A bid by the Nisa management team to change the organisation’s articles of association failed to attract sufficient support at the group’s AGM last month.
About two-thirds of members are understood to have voted in favour of a new set of governance principles, falling short of the 75% majority required. The proposed changes followed a review by Lord Myners earlier this year, which suggested that the Nisa board had been “sub-optimal over many years” due to the number and inexperience of directors, complicated voting arrangements and erratic communication with the members.
A Nisa spokesman said: “The new management team have already executed a turnaround of the business and its culture, and have returned the business to growth. And while it’s true that the articles haven’t changed as a result of the AGM vote, many of the recommendations Lord Myners put forward, such as greater transparency and training for board members, we have still been able to implement.”
At the AGM, three retailers - Bharat Amin, Sukh Gill and Harry Goraya - were elected as new board members, while Vimanji Odedra was re-elected. Chief executive Nick Read, chief financial officer Robin Brown and trading director Stuart Smith were also re-appointed.
In a separate development, Nisa has announced the renewal of its supply contract with Sandpiper CI, the largest retailer in the Channel Islands.
The contract, worth about £75m over five years, is an extension of a partnership that began 30 years ago. Sandpiper CI operates c-stores, forecourts and food halls across Jersey and Guernsey.