Political Donations Stir U.K. Shareholder Revolt at NEX Group
- Shareholder group ISS says investors should veto new donations
- CEO Spencer has been prominent donor to Conservative Party
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Michael Spencer’s NEX Group Plc, the electronic trading and financial technology company formerly known as ICAP Plc, is facing the prospect of an investor rebellion at its shareholder meeting next week after asking for authority to make 100,000 pounds ($129,300) in political donations.
The NEX board approved donations of 5,000 pounds each for five candidates in last month’s U.K. general election who ran against Liberal Democrat opponents backing the pro-European ‘Remain’ campaign, according to a notice of the company’s 2017 annual general meeting. Board members also want the authority to make further political donations of 100,000 pounds in the period up to next year’s annual general meeting, the document said.