The Arsenal Supporters’ Trust have urged all shareholders to vote against the resolutions at the Annual General Meeting (AGM) on Thursday to re-appoint Sir Chips Keswick and Josh Kroenke to the Board of Directors.
The group’s ‘no vote’ is a means of demonstrating their dissatisfaction at the current ownership and governance arrangements at the club but in essence, it’s only symbolic as the re-election of the duo is a given.
A statement on the AST website reads: “Arsenal Supporters’ Trust (AST) to vote against resolutions at Arsenal Holdings AGM on Thursday
“The Arsenal Supporters’ Trust will vote against the resolutions at the Annual General Meeting (AGM) on Thursday to re-appoint Sir Chips Keswick and Josh Kroenke to the Board of Directors.
“The AST urges all of its members who are individual shareholders, and other shareholders, to do the same.
“The reason for this course of action is to demonstrate dissatisfaction at the current ownership and governance arrangements at the Arsenal Football Club.
“In particular we feel that the present directors are not acting with sufficient independence, nor representing the interests of the small shareholders, or the future custodianship of the Club.
“In 2013 the Arsenal Supporters’ Trust commissioned an independent review of corporate governance at Arsenal. This report, and the failings it identified, have been well-publicised.
“In particular it identified an ageing board lacking in diversity without the breadth of skills required to run a modern professional football club. All of the non-executive directors have been in office for far too long and are not regarded as independent under the corporate governance code. There is therefore no independence from the controlling shareholder, no one free of conflict of interest, and not enough diversity on the board or people with relevant professional skills, such as football expertise.
“Our action and vote is a statement that we believe significant corporate governance change is needed. Whatever the outcome of Thursday’s AGM we call upon the directors at Arsenal to address these significant corporate governance failings.”
@Stillberto will be at the AGM on our behalf tomorrow, we’ll have his take on events tomorrow evening.