Burberry director to retire following shareholder dissent

LONDON - Burberry Group (OTC:BURBY) PLC (LSE:BRBY) announced that Non-Executive Director Antoine de Saint-Affrique will retire from the Board following the Annual General Meeting (AGM) scheduled for July 2025. This decision comes after the company faced significant shareholder opposition over Mr. de Saint-Affrique's re-election due to concerns about his capacity to fulfill his duties given his multiple directorships.

The luxury fashion brand had reported on July 16, 2024, that over 20% of the votes at the 2024 AGM were cast against Resolution 11, which concerned the re-election of Mr. de Saint-Affrique. Shareholders expressed worries that his other commitments might impede his ability to adequately serve Burberry (LON:BRBY). In response, the company engaged in discussions with key shareholders to address these concerns.

Despite the opposition, Burberry's Board has maintained that Mr. de Saint-Affrique has successfully met his responsibilities as a Director, including during particularly demanding periods. The Board has expressed confidence in his ability to effectively manage his time and fulfill his obligations to the company.

The announcement of Mr. de Saint-Affrique's retirement is seen as a resolution to the matter, and the company has stated it will not seek further consultation with shareholders on this topic. Burberry emphasizes its ongoing commitment to shareholder engagement and invites shareholders to discuss any issues with the Chair through the Company Secretary.

The full details of the voting outcome and the company's final update on this matter will be included in the Annual Report and Accounts for the fiscal year 2024/25. This announcement is based on a press release statement and does not serve as an invitation to buy or sell Burberry Group plc shares.

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