THG backs director after shareholder revolt

THG has defended a non-executive director after his re-election was opposed by a significant number of shareholders at its annual general meeting last summer. 

Iain McDonald will remain in his position on the board following a review in response to the investors' rebellion in June.

McDonald stepped down from the group’s remuneration committee on the morning of the AGM, with around 24% of shareholders then voting against his re-election as a director.

Following a review, THG said McDonald was a "valuable member of the board" and should remain as a director.

It said: "Whilst the board was disappointed with the outcome of this vote, it takes seriously its responsibilities to represent the interests of shareholders and to uphold the highest standards of corporate governance and, as stated at the time, is open to constructive dialogue with shareholders and shareholder bodies.

"Iain is regarded as a valuable member of the board and, possessing extensive financial and remuneration expertise and investment acumen, brings a wealth of experience to its overall skill sets and knowledge base."

McDonald, who first joined THG in 2010, also serves as a Non Executive Director at Boohoo Group and is the Founder of e-commerce investment company Belerion Capital Group.