Two non-executive directors at Foxtons look set to be replaced on the board following strong opposition to their re-election.
Shareholders were asked to vote on the re-election of Alan Giles and Sheena Mackay as directors at the Foxtons AGM on June, and while they were both approved, an uncomfortably high level of votes – around 43% – were cast against them.
It also transpires that more than a quarter – 27% – of the votes were cast against the re-election of Rosie Shapland.
Foxtons has provided a stock market update stating that it has engaged with shareholders to “better understand their views”.
“Certain of these shareholders were dissatisfied with Foxtons’ management and the decisions previously taken by the Board in 2021,” the statement added.
With a new chair, CEO and wider management team now complete and in place, Alan Giles and Sheena Mackay have decided they will not stand for re-election at the 2023 AGM.
The company is undertaking a process to find successors for the two roles and a further update will be provided in due course.
Nigel Rich, chairman of Foxtons, said: “I would like to take this opportunity on behalf of the Board to thank Alan and Sheena for their significant support and contribution as non-executive directors since I joined the business and wish them well with their new endeavours.”