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Ryanair investors call for chairman to stand down; "governance has not kept pace” with changes needed in its operating & employment model

Author: The Guardian, Published on: 29 October 2018

"Ryanair investors call for chairman to stand down in 2019", 28 October 2018

Ryanair will come under increased pressure this week to bring in fresh leadership, as investors call for its chairman, David Bonderman, to stand down...

[T]he Local Authority Pension Fund Forum (LAPFF) has told the Irish airline to start planning for a successor to Michael O’Leary...

The LAPFF chair, Ian Greenwood, has written to Michael Cawley, the chair of Ryanair’s nomination committee...

Ryanair issued a statement saying: “Ryanair shareholders recently passed all AGM resolutions by a large majority, including the nomination of directors and chairman. They appreciate how fortunate we are to have an outstanding chairman like David Bonderman [to] guide the board and the airline.” ...

Ryanair last week officially recognised unions in Belgium, Spain, Portugal and the UK in a bid to improve relations with workers.

“Ryanair faces a prolonged transition to a more stable employment model and improved industrial relations,” Greenwood wrote in his letter to Ryanair. He said the firm’s “governance has not kept pace” with changes needed in its operating model.

“We consider that more genuinely independent representation on the board could have ensured that these changes were achieved more smoothly,” he wrote... [also refers to Royal London Asset Management, Aberdeen Standard]

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