A quarter of votes recorded at Tuesday’s Countrywide AGM were opposed to director Caleb Kramer being re-elected.
Kramer, who represents Countrywide’s biggest shareholder Oaktree Capital, had come under fire after not attending four out of 14 board meetings.
He said that three had been called at short notice, and he had been unable to attend. He had missed only one of the scheduled board meetings last year.
The voting figures released yesterday showed 371,586,633 votes against his re-election, plus 9,264,568 abstentions, out of a total of 1,455,932,161 votes. Withheld votes do not count, but the votes against represented 25.7% of the total.
It was easily the most controversial voting at the AGM, with most resolutions easily adopted, and Countrywide afterwards noted: “In accordance with the UK Corporate Governance Code, the company will consult with shareholders to understand the reasons behind the result on that resolution and will in due course provide an update on the views received from shareholders.”
Yesterday, shares in Countrywide finished at yet another new low of 6.39p, bringing the market capitalisation down to some £106m. The share price has fallen almost 13% in the last week.