Tory donor Lord Cruddas faces revolt at CMC Markets after shareholder adviser calls for investors to sack chairman amid diversity row
Tory donor Lord Cruddas is facing a revolt at CMC Markets after a shareholder adviser called on investors to sack the board chairman over a diversity row.
ISS called for James Richards to be suspended at the stock trading firm’s annual general meeting on Thursday for failing to ensure there were enough women on the board.
Claire Salmon, one of CMC’s non-executive directors, is due to step down at the meeting, which means female representation on the board will drop to just 25 per cent.
Under fire: Tory donor Lord Cruddas faces rebellion at CMC Markets
This is below the 33 per cent target set for FTSE 350 firms by the Hampton-Alexander review, which suggested addressing gender diversity as a key corporate governance issue.
ISS said Richards, as chair of the company’s nominations committee, has a responsibility to ensure the board of directors “promotes gender diversity in line with new good practice”, according to the Sunday Telegraph.