Manchester United Plc has been criticized by proxy advisory firm Institutional Shareholder Services over weak corporate governance, including limited board independence and the absence of a nominating committee. ISS recommended that investors vote against 10 of the club's 12 directors at its June 10 annual general meeting, with only two directors considered independent. That places the company among the lowest-ranked New York Stock Exchange-listed companies on board independence, below the vast majority of more than 14,000 tracked companies. ISS supported the re-election of Robert Leitão and John Hooks but urged opposition to the remaining non-independent directors, including six members of the Glazer family. Another advisory firm, Glass Lewis, noted the company failed to disclose detailed proxy voting results from its last meeting, calling such disclosure a fundamental shareholder right.
Manchester United LtdISS and Glass Lewis criticize board independence and governance, recommending vote against most directors.
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