 10:58 | 10:58 |
| Auditorium is filling up nicely. Everyone very chatty. Coffee and pastries on offer.#sportsdirectagm | Auditorium is filling up nicely. Everyone very chatty. Coffee and pastries on offer.#sportsdirectagm |
| 10.54am BST | 10.54am BST |
| 10:54 | 10:54 |
| Simon Neville of Buzzfeed tweets: | Simon Neville of Buzzfeed tweets: |
| After some wifi fan dangling, I'm now at the Sports Direct AGM. Currently seems to be more press and unions than shareholders... | After some wifi fan dangling, I'm now at the Sports Direct AGM. Currently seems to be more press and unions than shareholders... |
| A low shareholder turnout isn’t too unusual, though. Large City investors will have cast their votes a few weeks ago, so don’t actually have to vote in person. | A low shareholder turnout isn’t too unusual, though. Large City investors will have cast their votes a few weeks ago, so don’t actually have to vote in person. |
| 10.52am BST | 10.52am BST |
| 10:52 | 10:52 |
| While we wait for the AGM to start, here’s some comment from City lawyer Nick Elwell- Sutton of Clyde & Co: | While we wait for the AGM to start, here’s some comment from City lawyer Nick Elwell- Sutton of Clyde & Co: |
| “While Sports Direct’s decision to elect a worker to its board is designed may be a response to the report, the direction of travel is now turning towards worker representation at board level as is already common on the continent. | “While Sports Direct’s decision to elect a worker to its board is designed may be a response to the report, the direction of travel is now turning towards worker representation at board level as is already common on the continent. |
| This can be seen in TFL appointing a union representative to its board and the Prime Minister’s policy statement in July that workers should be present on the boards of big business. Quite how successful this will be remains to be seen.” | This can be seen in TFL appointing a union representative to its board and the Prime Minister’s policy statement in July that workers should be present on the boards of big business. Quite how successful this will be remains to be seen.” |
| True, it does. But the conditions at Sports Direct, which the Guardian exposed last December suggest it must help Mike Ashley turn the situation around. | True, it does. But the conditions at Sports Direct, which the Guardian exposed last December suggest it must help Mike Ashley turn the situation around. |
| Updated | Updated |
| at 10.52am BST | at 10.52am BST |