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JD Sports Fashion PLC on Tuesday said shareholders backed all its annual general meeting proposals, though not all went through without a hitch, as a motion to re-elect a non-executive director received sizeable opposition. A proposal to re-elect Non-Executive Director Mahbobeh Sabetnia was rejected by just under 21% of shareholders. Sabetnia has held executive posts at Amazon.com Inc, McDonald’s Corp and HSBC Holdings PLC. ‘While all resolutions were passed, the company notes that a significant number of votes were cast by independent shareholders against resolution 10 relating to the re-election of Mahbobeh Sabetnia as a director of the company. The board takes seriously its responsibilities to represent the interests of shareholders and to uphold the highest standards of corporate governance and it will engage with shareholders over the coming months to understand any ongoing concerns around Mahbobeh Sabetnia’s re-election,’ JD Sports said. Earlier on Tuesday, the athleisure retailer reported a moderation in sales growth in May and softening of trade in North America. It reported overall growth in organic sales at constant exchange rates of around 8% in May, compared to organic sales growth at constant exchange rates of more than 15% in the first three months of the year. JD said the moderation in sales growth during the month reflected tougher comparatives in the year prior as the supply chain normalised and the availability of product improved. It also noted that there had been some softening of trade in North America, which partially offset positive trends in the UK, Europe and the Asia Pacific region. Shares in the firm closed 3.0% lower at 142.24 pence each in London on Tuesday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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