Vodafone shareholders protest over chairman

More than 6% of Vodafone shareholders voted against the re-election of the group's chairman on Tuesday, in protest at what they deem to be a poor strategy which has hurt the firm's value.                                           
 

The protesters, representing 6.53% of the telecoms group's shareholders, were led by the Ontario Teachers' Pension Plan (OTPP), which holds 0.4% of the stock and who went public last week with its complaints over the firm's "significant structural and strategic weaknesses".                                           

The OTPP said it would not back the re-election of Vodafone's chairman John Bond and his deputy John Buchanan in protest at the group's "history of poor capital allocation and disastrous M&A".
 

It said it would support the re-election of chief executive Vittorio Colao however, as he has begun improving its operating performance.                                            
 

Earlier at the company's AGM in London, Bond said the board regularly reviewed the company's minority stakes in France, the United States and China, and it was unlikely to expand the firm's geographical footprint further.                                           
 

He also told shareholders that the company was right in not selling its stake in US operator Verizon Wireless, saying Vodafone must negotiate from a strong position.