Ryanair shareholders want chairman out

MAJOR Ryanair shareholders have called for the chairman to replaced after a year of strikes and falling profits.

As well as recommending the end of David Bonderman’s 22-year tenure, the Local Authority Pension Fund Forum wants the carrier to start developing a succession plan for chief executive Michael O’Leary.

At Ryanair’s last AGM in Dublin in September, almost 30% of shareholders opposed the reappointment of Mr Bonderman – and pressure is mounting. The LAPFF, which claims recent industrial disputes involving airline management and disgruntled staff have highlighted the need for reform, intends to file resolutions at the company’s next AGM urging leadership changes.

The forum represents pension funds of UK local authorities and has combined assets worth more than £230billion (€260bilion). It holds around 1% of Ryanair’s shares.

To file a shareholder resolution at an AGM, the backing of 3% of the shares is required. The LAPFF has said it intends to talk with other shareholders to secure support for the resolutions. Its chairman, Ian Greenwood, wrote to Ryanair earlier this month informing him of the forum’s intention to file the resolutions about leadership changes at Ryanair’s next AGM, scheduled for September 19 next year.

A spokesman for Ryanair said: ‘Shareholders recently passed all AGM resolutions by a large majority, including the nomination of directors and chairman. They appreciate how fortunate we are to have an outstanding chairman like David Bonderman.’