Ticket printer De La Rue braces for backlash against his boss
Ticket printer De La Rue could face a backlash against Chairman Clive Whiley at its annual meeting next week.
The company named the city veteran in May.
But top advisory group Institutional Shareholder Services said in a report that he already has several other commitments and that these “could compromise his ability to dedicate sufficient time to his role” at De La Rue.
Taking a hit: De La Rue is going through a rough patch after issuing a profit warning in April
Whiley, 63, is also chairman of Mothercare and a senior independent director at Sportech and Griffin Mining.
ISS expressed particular concern about a consulting agreement it has with Griffin, which requires him to dedicate 25 percent of his time to the company.
De La Rue is going through a difficult period after issuing a profit advisory in April, when he said the business was being hit by people using less and less cash.
The firm, which counts many of the world’s major central banks among its clients, declined to comment.