Easyjet founder Sir Stelios fails to eject chairman
Easyjet fended off an attempt to oust its chairman yesterday in the latest spat between the low-cost airline's founder, Sir Stelios Haji-Ioannou, and its directors.
A resolution to eject Sir Michael Rake, who is also deputy chairman of Barclays, failed to win the support of the majority of shares at a meeting, with 53.3% rejecting the proposal.
However, because Sir Stelios along with members of his family controls 37.5% of the shares and not all shareholders voted, the result means that nearly 96% of the shares not under his control voted in favour of Sir Michael.
The airline's outspoken founder had argued that Sir Michael's role at Barclays would take up too much of his time in the wake of the Libor-rigging scandal which sent shockwaves through the British banking giant. Sir Stelios said: "I hope this sad episode will highlight the need for tougher guidelines on the number of corporate directorships any one person can hold.
"The current practice of collecting them like Boy Scout badges - BT, Barclays, McGraw-Hill and easyJet - needs to end."