CtW Investment Group to Challenge National Express Nomination Committee at Company's 10 May Annual Meeting
By Ctw Investment Group, PRNESunday, May 8, 2011
Says Committee's Non-Independent Majority and Response to Contested Election Require Explanation from Chairman
WASHINGTON, May 9, 2011 - The CtW Investment Group will call on National Express Group, plc
(LON:NEX) to address investor concerns regarding governance failures on the
Board's Nomination Committee at the Company's 10 May AGM.
In a 18 April letter citing the election contest mounted by Elliott
Advisors (UK) Ltd. as evidence of these failures, CtW noted that National
Express' Nomination Committee is not in compliance with the UK Corporate
Governance code regarding Director independence and has been internally
divided, with one Committee member having reportedly backed the dissident
directors proposed by the hedge fund Elliott Advisors (UK) Ltd. The CtW
Investment Group will also raise questions regarding the Committee's process
for selecting new non-executive director candidates to the Board.
The CtW Investment Group's 18 April 2011 letter to the National Express
board is available at: ctwinvestmentgroup.com/.
** Note: For additional information or comment please contact Ed Keyser
at edward.keyser@changetowin.org or at +1-202-721-6063. **
Ed Keyser (U.S.), +1-202-721-6063
Tags: Ctw Investment Group, District of Columbia, May 9, Washington