Winkworth orders independent board review amid legal dispute
The independent review will make recommendations about the composition and running of the estate agency brand's board.
Winkworth has commissioned an independent review of its board amid the ongoing family dispute at the top of the company.
The estate agency brand company had initiated High Court proceedings against current chair and former Chief Executive Simon Agace (main picture left) for breach of confidentiality.
His wife reportedly tried to oust the current board at the company’s AGM in May.
An agreement was reached for talks last month and that Simon would not initiate any board changes for at least a month.
That consent order remains in place “until the dispute is resolved or until further order of the court” and a hearing planned for October 5th has been adjourned as talks continue, Winkworth said in a stock market update this morning.
Board review
The estate agency also revealed that an independent board review will assess the board composition and governance arrangements.
The update says: “As part of the independent board review, the company has received initial recommendations regarding the composition of the board and appropriate corporate governance arrangements.
“Further to these recommendations and as part of the company’s long-term succession planning, the board is considering its composition as a whole including the appropriate balance of independence across the roles of Non-Executive Chair and Non-Executive Directors.
“The company awaits the full findings of the independent board review and will consider these alongside its succession planning.”
The findings are expected to be presented in the coming weeks.
