An activist investor is questioning the working practices of The Works' chairman, Steve Bellamy, who is based in New Zealand, as a dispute escalates over the appointment of a new director. Investment firm Kelso has called for clarity regarding Bellamy's commitment to in-person meetings and his presence in the UK.
The company is urging shareholders to vote against the appointment of Graeme Coulthard, a retired private equity investor who acquired approximately 8% of The Works' shares in 2020. Kelso, which holds a 10% stake in the company and supports Coulthard's proposed directorship, raised concerns about the frequency of in-person board meetings and the chairman's attendance.
The feud centers on Kelso's bid to place Coulthard on the board, a move The Works' management is actively opposing. The investor firm's public questioning of Bellamy's working arrangements, particularly his geographical distance, marks a significant development in the ongoing boardroom conflict.