Investment company Western Selection wants to appoint two directors to the board of aerosol filler Swallowfield.
It wants its own chairman David Marshall and Swedish investor Peter Gyllenhammer to join the board as non-executive directors. Swallowfield claims that it invited Gyllenhammer, who owns 29.1% of the company, to join the board but he turned down the offer – presumably in solidarity with Western Selection which wasn’t offered a board seat. Western Selection owns 8.9% of Swallowfield.
Richard organ is retiring as a director and offering himself for re-election. As part of their plan to gain the two board seats Western Selection and Gyllenhammer say they will vote against Organ’s re-election. However, they will recommend that he is invited to rejoin the board afterwards. They say that they are voting against Organ because of “Swallowfield Board’s rejection of the proposal for Mr Organ to continue to serve as a non-executive director alongside Messrs Gyllenhammer and Marshall”. In the AGM notice Swallowfield urges shareholders to vote for the re-election of Organ.
Swallowfield’s position is that it wants to reduce the number of non-executives on its board and, ideally, would just want two independent non-executives.
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