Kingscourt, Ireland — Polyurethane insulated panel producer Kingspan is coming under pressure from proxy advisory firm Glass Lewis to appoint a qualified "independent-on-appointment non-executive director to the role of company chairman."
According to the Irish Independent, a newspaper, Glass Lewis said "six of the 11 directors, including the chair of the board, continue to be either affiliated with the company or insiders."
The consultants said it believes that "this raises concerns about the objectivity and independence of the board and its ability to perform its proper oversight role."
Separately, another proxy firm, ISS, has suggested that investors should vote against a resolution at the upcoming AGM to approve a 10-year incentive scheme. Pay packages for Kingspan executive directors were rejected by almost one-third of shareholders at last year's AGM, according to the Irish Independent.
