Business
Planned Board Succession
Planned Board Succession.
About this update from Mears Group Plc
[{"type":"text","content":"\n \nRNS Number : 9195T Mears Group PLC 06 July 2018 \n\n \n\n\n\n6 July 2018\n\n\n\n\n\n\n \nMears Group PLC\n(\"Mears\" or \"the Company\")\n \nPlanned Board Succession\nMears Group PLC (LSE: MER), the provider of support services to the Housing and Care sectors in the UK, notes, with dissatisfaction, the notice to requisition a general meeting announced yesterday (the \"Requisition\") and provides the following update on its planned Board succession. \nIn recent years the Board of Mears has been evolving steadily, reflecting the development of the Company and its key operating markets and the requirements of good corporate governance. As a result of this, four new Non-Executive Directors have been appointed since June 2017 bringing valuable relevant sector experience and knowledge to the boardroom. Moreover, last month, we became one of the first businesses in the UK to appoint an employee Director to our Board. \nAs part of this process of Board evolution, Mears's Chairman, Bob Holt, has indicated his intention to the Board that he does not wish to stand for re-election at the 2019 Annual General Meeting. \nThe Board believes the recruitment of the new Chairman should be achieved through a considered, properly structured process, conducted in accordance with good governance practice rather than be circumvented by the wishes of any one shareholder. The Board intends to keep shareholders updated on this process as it progresses. \nThe Requisition proposes two resolutions. Firstly, that Bob Holt be removed from the Board of Directors of the Company and, secondly, that an alternative candidate be appointed as Non-Executive Director. The Board believes that its existing Board succession plan already addresses both of these resolutions for the benefit of all Mears shareholders.\nDavid Miles, Chief Executive of Mears Group, commented:\n\"The Requisition is an unnecessary disruption of a planned process of Board evolution which we have been working on continuously, and will continue to do so, in line with the Company's development. An important part of this process is the appointment of a successor to Bob Holt. However, in making this announcement today, I must record that I find this public intrusion both frustrating and insulting, especially given the significant dialogue that I have personally had with a numb...