Integrafin, the parent company of adviser platform Transact, has faced significant shareholder opposition at its AGM to three board reappointments, including chairman Richard Cranfield and founder Michael Howard.

Following the unexpected votes agains the reappointment of three directors, Integrafin said its board will engage with shareholders and report in due course on the outcome of the discussions.

It is believed to be the first time that Integrafin has faced major disagreement on board appointments from shareholders.

While most board reappointments were confirmed without significant opposition, executive director and group founder Michael Howard was only re-elected to the board with 50.20% of shareholder votes. Most other board members received votes of well in excess of 90% but three saw significant opposition from shareholders.

Chairman Richard Cranfield faced shareholder opposition with 38.15% of shareholders voting against his re-election. Mr Cranfield join the group in June 2019 as a non-executive director and chair elect.

Board member Neil Holden was also only re-elected by a narrow margin, with 33.21% of shareholders voting against his re-election. Mr Holden joined the group in February 2011 as a non-executive director.

At the AGM, 18.43% of shareholder also voted against approving the Directors’ Remuneration Report for the year ending 30 September 2020. However all motions were passed.

It is not yet known why Mr Howard's re-election and the other re-elections received such opposition.

Transact and Integrafin declined to comment on the matter when asked by Financial Planning Today.

Mr Howard was managing director of the group until December 2001, when he took up the position of executive chairman until stepping down in October 2017. He founded ObjectMastery in Australia in April 1992 which developed the software powering Transact.

Integrafin floated successfully on the London Stock Exchange in 2019. Just over a year ago Mr Howard sold £40m of his shares to set up a charitable foundation.

In a statement to the Stock Exchange on its AGM Integrafin stated: "The board notes the votes opposing the resolution to reappoint of (sic) the Chair of the Board and Nomination Committee, Richard Cranfield, the resolution to reappoint Neil Holden and the resolution to reappoint Michael Howard."