Ryanair investors have called on the budget airline to replace chairman David Bonderman, and to set out succession plans for chief executive Michael O’Leary.
Shareholders are planning to file a resolution at the company’s next AGM to oppose the re-election of Mr Bonderman, and will also file a resolution demanding that the strategy for recruiting Mr O’Leary’s successor be laid out.
The Local Authority Pension Fund Forum (LAPFF), a British investment group which represents funds that own a combined 1 per cent of Ryanair, has said it will lobby other shareholders to secure the 3 per cent of shares required to file the resolutions at the AGM next September.
“On the day of Ryanair’s first-half results Mr O’Leary said Mr Bonderman intends to remain in place for one or two more years and that the company would set out succession plans for Mr O’Leary in the next two or three years,” the LAPFF said in a statement.
“Shareholders have made it clear they expect action quicker than this.”
Mr Bonderman has been Ryanair’s chair for almost 22 years, despite the UK’s corporate governance code stating that a chair should not serve for longer than nine years.
He previously served as a director on the Uber board, but was forced to step down in 2017 after being accused of making a sexist remark at a meeting to discuss how the group can transform its culture amid a probe into harassment and discrimination.
The LAPFF said it believed that recent industrial disputes and issues with staff could have been handled better if the board were more independent.
Disruption due to numerous strikes over the summer led to a 7 per cent drop in profits in the first half of the year.
A spokesperson for Ryanair said: "Ryanair shareholders recently passed all AGM resolutions by a large majority, including the nomination of directors and chairman.
"They appreciate how fortunate we are to have an outstanding chairman like David Bonderman guide the board and the airline."
