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September 11, 2019

Sports Direct AGM fails to resolve question of audit

Sports Direct International still has no auditor in place. At the company’s AGM, held 11 September 2019, the resolution to re-appoint Grant Thornton UK as auditors, to hold office until the conclusion of the next AGM was withdrawn without any replacement motion as regards auditor being tabled.

A notable ‘protest’vote against the re-election of founder Mike Ashley as a director saw votes accounting for more than 9% of the company cast against him – a significant percentage of the float since Ashley owns 62% of Sports Direct.

The meeting was told that the company is still seeking to appoint a new auditor and is in talks with the big four firms to take on the task.

In a statement, Sports Direct said: "Mike Ashley was re-elected… with over 90% of the vote and the audited accounts for the year ended 28 April 2019 were also approved by over 99% of shareholders."

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