Banknote printer De La Rue braces for backlash over boss

Banknote printer De La Rue could face a backlash against chairman Clive Whiley at its annual meeting next week.

The company appointed the City veteran in May. 

But leading advisory group Institutional Shareholder Services said in a report that he already has several other commitments and that these ‘could compromise his ability to commit sufficient time to his role’ at De La Rue.

Taking a hit: De La Rue is going through a tricky period after issuing a profit warning in April

Whiley, 63, is also the chairman of Mothercare and the senior independent director at Sportech and Griffin Mining.

ISS flagged particular concern about a consultancy agreement he has with Griffin, which requires him to devote 25 per cent of his time to the company.

De La Rue is going through a tricky period after issuing a profit warning in April, when it said business was being hit by people using less and less cash.

The firm, which counts many of the world’s major central banks among its customers, declined to comment.