Ryanair is set to face a backlash from investors at the annual shareholder meeting on Thursday.
Royal London Asset Management is an investor in the group that has announced plans to vote against the re-election of the airline’s chairman.
As well as the group’s chairman, the RLAM also plans to vote against the senior independent director and the chairman of the audit committee.
Ashley Hamilton Claxton, head of responsible investment at RLAM, said: “We are also concerned with Ryanair’s corporate governance and poor stakeholder management, which could have an impact on the long-term future of the company.”
“We have had long-standing issues with the independence of Ryanair’s board and with the extent to which the board can provide effective challenge to management decisions.”
“While we recognise that Ryanair has taken some steps towards improving the level of independence in its boardroom in the last year, this has not sufficiently mitigated our overall negative view of governance and oversight at the company.”
Shareholder advisory firms Glass Lewis and ISS are also advising investors to vote against the chairman, David Bonderman.
The budget airline has said it is confident that shareholders will back the airline at the meeting on Thursday.
“Ryanair shareholders will pass all AGM resolutions by a large majority this year, including the nomination of directors and chairman, as they have done in all previous years,” said a spokesperson for the group.
“They appreciate how fortunate we are to have an outstanding chairman like David Bonderman guide the board and the airline.”
The airline has faced several strikes over the summer, forcing the group to cancel flights to major holiday destinations including Italy, Portugal and Spain.
The group has agreed to a deal with Irish pilots but yet to agree with pilots based in other destinations.
Shares in Ryanair (LON: RYA) are trading down 1.45 percent at 13,55 (0935GMT).
