SkyePharma introduces selection system

SkyePharma has announced that it has agreed an arrangement with two of its institutional investors for the selection of two independent non-executive directors.

Following last week’s extraordinary general meeting (EGM) where the appointment of Robert Thian as a director was rejected, the company has said that the new non-executive directors are acceptable to both the company and the institutional investors.

“Although SkyePharma strives to maintain the highest standards of corporate governance, there is always room for improvement,” said Dr Jerry Karabelas, SkyePharma’s non-executive chairman.

“We have noted the level of dissatisfaction about certain issues among a significant body of shareholders. We are happy to have reached agreement over a process that allows us to address these concerns to the satisfaction of all.”

No names for the positions of independent non-executive directors have yet been mentioned by the company, but it will be hoping the move will appease the disgruntled shareholders that forwarded Mr Thian for appointment at the EGM.

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