Embattled Sir Ken Morrison has received a boost of support from an unexpected source.
The chairman of Morrisons has been under fire since his chain was forced to announce a fourth profits warning, and a number of shareholders are calling for him to stand down.
However, Rrev, a leading investor voting advisory service, announced it has changed its mind and is now going to support the re-election of Sir Ken at next week’s annual meeting.
Last week Rrev, which is half owned by the National Association of Pension Funds, recommended shareholders vote against the re-election.
However, following discussions with the retailer, the organisation said it has reversed its decision after Morrisons gave “a number of commitments to improve its corporate governance”.
Rrev said the retailer has committed to the appointment of four extra non-executive directors, two of whom will be named at the AGM.
