Arsenal shareholders send message to club’s board with protest votes at AGM

Arsenal shareholders used the club’s annual general meeting on Thursday to voice their displeasure at the current board. In a rare move to show their unhappiness with the set-up, shareholders voted down two resolutions to re-elect the club’s chairman, Sir Chips Keswick, and director Josh Kroenke.
Shareholders voted against the resolutions despite being told that Stan Kroenke, the majority shareholder, had already voted by proxy in favour of retaining the pair – with his 67% holding swaying the vote.
At least 200 shareholders turned up at the Emirates Stadium to hear from Keswick, the chief executive Ivan Gazidis and the manager, Arsène Wenger. Many of them were left standing at the start of the AGM as not enough chairs were provided. The majority of those in attendance voted against the re-election of Keswick and Kroenke’s son, Josh, to the board.
Poll votes took place in the room but were defeated as both Kroenke and Alisher Usmanov – who owns more than 30% of the club and attempted to buy out Kroenke in May – voted in favour of the pair being re-elected.
Arsène Wenger commented on the voting and the difficulty he faces with supporters. He said: “I dedicate 99% of my lifetime trying to make you happy. Looking at today, that is not easy. My determination is as strong as ever.”
Earlier, Keswick defended a £2.6m payout to Gazidis, with shareholders questioning why his payment remained the same despite a poor season on the pitch. “Ivan is doing a fantastic and first-class job leading the development of this club across every aspect of its operations,” the 77-year-old said.
“I would also add that it is important the remuneration of all the club’s management remains competitive in order to attract and retain talent. In this regard, our CEO’s pay is comparable to clubs of a similar stature.”
The Arsenal Supporters’ Trust had issued a letter on the eve of the meeting urging shareholders to vote against the re-elections. There have been protests against Kroenke’s ownership, including chants at recent games, as fans turn their angst away from Wenger and focus more towards the board.
Kroenke has said he is “committed long-term” at the club, in an interview published on Wednesday.
“Just go look at our history,” Kroenke told the Daily Telegraph and Daily Mirror. “We get into these things to try to grow them. You don’t see us selling things. You just don’t. We are committed long-term.”
Wenger signed a new contract until 2019, putting to bed speculation about his future, and the Frenchman has Kroenke’s full backing. “An easy answer is to do something,” said Kroenke. “It’s harder not to do something. We just think that Arsène is doing a great job and he’s the right guy.”

SOURCE : GUARDIAN SPORTS
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