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Liverpool Echo
Liverpool Echo
Sport
Phil Kirkbride

Farhad Moshiri to back shareholder changes as Everton 'strongly reject' criticism

Farhad Moshiri will back Everton's plans to change the way shareholder meetings can take place in the future.

The Blues want the ability to host General Meetings virtually and have written to shareholders asking them to vote on the issue.

But given Moshiri, the club's majority shareholder with more than a 90% stake, has the biggest single vote, a change to the Articles of Association will be passed through.

In writing to shareholders this week, chief executive Denise Barrett-Baxendale confirmed the board's plans will be supported by Moshiri, via Blue Heaven Holdings Limited.

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Last year's General Meeting was held virtually because of the pandemic but Everton want the option to host them in the same way in the future - starting with the next one, which is likely to take place in December or January, once the changes have been ratified.

At the next meeting, the club will talk through the accounts covering the 2020-21 season.

Critics of the club's decision say virtual meetings reduce the ability of shareholders to hold the board of directors to account, in person, but last night the Blues were strongly rejecting any claims they were trying to avoid scrutiny and, instead, said the changes would help open the hierarchy to questions.

In a statement, Everton committed to a live question and answer section during a virtual meeting, said questions submitted in advance will also be answered on the night and confirmed that voting will continue to be done in real-time.

At last year's meeting, the club said every question that was submitted was answered.

The Blues were also at pains to stress that a change to the Articles of Association would not spell the end of in-person General Meetings in the future but, rather, allow the club to hold them virtually, physically or via a hybrid in future years.

But the next General Meeting will be held virtually and when asked why an in-person event was not being planned, Everton cited concerns over Covid as the need to go digital.

The Everton Football Club Shareholders' Association (EFCSA) reacted to Barrett-Baxendale's letter being sent out, by issuing the following statement on Tuesday afternoon: "We had not seen in advance the letter from the CEO that some shareholders have received today.

"We were in dialogue about the format of the 2021 AGM and had stated our preference for a live event at the Philharmonic Hall.

"We have contacted the Club for comment."

Everton say that last year's General Meeting attracted the biggest audience since meetings were brought back in 2013 and believe the ability to host virtual events will allow for more shareholders to 'attend'.

Barrett-Baxendale cited the response from shareholders who were part of last year's digital meeting in her letter, saying the feedback was 'positive' and that many had requested future General Meetings be held virtually.

Everton were unable to provide details on how many shareholders responded to that survey.

The club has around 1,500 minority shareholders who account for a 6.12% stake at Goodison, with Moshiri owning 92.16% and Bill Kenwright 1.72% of shares.

In a subsequent post on social media, the EFCSA added: "The Board answering all questions is key including those that arise during the meeting.

"Answering questions live is a must and the Club have told us they have a robust solution to enable this to happen."

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