Glass Lewis, an influential investor advisory firm, is urging Kingspan shareholders to vote against the re-election of chairman Jost Massenberg due to concerns about a lack of clear board oversight of environmental, social, and governance (ESG) issues. This comes after Kingspan confirmed its involvement in a £150 million out-of-court settlement related to the Grenfell Tower fire.
Kingspan insulation being installed. Kingspan confirmed in early February its involvement in a £150 million out-of-court settlement with the UK government related to the Grenfell Tower fire.
“We note that such disclosure is common among the company’s peers and, in light of the recent ESG controversies involving the company, we find the relative paucity of disclosure particularly concerning,” Glass Lewis said in a report in advance of Kingspan’s annual general meeting on April 28th. The Cavan-based group’s K15 insulation board was used on about 5 per cent of the insulation layer of external cladding of the block, unknown to the company.
Kingspan Insulation Shareholder Chairman Investor Advisory Firm Vote Re-Election Board Oversight ESG Issues Grenfell Tower Fire
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