Big corporations are in favor of activism and engagement when they are investors.
The entire board of tech group Inex will step down following pressure from some of its leading members, including Google and BT Ireland, arising from a corporate governance row.
In an email to members shortly before Christmas, the company confirmed that three directors were stepping down with immediate effect, with the remaining two to follow at an extraordinary general meeting (egm) this month.
It is understood that concerns were raised by several member companies following a report in The Irish Times before Christmas, which detailed how a dispute over corporate governance had led to three newly-appointed board members stepping down last year. Members’ concerns are thought to relate to how the company managed potential conflict of interest issues.
Google has temporarily stepped away from some Inex services and will take “appropriate next steps when we have more information about what is happening, and are better positioned to consider whether any change of course is required for Google”, the search giant told Inex in an email seen by The Irish Times….
Inex is owned by and operated for its members, which also include Facebook and Apple. It was established in 1996 and operates a system called peering, which allows large internet companies to exchange traffic between their customers without having to pay a third party to carry that traffic across the internet. (Emphasis added)