A retired activist investor seeking a seat on Redbubble’s board has been endorsed by two proxy firms.
Retired activist investor and disgruntled Redbubble shareholder Michael McConnell has won support from two proxy firms which recommended their clients cast their votes in favour of his election to the company’s board at its annual general meeting on Tuesday.
Mr McConnell also urged shareholders to issue a second strike on pay, after 38.7 per cent voted against Redbubble’s 2022 remuneration report.The board believes Mr McConnell’s approach has been aggressive and counter-productive and chairwoman Anne Ward and chief executive Martin Hosking have recommended shareholders vote against his nomination.
The ISS report stated Mr McConnell’s election was warranted, “when considering 1) the company’s troubled background, 2) limited margin for error in the current turnaround, 3) Mr McConnell’s experience in strategic reviews, and 4) the fact he would be an addition to the board, not replacing current director”.Mr McConnell is based in the US and is the chairman of ASX-listed Adacel Technologies. He sits on the board of local company Quickfee and Nasdaq-listed OneSpan.
Mr McConnell argued the company still hasn’t done enough to turn the business around and wanted revenue to grow 15 to 20 per cent each year.
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