Vodafone’s Bond survives
VODAFONE chairman Sir John Bond survived a shareholder rebellion yesterday that tried to oust him from the telecoms group.
Just 6.5 per cent of shareholders voted against the re-election of him to the board yesterday. A further six per cent also voted against the re-election of deputy chairman John Buchanan.
But more protest votes had been expected against what some said is a poor company strategy that has damaged the firm’s value.
The protesters were led by the Ontario Teachers’ Pension Plan, which holds 0.4 per cent of the stock.
It went public last week with complaints over the firm’s “significant structural and strategic weaknesses” and “disastrous” acquisition record.
Bond said at the company’s AGM that the board was regularly reviewing the firm’s minority stakes in other companies after shareholder complaints.