Another director is leaving the board of directors of JD Sports Fashion, following a statement made at its recent annual shareholders’ meeting that the composition of the board should “address the tenure of certain Board members who have served on the Board for longer than recommended within the Corporate Governance Code.” In line with this statement, Martin Davies, a senior independent non-executive director who has been chairing the group’s Audit Committee, is stepping down. He joined the board in October 2012 and is thus nearing the end of a recommended nine-year tenure period. As previously reported, the annual meeting decided not to re-electe another non-executive director, Andrew Leslie, who has served on the board for 11 years. He was the chairman of JD’s Remuneration Committee – a position that had become rather shaky in view of recent criticism about rather hefty bonuses granted to Peter Cowgill, executive chairman and CEO, in recent years. Finally, the annual meeting resolved that certain bonuses should only be paid to him in the future as shares rather than cash.
