Investors in the Big Food Group (the UK frozen food retailer formerly known as Iceland) yesterday [Tuesday] expressed concern over the continued employment of three non-executive directors who were board members under former executive chairman Malcolm Walker.
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The three non-executives in question are David Price, Alan Smith and Tom Knowlton.
They may be replaced in an effort to allay investor concern about the current investigation by the Financial Services Authority (FSA) into whether Iceland misled the City, reported the Financial Times.
The FSA is likely to censure the group over the provision of information to shareholders from Autumn 2000 and into 2001. The rebuke is expected within a few weeks.
All executive board members have since left the group, and investors are suggesting that replacing the three non-executives would help the group draw a line under its past problems.
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