Friday, 16 November 2018

UK public pension group to oppose Ryanair at AGM

LONDON: Ryanair faced growing criticism from unions and investors on Friday about how it has handled an industrial relations revolt ahead of its annual shareholder meeting next week when its veteran chairman’s position will be challenged.

Britain’s Local Authority Pension Fund Forum (LAPFF) recommended members vote against Ryanair’s financial report at the Sept. 20 meeting and also oppose the re-election of Chairman David Bonderman.

The group, whose members schemes run around 230 billion pounds ($300 billion) on behalf of teachers, cleaning staff and other public workers, said its recommendations reflected “significant concerns” about Ryanair’s treatment of workers.

Ryanair has struggled with labour relations in recent months and endured its worst one-day strike last month, disrupting the plans of an estimated 55,000 travellers. Another one-day strike by cabin crew is planned across five countries on Sept. 28.

“Ryanair has failed to adequately address concerns about the company’s troubled relationship with its employees and the potential impact on its business,” LAPFF Chair Ian Greenwood said in a statement.

“The company faces more strikes and allegations of poor working conditions continue to emerge. Questions about the company’s business model and governance now pose a threat to shareholder value.”

Ryanair praised Bonderman in a statement as an “outstanding” chairman and predicted that “shareholders will pass all AGM resolutions by a large majority this year.”

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