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BAT director 'has too many jobs' to be re-elected at AGM

The re-election of Marion Helmes to BAT's board is being rejected by corporate governance bodies due to concerns about the amount of her other commitments -  SUZANNE PLUNKETT/ SUZANNE PLUNKETT
The re-election of Marion Helmes to BAT's board is being rejected by corporate governance bodies due to concerns about the amount of her other commitments - SUZANNE PLUNKETT/ SUZANNE PLUNKETT

Pressure has been piled on a member of British American Tobacco’s board to step down due to claims she has too many commitments to devote enough time to the world’s largest ­cigarette maker.

Marion Helmes, who was appointed as a non-executive director in 2016, has five other directorships, including being non-executive director of energy company Uniper and industrial construction firm Bilfinger, both of which are based in Germany.

Two corporate governance agencies that advise investors how to vote in annual general meetings believe her re-election should be rejected, as does Royal London.

Glass Lewis, one of the agencies, said it believed a non-executive director of a FTSE 350 listed company “should retain some spare capacity in case a crisis or other event escalates the demand on their time”.

British American Tobacco share price
British American Tobacco share price

Its report said: “As such, we believe that the time and other commitments of these other roles may, in certain circumstances, preclude this director from devoting the required attention, priority and time to this company’s needs.” Ms Helmes’ primary employment is described as “professional director”.

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In the past she has helped manage businesses across Europe, the Americas and Asia, including as chief financial officer of Celesio, Q-Cells and ThyssenKrupp Elevator Technology.

ISS said even though Ms Helmes planned to step down from her vice-chairman role at Bilfinger, she still had a vast array of commitments to keep abreast of.  “Even when this change takes place she will have six positions in aggregate,” its report said.

A British American Tobacco spokesman said besides the decision to step down from Bilfinger, Ms Helmes would also not seek re-election on another board she sits on.