Vistry “engaging” with shareholders over Greg Fitzgerald combined role concerns

Vistry Group has “actively engaged” with shareholders over concerns about Greg Fitzgerald holding the dual role of ceo and chair, a “departure from the UK Corporate Governance Code”.

In an update today (November 18), the housebuilder said that before and after its AGM, held on May 16, it had discussed “a range of corporate matters” with its shareholders, with the “primary concern” among some being Fitzgerald’s combined role; only 79% of votes at the AGM favoured his re-election.

Vistry said that in combining the ceo and chair roles, it recognised “the importance of maintaining independent oversight in board leadership positions”, while conceding that Fitzgerald’s joint title went against UK corporate governance.

Accordingly, it had, it pointed out, elected Rob Woodward as a director at the AGM, also appointing him senior independent director to “provide additional oversight on governance matters and serve as an alternative point of communication for investors and the other non-executive directors, thereby securing an appropriate division of responsibilities between management and oversight”.

Woodward had, Vistry stated, held calls with shareholders on corporate governance arrangements. The board had also arranged an external board evaluation of the combined ceo/chair role. The results of …