The decision, which follows allegations of modern slavery and poor working conditions on the company's factories, comes despite an independent review that led to a planned overhaul of the company's operations.

"Nonetheless, it is unclear what the ultimate impact of these initiatives will be in mitigating the risk of similar issues in the future," Glass Lewis said in a 'controversy alert' ahead of the company's June 18 AGM.

"Further, we remain concerned with the independent review's finding that the board was aware of issues in the Leicester factories in 2019 and failed to take adequate action prior to this issue emerging in the media in mid-2020."

(Reporting by Simon Jessop; Editing by Rachel Armstrong)