Ryanair investors are ramping up the pressure to call the chairman, David Bonderman, to stand down after over 20 years.
At the next AGM, the Local Authority Pension Fund Forum (LAPFF) will also call on the airline to find a successor for chief executive Michael O’Leary.
“On the day of Ryanair’s first-half results Mr O’Leary said Mr Bonderman intends to remain in place for one or two more years and that the company would set out succession plans for Mr O’Leary in the next two or three years,” said the LAPFF said in a statement.
“Shareholders have made it clear they expect action quicker than this.”
The LAPFF is an investment group that represents funds that own a combined 1% of Ryanair.
Under the current law in Ireland, investors holding 3% of shares can introduce a resolution. The LAPFF is seeking the support of other large investors.
At the last AGM in September, almost 30% of shareholders voted against Bonderman’s reappointment so the LAPFF will not struggle to find the backing of 3% of investors.
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.”
The budget airline has had a turbulent year after staff from Belgium, Spain, Portugal and the UK carried out a series of strikes in disputes over contract terms.
Ryanair cancelled 190 of its 2,400 scheduled flights on a Friday in September, affecting 30,000 passengers.
The airline said it “sincerely regrets these unnecessary customer disruptions”.
The airline was in the media this past week after a man allegedly racially abused a fellow passenger.
Shares in the group (LON: RYA) have slipped 0.83% (1116GMT).
