Banknote printer De La Rue braces for potential backlash against chairman
Banknote printer De La Rue is bracing for potential backlash against its chairman, Clive Whiley, at the upcoming annual meeting.
Whiley, a City veteran, was appointed in May.
However, leading advisory group Institutional Shareholder Services (ISS) expressed concern in a report that his numerous other commitments could impede his ability to devote sufficient time to his role at De La Rue.
Taking a hit: De La Rue is going through a tricky period after issuing a profit warning in April
Whiley, 63, also serves as chairman of Mothercare and senior independent director at Sportech and Griffin Mining.
ISS specifically raised concerns about Whiley’s consultancy agreement with Griffin, which requires him to allocate 25% of his time to the company.
De La Rue is facing challenges after issuing a profit warning in April due to a decrease in cash usage.
The company, a major supplier to central banks worldwide, declined to comment.
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