Adviser urges vote versus woman Playtech chair in gender range protest | Company News

The feminine performing chair of Playtech, the London-outlined gambling computer software developer, is going through a protest vote at its AGM up coming week more than the amount of women in its boardroom.

Sky Information has learnt that Glass Lewis, a important proxy adviser, has urged shareholders to oppose the re-election of Claire Milne to its board since it has unsuccessful to comply with the advice of a governing administration-commissioned overview that at the very least a third of directors really should be ladies.

Glass Lewis’s suggestion presents Playtech with the prospect of just one of its two woman directors getting ousted – a move that would itself maximize the board’s gender imbalance.

Ms Milne is to phase down as interim chair next month, when she will be replaced by Brian Mattingley, an expert gambling marketplace government.

In a letter to shareholders very last 7 days which has been viewed by Sky Information, the organization explained that Mr Mattingley would lead “a comprehensive review of governance buildings all through Playtech to assure that the range of the stakeholders that we serve is reflected in the composition and composition of board, board committees, govt administration and broader workforce at Playtech”.

City insiders claimed, however, that Mr Mattingley’s appointment was also drawing opposition from a number of investors for the reason that of his prior part at Football Index, the gambling undertaking which collapsed earlier this yr.

A source shut to a person shareholder stated they were being preparing to elevate thoughts at next week’s AGM about the $200m valuation at which Playtech had agreed to provide Finalto, its money subsidiary.

The FTSE-250 business is also going through a protest vote over boardroom pay out, which turned a flashpoint final calendar year when its remuneration report was voted down by furious shareholders.

The Investment Association’s influential IVIS voting provider has ‘red-topped’ Playtech ahead of future week’s once-a-year normal assembly, according to individuals who have seen its report.

IVIS’s issues relate to the calculation of bonuses for top rated executives, together with the CEO Mor Weizer, who was awarded £534,000 very last year.

Town sources explained IVIS had flagged to fund professionals that Playtech’s board had handed out bonuses centered on the firm attaining “strategic aims” rather than hitting economical targets.

A person human being near to Playtech stated the company had diminished foundation fork out and pension contributions for executives throughout the year, and that Mr Weizer had received just 24% of his most prospective reward.

Though other voting advisers this sort of as ISS and Glass Lewis have recommended voting in favour of Playtech’s fork out resolutions, some significant shareholders are possible to oppose them.

It would be the latest revolt to hit a blue-chip Uk corporation in 2021 as investors strike again at boards more than the way they have paid out bosses through the pandemic.

A spokesperson for Playtech mentioned: “Adhering to intensive shareholder engagement on remuneration and having into account comments from shareholder and company governance advisory bodies, Playtech has established out a comprehensive established of proposed variations to the remuneration coverage to ensure that it aligns much a lot more intently with the anticipations and pursuits of shareholders.”