TanyaT
13th May 2004, 17:07
United Board Seeks New Blood, But Not Coolmore Or Su
United is appointing a team of headhunters to seek out new blood for the Old Trafford board. But the Irish millionaires John Magnier and J.P. McManus, who own almost 29 per cent of the PLC, may be thwarted in this process from any attempt to appoint their men as United directors.
The United chief executive David Gill has confirmed to Shareholders United that the board hopes shortly to appoint one new independent non-executive director. This, he says, would be in line with the City’s new combined code of practice (yet to come in force) which requires that “at least half” of a PLC board, excluding the chairman “should comprise non-executive directors determined by the board to be independent”. The United board currently comprises seven people including the chairman Sir Roy Gardner, and Gill says they consider Gardner and two others to be ‘independent’ as defined by the proposed City code. These other two non-executive independents are thought to be Philip Yea and Ian Much who both joined the board with Gardner in December 2000 after a similar search by outside consultants. Gill reveals the board “is considering making an appointment of an independent non-executive”, but it seems, in fact that United would need to appoint two new ‘independents’ for the independents to form the majority required by the new City guidelines.
In a letter to the outgoing SU chairman Jonathan Michie, David Gill revealed that Shareholders United was the only shareholder to have sought board representation. This seems to contradict recent speculation in the media that the Irish millionaires Magnier and McManus are seeking a place or places on the board. Gill also emphasised that under the City code the new shareholder should not “represent a significant shareholder”. This would seem to rule out representation for SU, but also for the two Irish millionaires. The “external consultants”, Gill says, will be asked to “identify suitable experienced people to fill any vacancies”.
United is appointing a team of headhunters to seek out new blood for the Old Trafford board. But the Irish millionaires John Magnier and J.P. McManus, who own almost 29 per cent of the PLC, may be thwarted in this process from any attempt to appoint their men as United directors.
The United chief executive David Gill has confirmed to Shareholders United that the board hopes shortly to appoint one new independent non-executive director. This, he says, would be in line with the City’s new combined code of practice (yet to come in force) which requires that “at least half” of a PLC board, excluding the chairman “should comprise non-executive directors determined by the board to be independent”. The United board currently comprises seven people including the chairman Sir Roy Gardner, and Gill says they consider Gardner and two others to be ‘independent’ as defined by the proposed City code. These other two non-executive independents are thought to be Philip Yea and Ian Much who both joined the board with Gardner in December 2000 after a similar search by outside consultants. Gill reveals the board “is considering making an appointment of an independent non-executive”, but it seems, in fact that United would need to appoint two new ‘independents’ for the independents to form the majority required by the new City guidelines.
In a letter to the outgoing SU chairman Jonathan Michie, David Gill revealed that Shareholders United was the only shareholder to have sought board representation. This seems to contradict recent speculation in the media that the Irish millionaires Magnier and McManus are seeking a place or places on the board. Gill also emphasised that under the City code the new shareholder should not “represent a significant shareholder”. This would seem to rule out representation for SU, but also for the two Irish millionaires. The “external consultants”, Gill says, will be asked to “identify suitable experienced people to fill any vacancies”.