BoyBlunder1
25 Aug 2016
Investors step up pressure on Sports Direct board August 25, 2016 7:58 amInvestors step up pressure on Sports Direct boardCommentsSports Direct has come under renewed pressure after some of the word’s biggest investors, controlling assets worth £14.5tn, called for an independent review of the scandal-hit retailer’s corporate governance framework at its annual meeting next month.In a statement published early on Thursday morning, the Investor Forum, which represents asset management groups including BlackRock and Allianz Global Investors, demanded the board take urgent action to begin rebuilding the confidence of shareholders and that of wider stakeholders.It said the independent review should look at corporate governance and board oversight and effectiveness, employment practices, acquisition strategy and supervision of key supplier relationships.Andy Griffiths, executive director at the Investor Forum, said: “It is highly unusual for the Investor Forum to consider it necessary to make public their concerns and recommendations in this way. We do not take this step lightly, but we have not received an appropriate level of commitment to respond to investor concerns.”The company did not immediately respond to a request for comment.It is the first time the investor group has publicly criticised a company over corporate governance failings since it was launched in September 2014.The move highlights the growing frustration of shareholders Sports Direct, which is led by billionaire businessman Mike Ashley, who is executive deputy chairman and owner of a 55 per cent stake in the group.Some investors have warned they are planning to oppose the re-election of chairman Keith Hellawell and other senior directors at the company’s annual meeting on September 7.One top 20 investor said: “The directors are failing in their basic duties. They are not looking after the long-term interests of the company, shareholders or the group’s employees.”Another top 20 investor said: “Directors are supposed to be well informed about the company, independent and ready to stand up for its interests. This is not happening at Sports Direct. Ashley runs it like it is his own plaything.”Legal & General Investment Management, one of the biggest single shareholders of UK-listed companies, has been a fierce critic of Mr Hellawell, having voted against him at the past two annual meetings.Pirc, the investment consultancy, has urged shareholders to block Mr Ashley’s reappointment as executive deputy chairman, citing concerns about his “influence on the board” and questioning whether other directors can “objectively challenge and influence” the company’s decisions.The advisory group also called for the removal of Mr Hellawell, who it said had “failed to show leadership in a critical period for the company”.The latest broadside from the Investor Forum, which was set up after a review of the equity markets by Professor John Kay in July 2012, follows a series of damaging revelations about Sports Direct.On Monday, it was revealed in the Financial Times that Barlin Delivery earns £300,000 annually in profits from a deal to arrange deliveries on behalf of Sports Direct.The company, which is owned by Mr Ashley’s brother, has no vans or drivers and subcontracts its delivery work to couriers such as DHL.In January, it emerged that Mr Ashley had put his daughter’s boyfriend, Michael Murray, a 26-year-old former nightclub promoter, in charge of the sportswear chain’s property portfolio.In March, Mr Ashley prompted a slide in the company’s shares when his remarks to journalists were interpreted as an informal profit warning. That intervention was part of a failed attempt to defuse a row about working practices at his retail empire, which MPs in June denounced as akin to a Victorian workhouse.Some investors say that nothing short of a complete overhaul of the board would now be acceptable, adding that the annual meeting at its headquarters in Shire
BoyBlunder1
24 Aug 2016
Re: Sports Direct Pays Ashley Brother...... Guys and Girls,Don't focus on the smaller issues which have little bearing on the bigger picture. This company has a Mkt Cap of £1.8bn with annual turnover of £2.9bn. Why worry over a 300k supplier? Ever thought they might be doing a good job anyway.Mike's brother set up the i.t. infrastructure of the company and between the 2 of them they have done a pretty spectacular job.Share Price is hammered by Political intervention but the bottom line is this is a great company delivering continually positive results. All I see is a superb entry point.========== =====Dont focus on the smaller issues. really?I would suggest we have seen a number of issues been raised here, including poor treament of staff, paying below the legal minimum wage, paying his brother to do something whichg could well be done in house.and what else is going to come out of the woodwork?Why risk cash ons oemthing no one knows what going to happen. It asnt that long ago it was suggest he was paying people to up the sp to £8.00, well, well, well,I would say focus on all the potential issues.
Deadly Dom
24 Aug 2016
Re: Sports Direct Pays Ashley Brother...... Guys and Girls,Don't focus on the smaller issues which have little bearing on the bigger picture. This company has a Mkt Cap of £1.8bn with annual turnover of £2.9bn. Why worry over a 300k supplier? Ever thought they might be doing a good job anyway.Mike's brother set up the i.t. infrastructure of the company and between the 2 of them they have done a pretty spectacular job.Share Price is hammered by Political intervention but the bottom line is this is a great company delivering continually positive results. All I see is a superb entry point.
Nice to Michu
24 Aug 2016
This ship may well be turning around and while it's a big ship Mike Ashley has previously shown he can effect change quickly here.It's cheap by most traditional financial metrics also.I've had a small placeholder position here for weeks and will now grow it out a bit and if it keeps ticking up a bit more again.
BoyBlunder1
24 Aug 2016
Re: Sports Direct Pays Ashley Brother...... There is no justification of what's happend here on that basis.As understand it, the transaction is between the consumer and Sports Direct, Ashley brother is just getting paid a % / fee for doing something the retailer could do themselves. In fact when shipping goods outside of the EU, you need to ensure copies of invoices are on the outside of the box for customs. So they can charge the approprate import duty to the country of delivery.Dray your own conclusion about what is/was going on.Having said that, I am a big supporter of Mike Ashley, he re writes the business book in the sports industry and for a very big ship, he makes decisions much quiker than many a smaller company and this gives him an edge in the market.I still remain out here, although, when this is all soprted out, the shares could be worth c£4 in mind, but when will they reciover who knows. As Ashley edged his currency? that would give him another edge if he has.
TX2
23 Aug 2016
Re: Sports Direct Pays Ashley Brother...... Retailer supply agreements with some manufacturers frequently forbid them to directly export goods to another territory.It is OK to supply say a German who walks into your shop in UK;but not within your supply agreement to supply the same party when he is in Germany.To get round this some retailers may use a third party based in the retailers country to buy the goods on the overseas buyers behalf who then resells the goods to the overseas buyer.The third party is not subject to supplier agreements.The retailer is selling to a UK based entity and is acting within their supply agreements.In addition the origin UK based retailer is not exposed to any public liability insurance risks,copyright,licence risks etc in the country where the goods end up.
BoyBlunder1
23 Aug 2016
Re: Sports Direct Pays Ashley Brother...... Sorry, didnt realise it was a subscription. Here is another link[link]
Sir Singh
23 Aug 2016
£4 4 weeks
claude reins
23 Aug 2016
Re: Sports Direct Pays Ashley Brother..... Cant read it, What did it say p
BoyBlunder1
22 Aug 2016
Sports Direct Pays Ashley Brother..... [link] wonder what else might be below the surface?
claude reins
16 Aug 2016
Good move First signs of a move by the senior management to respond to criticism. Hopefully will start to take some of the negative PR spotlight away from this company. MA does need to get a grip and build a board of directors and senior management team which will help him take his business aspirations forward but in a more positive way. Not least, he needs to heed any good advice they give him!Would like to give him a Weak Buy but will settle for a Hold at this point in time.
Shotry
15 Aug 2016
Re: We're going through £3.30 this... That's not even an attempt at a rationale SS. It's the arrogance of lun acy. He who knows not that he knows not, is a fool. Shun him.Your off to where timewasters and loo nies go I'm afraid.
Sir Singh
12 Aug 2016
Re: We're going through £3.30 this... Common sense. £3.50 within August.
Shotry
10 Aug 2016
Re: We're going through £3.30 this wee... Didn't mean to tick you up, although the chart looks ok at the moment. What's your rationale SS?
Spain Fund
08 Aug 2016
Re: Why is this on here as not FTSE100? Still showing on here, lazy so and so's 😂
