DIY

Topps Tiles stands behind chairman despite shareholder revolt

It revealed its board considers all the resolutions proposed and subsequently passed to be in ‘the best interests of all shareholders’

Bathroom and kitchen flooring retailer Topps Tiles has revealed it is set to stick with its chairman Darren Shapland despite seeing a number of its shareholders vote against his re-election at its AGM back in January.

During its AGM at the start of the year, some 22% of its shareholders voted against his re-election. As such, Topps Tiles said it has “engaged” with the relevant shareholder to “understand and discuss their views with respect to the resolution”.

It added that whilst the board “fully respects and acknowledges” that a shareholder may choose to vote against specific resolutions, the board considers all the resolutions proposed and subsequently passed to be in “the best interests of all shareholders”.

It said it opted to stick with Shapland, who was appointed to the board in March 2015, as he “continues to discharge his role as chairman effectively and that his contribution is important to the company’s long-term sustainable success”.

Earlier this year Topps Tiles revealed that its H1 revenues surged 15.5% to £119.2m with LFL sales up 19.7% on a one-year basis.

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