C&C Group vow to increase number of women on board
By Maurice Garvey
BULMERS maker C&C Group has vowed to increase the number of women on board by the end of February 2022 after failing to achieve the minimum international guidelines for gender diversity.
The company has fallen foul of recommendations of the Hampton-Alexander review, which promotes the push for women representation on FTSE 350 boards, and for women to represent at least a third of boards.
Bulmers maker C&C Group
Headquartered in Bulmer House, Crumlin, C&C Group’s 11 board members contains three women, or 27 per cent.
In a report prepared by Glass Lewis, a proxy voting adviser and circulated ahead of C&C’s annual meeting, C&C said the level of female directors fell in April with the appointment of Vineet Bhalla, which has diversified the ethnicity of the board.
Because of the company’s commitment to appoint more women by no later than February, Glass Lewis has recommended against action, but said it would recommend shareholders to escalate their concerns at the 2022 annual meeting.
Earlier this month, C&C Group reported an operating loss of €59.6 million for the year ending February 2021, as a direct result of the impact of Covid-19.
Up to 80 per cent of C&C’s pre Covid net revenue derived from the hospitality sector, which was decimated during the pandemic.
Net revenue of €736.9 million decreased 56.1 per cent versus last year for the drinks maker, whose brands include Bulmers, Tennent’s, Magners, Finches, Tipperary Pure Irish Water, and a portfolio of wine, spirit and craft brands.
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