Aug 27, 2019

Sports Direct board faces investor rebellion at AGM

Sports Direct is facing an investor revolt against its board at its annual general meeting in September as the retailer fights to avoid becoming the first major listed UK business to fail to appoint an auditor. The audit firm told regulators in July that it had decided to walk away from the company over concerns about the late disclosure of the tax bill, which Sports Direct claimed came at "The eleventh hour". Its decision has left Sports Direct struggling to appoint a replacement as it admitted that it had not previously persuaded rival accounting firms to tender for its audit contract. Sports Direct has started early discussions with Mazars and MHA Macintyre Hudson, two mid-tier accounting firms, in recent weeks, and also approached the UK government to ask how it might act if it fails to find an auditor. Sports Direct has had several years of revolts at its annual meetings.

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