Wetherspoon boss Tim Martin goes to war on 'box-ticking' shareholders
The founder of JD Wetherspoon has launched an extraordinary attack on one of the pub chain’s biggest shareholders, accusing Fidelity of damaging public companies with a “box-ticking” approach to governance while breaking the rules itself.
Tim Martin lashed out at the investment giant after it opposed the reappointment of two Wetherspoon directors beyond the nine-year limit imposed by the accounting regulator’s Corporate Governance Code.
In an announcement to the stock exchange, the 66-year-old chairman complained that Fidelity’s “rigid approach” to the rule “drives a coach and horses through the ‘comply or explain’ aspect of the Code.
Mr Martin, an outspoken entrepreneur who has previously chafed against City red tape, said: "The corporate governance world needs to get its act together by eschewing a box-ticking approach or it will inevitably continue …
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