Thalassa Holdings Raises Concerns with Newmark Security Governance

Thalassa Holdings Ltd, a prominent shareholder with a 21.3% stake in Newmark Security plc, has voiced concerns regarding the management and governance of Newmark. The letter sent by Duncan Soukup, Chairman of Thalassa, highlights issues of excessive executive compensation, governance failures, and poor financial performance.

Thalassa has criticized the remuneration practices of Newmark, arguing that compensation significantly outweighs net income, with total executive pay reaching £14.41 million compared to a net income of -£1.6 million. The company alleges that the current management prioritizes personal gains, particularly focusing on the Dwek family's interests, over shareholder value.

In light of these concerns, Thalassa is urging fellow shareholders to oppose the reappointment of certain directors at the upcoming AGM. The firm proposes restructuring the board to ensure that it represents the interests of all shareholders, not just a select few.