Pub boss Tim Martin suffers from city counseling firms that are calling on JD Wetherspoon's shareholders to decline several motions at the AGM
William Turvill, Financial Post on Sunday
Pubs boss Tim Martin was beaten by city consultancies urging shareholders of JD Wetherspoon to reject several motions at the company's annual general meeting this week.
Investor advisor Pirc said Martin should not be re-elected as chairman as he, as founder and 32 percent shareholder, is not "independent" enough for the task.
Glass Lewis is against Wetherspoon's compensation system, according to which its chief financial officer Ben Whitley has received an 11 percent salary increase to 192,000 GBP.
Signed: Investor advisor Pirc said Tim Martin should not be elected Wetherspoon chairman
Both boards have advised investors to vote against non-executive director Sir Richard Beckett, believing that after nine years he has spent sufficient time on the board.
In September, Wetherspoon made a reporting impact on consulting companies in Wetherspoon's report.
He proposed corporate governance guidelines that he says detest senior executives and board members in companies.
He said, "Wetherspoon has a significant competitive advantage in governance, with all our directors, except for one bar, at the time of the last financial crisis … [The] "Institutionalization" of inexperience seems to be wrong. "