Board member of Royal designer threatens to sue activist investor
A board member of the under-fire interior designer favoured by the King threatened to sue the founder of its biggest shareholder in a tussle over pay. Patrick Lewis, who sits on the board of London-listed Sanderson Design Group, warned the boss of LBV Asset Management against “potentially defamatory allegations” after he questioned the pay packets [...]
A board member of Sanderson Design Group, a Royal Warrant holder closely associated with King Charles III, has threatened legal action against a shareholder. Patrick Lewis, who serves on the board, warned LBV Asset Management founder Emmanuel de Figueiredo against making what he deemed "potentially defamatory allegations" about the company's executive pay.
De Figueiredo, who owns 14% of Sanderson's shares, has been pushing for changes, including the removal of Dame Dianne Thompson, the current chair. The controversy centres on the pay packets of Lisa Montague and Mike Woodcock, who together earned £1.13m in 2021, accounting for 36% of the company's pre-tax profit. In a letter to the board, de Figueiredo cited a 26% shareholder vote against the remuneration report at the annual meeting as evidence of discontent.
Lewis, in response, cautioned de Figueiredo that his letter's allegations could cause significant harm to the executives and reserved the right to seek legal advice and take appropriate action. LBV dismissed Lewis's threat as misguided and emphasized that the board's stance on shareholder concerns was taken seriously.
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