THG’s Matthew Moulding has given up his “golden share” rights within the ecommerce firm, which granted him the ability to veto any takeover, in an effort to ease investor considerations over governance. 

The co-founder and chief govt’s determination comes forward of its annual assembly with shareholders on Wednesday, two years after he first made the promise, as THG seeks a premium itemizing.

The corporate, previously referred to as The Hut Group, additionally mentioned non-executive director Iain McDonald would step down from the remuneration committee after shareholder advisers urged buyers to vote in opposition to his reappointment, warning he was not “impartial”. 

THG, which owns web sites Lookfantastic and Myprotein, mentioned it had a “sturdy” second quarter, and reiterated its underlying revenue steering for the yr of as much as £50mn.