Transport group’s shareholders try to put brakes on former Carillion FD’s appointment

Shareholders voiced their disapproval yesterday at the performance of Carillion’s former finance director Richard Adam – not at an AGM in Wolverhampton, but in Aberdeen.

Adam had spent a decade as Carillion’s finance director before leaving at the end of 2016.

Bus and transport operator FirstGroup had appointed Adam as an independent non-executive director in February, but at its AGM his appointment was opposed by 22.7% of the shareholders.

In a statement, FirstGroup noted the opposition but backed Adam.

“The board takes seriously its responsibility to keep in touch with shareholder opinion and as part of this continued dialogue will seek to engage with relevant shareholders.

“The board is confident that Richard’s commercial acumen and experience from senior roles in large and complex international companies is of benefit to the company.”

Carillion was plunged into a crisis last week after discovering a black hole in its finances that cost chief executive Richard Howson his job and saw its share price drop 70% over three days.

Adam, who had previously held group finance director roles at Associated British Ports and Hodder Headline, is currently also a non-executive director of Countrywide, Countryside and BMT Group.