Lack Of Gender Diversity On The Board

Glass Lewis, a major global investor advisory firm, has advised the company's shareholders to consider electing a new chairman of Playtech's board of directors. According to Glass Lewis representatives, Claire Milne allowed a situation when there was insufficient gender diversity on the board. The current composition of the company's board of directors consists of 7 people, including Anna Massion, a non-executive director, who is the only woman besides Milne. However, the recommended minimum male to female ratio is 3:1. If Claire Milne is not re-elected at the AGM this May, Playtech will find themselves in an even more difficult position as the number of women on the company's board of directors may decline even further.

Playtech was on the verge of a shareholder mutiny earlier. In particular, some FTSE250 investors expressed their dissatisfaction with failures in making strategic decisions and unwillingness to elect a permanent chairman of the board of directors. Some investors have openly expressed their displeasure with the election of Claire Milne as interim chairman of the board of directors of Playtech. Serious contradictions in the relationship between the board of directors and shareholders arose in 2019 when Claire Milne made a controversial decision to raise salaries and pension contributions to Mor Weizer, CEO of Playtech. The company's shareholders were frustrated by Platech's declining performance in large markets and by unreasonable decisions to covertly raise salaries for executives.

Given previous controversies and Claire Milne's clear desire to hold on to office for as long as possible, Playtech shareholders are looking for every possible way to prevent Claire from being re-elected again. While the government-initiated target of 33% female representation is voluntary, it is likely to be a compelling reason for Playtech shareholders to vote against Milne's re-election as chairman at the AGM in the coming days.