Topps Tiles has been hit with a backlash from shareholders over several resolutions including the re-election of a director and its remuneration report during its annual general meeting.
The tiles retailer said more than 20% of its shareholders voted against it’s remuneration report and the re-election of its non-executive director Diana Breeze, who has been on the board since February 2021 and is chair of the remuneration committee.
In a statement issued to the London Stock Exchange, Topps Tiles said: “Since the AGM, in accordance with provision 4 of the UK corporate governance code, the board has engaged the relevant shareholders to understand and discuss their views with respect to these resolutions, but no feedback has been received to date.”
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“Whilst the board fully respects and acknowledges that a shareholder may choose to vote against specific resolutions, the board considers all the resolutions proposed at the AGM to be in the best interests of all shareholders.”
The company said its board will continue to engage with shareholders and their representative bodies and would provide a final update during its next annual report.
It is not the first time that Topps has faced a backlash from its shareholders, as in 2022 the major shareholder MS Galleon (MSG) sought to oust chairman Darren Shapland.
The feud was resolved in January 2023, with Shapland surviving the shareholder’s bid to remove him.
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