The Local Authority Pension Fund Forum (LAPFF) has welcomed the announcement that the chair of Ryanair, David Bonderman, is stepping down from the role.
The LAPFF had warned it would file shareholder resolutions at the airline’s next annual general meeting if Mr Bonderman was not replaced.
The LAPFF, which holds about 1% of Ryanair’s shares, believes more ‘genuine independent representation’ on the board could have smoothed changes to working conditions and helped avoid industrial action.
In a statement, it said: 'The Forum believes Ryanair has an exciting future ahead but this relies on strong corporate governance and independent voices at the heart of the board. Today’s announcement is a major step along this path and we will be watching progress carefully over the next 12 months.'
The Forum welcomes today’s announcement by @Ryanair to appoint a new chair of the board following David Bonderman's decision to step down in accordance with our request to the company. 1/5— LAPFF (@LAPFForum) February 4, 2019