A group with investment interests in Ryanair has called for chairman David Bonderman to stand down.
The Local Authority Pension Fund Forum (LAPFF), which has a 1% share in the airline, has also told the carrier to start planning for a successor to chief executive Michael O’Leary.
LAPFF chair Ian Greenwood has written to Michael Cawley, the chair of Ryanair’s nomination committee, saying it will file the resolution in favour of the changes at the airline’s next annual general meeting in September 2019.
LAPFF will need the support of other investors for the resolution to go ahead. Support is likely in light of the fact that almost 30% of shareholders voted against Bonderman’s reappointment at the last AGM in September.
The letter says: "Ryanair faces a prolonged transition to a more stable employment model and improved industrial relations," adding the firm’s ‘governance has not kept pace’ with changes needed in its operating model.
"We consider that more genuinely independent representation on the board could have ensured that these changes were achieved more smoothly."
Ryanair issued a statement saying: "Ryanair 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 [to] guide the board and the airline."
