Two Foxtons directors to stand down

Two Foxtons directors have vowed to stand down from the agent’s board following opposition to their re-election at the company’s annual general meeting (AGM) earlier this year.

Shareholders were asked to vote on the re-election of Alan Giles and Sheena Mackay as directors at the Foxtons AGM last year and while both were approved, around 43% of votes were cast against each of the individuals.

Additionally, 27.56% of votes were cast against the re-election of Rosie Shapland.

Foxtons said in a stock market update today that it has engaged with shareholders to “better understand their views” since the vote.

Since its AGM in June, Foxtons has appointed Guy Gittins as chief executive and Nigel Rich as chairman.

The update said: “Certain of these shareholders were dissatisfied with Foxtons' management and the decisions previously taken by the Board in 2021.

“With a new chair, chief executive and wider management team now complete and in place, Alan Giles and Sheena Mackay have decided they will not stand for re-election at the 2023 AGM. 

“The company is undertaking a process to find successors for the two roles and a further update will be provided in due course.”

Rich added: "I would like to take this opportunity on behalf of the board to thank Alan and Sheena for their significant support and contribution as non-executive directors since I joined the business and wish them well with their new endeavours."