EasyJet claims shareholders back battle with Sir Stelios
EasyJet looks confident of crushing founder Sir Stelios Haji-Ioannou’s latest attempt to oust chairman Sir Mike Rake after two proxy advisory firms recommended shareholders vote against the resolution.
The airline’s board of directors, which is backing Sir Mike, welcomed the recommendations by ISS and Glass Lewis, which together advise the majority of easyJet’s institutional shareholders.
Sir Stelios, whose family owns 37% of easyJet, has made several attempts to get rid of Sir Mike, the latest following the interest rate-rigging scandal at Barclays Bank where the latter is deputy chairman.
Sir Mike was tipped to take over the bank following the resignation of Bob Diamond, leading to claims by Sir Stelios that he was spreading himself too thinly, but Sir Mike has since ruled himself out of the top bank job.
According to the airline, Glass Lewis said in its report: "..we question whether removing chairman Rake from the board is necessary or appropriate …..[it] would be an unnecessary and unwarranted disruption that would ultimately prove detrimental to the Company."
Many institutional investors use third-party proxy advisory firms, which offer vote recommendations on proposed corporate directors, as well as management and shareholder proposals.
Proxy advisory firms wield significant influence in shareholder elections, as their clients – primarily mutual funds and pension plans – have large stock holdings compared to other investors.
EasyJet said seven of the airline’s largest shareholders, who between them account for 26.5% of the company’s shares, had already written to the board to announce their intention to vote against Sir Stelio’s resolution, published on July 18.
A vote will be held at an EGM on August 13.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
France prepares for a massive strike across all transports on September 18
Turkish tourism stalls due to soaring prices for accommodation and food
CCS Insight: eSIMs ready to take the travel world by storm
Germany new European Entry/Exit System limited to a single airport on October 12, 2025
Airlines suspend Madagascar services following unrest and army revolt