Sports Direct chairman survives shareholder vote

The embattled chairman of British retailer Sports Direct survived a vote to oust him by a slim margin on Wednesday, after he said he would resign if a majority of independent shareholders voted against him for a third time.

Investors have blamed Keith Hellawell for a string of management and governance failures at Sports Direct and accuse him of being unable to control Mike Ashley – the retailer's billionaire founder, chief executive and 61 per cent shareholder.

Investors

Hellawell received the backing of 53.24 per cent of votes cast by the company’s independent investors at its annual general meeting.

The 75-year-old only kept his job last September and at another vote in January thanks to Mr Ashley using his majority shareholding to secure his chairman’s re-election. Mr Ashley was not present at this year’s agm.