Arsenal Supporters' Trust wants Sir Chips Keswick to be removed and owner Stan Kroenke to answer their concerns
Thursday's AGM will see fans voice their genuine concern over 'significant corporate governance failings' under Kroenke's ownership
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Arsenal fans have voted against the reappointment of chairman Sir Chips Keswick and non-executive director Josh Kroenke, and called for majority shareholder Stan Kroenke to attend Thursday’s annual general meeting to explain his vision for the club over its “governance failings”.
A letter was sent by the Arsenal Supporters’ Trust last Thursday to Kroenke calling for him to meet the fans after failing to do so since he completed a partial takeover of the club in 2011, despite promising to do so regularly.
Supporters have grown increasingly angry with Kroenke’s ownership of the club, which has coincided with a fall from being regular Premier League title challengers to a side that, last season, finished outside of the top four for the first time in 20 years and now faces serious questions about the direction it is heading in.
The letter, sent in advance of Thursday night’s AGM, read: “You made the following commitment in the formal Takeover document: ‘Mr Kroenke has made it a priority to meet with supporters and fan groups in formal and informal settings. He recognises that fans are at the heart of the club. Their opinions and involvement are important to him. Mr Kroenke fully expects himself, the Arsenal directors and club executives to continue to engage with supporters for the long-term good of the club.’
“Sadly, it is a commitment that has not been effectively fulfilled even once. Addressing shareholders at the meeting, many of whom are custodian supporters, would be a positive step. Should you decide to not address the meeting, then we would request as a priority a meeting after the AGM where you can convey your current approach and priorities for the club.”
Another figure at Arsenal who has faced criticism in the past is chief executive Ivan Gazidis, who is likely to be questioned on Thursday about a £919,000 bonus that he received despite the failure to qualify for the Champions League – partly due to the club winning the FA Cup.
But the letter instead focuses on club chairman Keswick as well as Kroenke’s own son, who was elected to the board upon the 2011 takeover. The AST have called for members to oppose the re-election of the pair to the board, although the motion is likely to fail due to the fact that Stan Kroenke holds a 67 per cent stake and is set to back both of them.
Instead, the AST has called on those present on Thursday to express their concern over the “significant corporate governance failings”.
“We will vote against the resolutions at the AGM to re-appoint Sir Chips Keswick and Josh Kroenke to the board of directors. The AST urges all of its members who are individual shareholders, and other shareholders, to do the same,” the letter continued.
“The reason for this course of action is to demonstrate dissatisfaction at the current ownership and governance arrangements at Arsenal.
“In particular we feel that the present directors are not acting with sufficient independence, or representing the interests of the small shareholders, or the future custodianship of the club.
“In 2013, the AST commissioned an independent review of corporate governance at Arsenal. This report, and the failings it identified, have been well-publicised.
“In particular it identified an ageing board lacking in diversity without the breadth of skills required to run a modern professional football club. All of the non-executive directors have been in office for far too long and are not regarded as independent under the corporate governance code. There is therefore no independence from the controlling shareholder, no one free of conflict of interest, and not enough diversity on the board or people with relevant professional skills, such as football expertise.
“Our action and vote is a statement that we believe significant corporate governance change is needed. Whatever the outcome of tomorrow’s AGM we call upon the directors at Arsenal to address these significant corporate governance failings.”
Both Wenger and Gazidis will be in attendance at the AGM, while Kroenke has usually spoken to express his support for the manager – though he has not previously answered questions on his vision for the club. The questions that will be asked are also pre-approved by the club, with up to 150 shareholders expected to attend.
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