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Sports Direct shareholders revolt Sports Direct shareholders revolt
(35 minutes later)
Sports Direct shareholders have delivered a blow to Mike Ashley's sportswear retailer by opposing the re-election of the company's chairman.Sports Direct shareholders have delivered a blow to Mike Ashley's sportswear retailer by opposing the re-election of the company's chairman.
The company earlier heard from angry shareholders at its annual meeting.The company earlier heard from angry shareholders at its annual meeting.
A majority of independent shareholders voted against keeping Keith Hellawell as chairman, despite him having Mr Ashley's backing.A majority of independent shareholders voted against keeping Keith Hellawell as chairman, despite him having Mr Ashley's backing.
Mr Ashley owns 55% of the company, which said it was "disappointed" and will hold another vote.Mr Ashley owns 55% of the company, which said it was "disappointed" and will hold another vote.
Sports Direct executives, including billionaire Mike Ashley, faced calls at the meeting for widespread changes to the way the company is run.Sports Direct executives, including billionaire Mike Ashley, faced calls at the meeting for widespread changes to the way the company is run.
"I take this clear message from our independent shareholders seriously, and I will do my best to address their concerns and earn their confidence over the next year," Mr Hellawell said."I take this clear message from our independent shareholders seriously, and I will do my best to address their concerns and earn their confidence over the next year," Mr Hellawell said.
Excluding Mr Ashley's votes, the re-election of Mr Hellawell was voted down by a margin of 53% to 47%.Excluding Mr Ashley's votes, the re-election of Mr Hellawell was voted down by a margin of 53% to 47%.
'Wad of notes': BBC's Joe Miller reports'Wad of notes': BBC's Joe Miller reports
It was a telling moment in a day that was otherwise an almost perfectly orchestrated piece of corporate theatre.It was a telling moment in a day that was otherwise an almost perfectly orchestrated piece of corporate theatre.
In a bid to prove to assembled reporters that he was all too aware of Sports Direct employees's daily ordeals, billionaire founder Mike Ashley demonstrated a routine search procedure at the company's Shirebrook warehouse.In a bid to prove to assembled reporters that he was all too aware of Sports Direct employees's daily ordeals, billionaire founder Mike Ashley demonstrated a routine search procedure at the company's Shirebrook warehouse.
In his pockets? A huge wad of red £50 notes - almost a perfect caricature of a 1980s business tycoon.In his pockets? A huge wad of red £50 notes - almost a perfect caricature of a 1980s business tycoon.
But the charm offensive on display at this year's annual general meeting was an attempt to recast himself, and Sports Direct, in an age when the negative publicity that accompanies criticism of a firm's labour practices can hammer its bottom line, as well as its reputation.But the charm offensive on display at this year's annual general meeting was an attempt to recast himself, and Sports Direct, in an age when the negative publicity that accompanies criticism of a firm's labour practices can hammer its bottom line, as well as its reputation.
Earlier in the day it was revealed that Mr Hellawell had offered to resign over the weekend, but stayed on after the board, including Mr Ashley, unanimously backed him to continue and assist in further improvements.
The 74-year-old told independent shareholders that he would stay on to make improvements but would leave next year if he did not get their full backing.
Now, another meeting must be called within three to four months from today to vote on Mr Hellawell's position.
Legal and General Investment Management, Sports Direct's 11th largest shareholder, called for Mr Hellawell to step down immediately.
Sacha Sadan, the fund's director of corporate governance, said: "At absolute minimum, we believe the current chairman should step down immediately and an external, independent appointment made to oversee management and protect the interests of all stakeholders - including employees, suppliers, and shareholders."