29.08.2016

Speedy situation takes a turn

The effort to remove John Åstrand the executive chairman of UK rental company Speedy has taken another twist.

The corporate governance advisor ISS, which works with institutional investors has recommended that shareholders vote against the efforts by Toscafund to remove Astrand, but go along with its proposal to appoint David Shearer, the former chairman of Mouchel, to the board, but not as chairman.

In a statement it said: “While some of Mr Astrand's actions are questionable in terms of governance, there is not a compelling argument at this stage for his removal from the board. On the other hand, Mr Shearer's appointment would reinforce a board at a very challenging time for the company.”
See More pressure on Speedy Chairman
Sharholders will vote on the Toscafund proposal next week.