Shareholders urged to vote out Playtech chair over gender imbalance | Girls within the boardroom
The feminine head of playing software program provider Playtech is dealing with a doable backlash from shareholders on the firm’s annual common assembly over the low variety of ladies on its board.
Glass Lewis, one of many world’s largest and most influential investor advisory providers, has advisable that shareholders vote towards Claire Milne’s re-election as chair on the AGM in late Could, citing its considerations over “lack of board gender variety”.
If traders heed the recommendation, Playtech could be left within the awkward place of recording an excellent better gender imbalance on its board.
Playtech’s seven-strong board solely consists of two ladies – Milne and Anna Massion, a non-executive director – leaving the corporate beneath the 33% threshold for female representation, as advisable by the Hampton-Alexander review.
Glass Lewis recommends the re-election of all different Playtech administrators, as first reported by Sky Information, in addition to a vote in favour of the corporate’s remuneration coverage.
Whereas the government-backed 33% goal is voluntary, Glass Lewis reprimanded Playtech, the corporate behind the software program powering hundreds of fixed-odds betting terminals and Solar Bingo, for its failure to observe its friends and enhance its boardroom gender variety.
Milne, who has led Playtech group as its interim chair for the previous yr, is because of step down firstly of June, when she shall be succeeded by gambling trade veteran Brian Mattingley, who joins from on-line betting agency 888.
Following Mattingley’s arrival, the advisory group discovered that girls would solely occupy 1 / 4 of Playtech’s boardroom positions. Girls represented simply 19% of senior administration, whereas 39% of the agency’s staff had been feminine.
Glass Lewis criticised Playtech’s stance on enhancing variety on the firm, saying that it had “did not adequately define any measurable variety targets, as an alternative choosing boilerplate language which supplies little perception into what technique the board is using to boost variety”.
The advisory group added: “The board has not disclosed any dedication to attain the Hampton-Alexander Evaluation targets inside an outlined time-frame regardless of the corporate failing to attain the identical by the 2020 deadline.”
Playtech has beforehand confronted large-scale revolt from shareholders. In 2020, nearly two-thirds (64%) of its traders voted against the 2019 pay and benefits package awarded to the corporate’s chief government, though the end result was not binding.