Tory donor Lord Cruddas is facing a revolt at CMC Markets after a shareholder adviser urged investors to sack its chairman amid a row over diversity.
ISS has called for James Richards to be ousted at the stock trading firm’s annual general meeting on Thursday over a failure to ensure there were enough women on its board of directors.
Clare Salmon, one of CMC’s non-executive directors, is due to step down at the meeting meaning female representation on the board will drop to only 25 per cent.
Under fire: Tory donor Lord Cruddas is facing a revolt at CMC Markets
This is below the 33 per cent target set for FTSE 350 firms by the Hampton-Alexander review, which suggested gender diversity be seen as a key corporate governance issue.
ISS said Richards, as chairman of the company’s nomination committee, had a responsibility to ensure the board ‘promotes gender diversity in line with emerging good practice’, the Sunday Telegraph reported.
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