Most resolutions at Telford Homes annual general meeting yesterday were carried overwhelmingly just by a show of hands. However, the reappointment of PwC was so contentious that a poll had to be taken. The resolution was passed, but only by 56.6% of the votes cast against 43.4%.
PwC has audited Telford Homes' accounts since 2006 but earlier in the week the Institutional Shareholder Services (ISS) advisory group recommended Telford Homes shareholders not to reappoint PwC on the basis of recent Financial Reporting Council (FRC) investigations into the firm’s auditing work.
As previously reported, Telford Home is currently the subject of a £267m takeover by CBRE subsidiary Trammell Crow Company. Shareholders will vote on this in August and, if approved, completion of the acquisition is expected before the end of September 2019.