THG’s Matthew Moulding has given up his “golden share” rights in the ecommerce company, which granted him the power to veto any takeover, in an effort to ease investor concerns over governance.
The co-founder and chief executive’s decision comes ahead of its annual meeting with shareholders on Wednesday, two years after he first made the promise, as THG seeks a premium listing.
The company, formerly known as The Hut Group, also said non-executive director Iain McDonald would step down from the remuneration committee after shareholder advisers urged investors to vote against his reappointment, warning he was no longer “independent”.
THG, which owns websites Lookfantastic and Myprotein, said it had a “strong” second quarter, and reiterated its underlying profit guidance for the year of up to £50mn.
