Jul 28, 2019

Sports Direct urged to devote resources to corporate governance

A shareholder has called on Sports Direct to devote more resources to corporate governance and learn from other founder-controlled companies such as JD Wetherspoon after the debacle of its full-year results release on Friday. Rew Hollingworth, founder and portfolio manager at Holland Advisors, said in an open letter to Sports Direct founder and controlling shareholder Mike Ashley that while senior people in areas such as finance "May come at a level of expense you dislike, they are more than bean counters". Sports Direct is run by a famously tight coterie of executives, many of whom have worked with Mr Ashley for years or even decades. "To be a Sports Direct shareholder in 2019 is to be someone who is backing Mike Ashley and taking the longer term view. As such most of your investors today are aligned with you," he said. Sports Direct acknowledged that it had received the letter, but declined to comment further on its contents.

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