Wetherspoons appoints chief of staff to the board

JD Wetherspoon has appointed four employees as directors to add “pub experience” to its board after a series of controversies with investors over the company’s compliance with its corporate governance code. UK.

The pub group, which marked full-year results in October that it wanted to add a “worker director” at the board level, said on Monday it had received more than 100 applications and had appointed two employees to the position of full director as well as two “Associate Directors” from its tavern managers.

Appointing staff to the board is a rare move for UK-listed companies, but Wetherspoons chairman and founder Tim Martin said “a successful pub company depends largely on gradual improvements, based on suggestions from employees” and new directors “will extend this approach to board meetings and will help preserve the company’s culture for the future.” “.

Martin opposed the short-termism of the UK’s corporate governance code, as amended in 2018, on several times.

Martin released a statement last month attacking two of Wetherspoons’ institutional shareholders, Fidelity Investments and Fidelity International after they voted against two of the liquor company’s non-executive directors. He said the two asset managers had adopted “an aggressive approach to corporate governance and failed to adhere to the rules they required of investees”.

Martin has served on the board of Wetherspoons since it was founded in 1979. The UK’s Corporate Governance Code recommends that board members not exceed nine years.

He also famously criticized the new rounds of Covid-19 restrictions, which the UK government is arguing due to the rapid spread of the Omicron variant.

As a result of the government’s so-called Plan B measures, hospitality business leaders said their companies were in de facto lockdown, while trade body UKHospitality estimated that the sector The company has lost £4 billion in revenue since the restrictions were introduced earlier. this month.

Wetherspoons operates approximately 860 locations and has more than 40,000 employees. It warned that tighten restrictions could lead to the company’s first half business results falling into a loss in March.

Four worker directors, two men and two women, assumed their roles from Monday for three-year terms.

https://www.ft.com/content/1855625e-0d6c-4d37-ae49-33bdaf8ef713 Wetherspoons appoints chief of staff to the board

Ian Walker

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