FirstGroup drives home a significant no vote against CEO

FirstGroup drives home a significant no vote against CEO

On 15 September 2020, FTSE 250 transport company FirstGroup plc held its AGM which saw almost a third of its shareholders vote against the re-election of CEO, Matthew Gregory (resolution 7), with 29.72%, accounting for a significant no vote. Activist shareholder, Coast Capital Management, had been leading a campaign to vote against the re-election of the FirstGroup board after having pressurised the board to sell off its North American units, FirstTransit and FirstStudent. The AGM also saw dissenting votes against the re-election of directors Steve Gunning (19.48%), Martha Poulter (18.59%) and David Robbie (17.50%).

In response to the AGM outcome, the chairman commented: The Board take

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