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Vistry has been contacting shareholders to address concerns after one in five revolted against the re-election of boss Greg Fitzgerald as director of the company earlier this year.

In May, the housebuilder made Fitzgerald executive chair of the business in addition to chief executive 鈥� in a departure from the UK Corporate Governance Code.

This move has proved unpopular with some shareholders, with only 79% voting in favour of Fitzgerald鈥檚 re-election.

In an update today, the 拢4bn-turnover company said it understands the 鈥減rimary concerns鈥� of some shareholders are in relation to the combined role for Fitzgerald.

Vistry said Rob Woodward, appointed senior independent director earlier this year, has 鈥渉eld a series of calls with shareholders to establish鈥�dialogue on the corporate governance arrangements鈥�.

It said Woodward was appointed to provide 鈥渁dditional oversight on governance matters and serve as a point of communication for investors and board members鈥�.

The company said it has also commissioned an external board evaluation, which will assess the combined role of CEO and chair, with the results published alongside its annual accounts due out on 6 March.

Vistry said it 鈥渞emains committed to ongoing dialogue with shareholders and will continue to engage to ensure that the company understands shareholders鈥� views and is able to consider feedback鈥�. It added this will 鈥減rovide clarity on the company鈥檚 approach to succession planning going forward鈥�.

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Vistry has issued two profit warnings in the last few weeks, with underestimated build costs meaning its adjusted pre-tax profit will be reduced by 拢165m over three years.

Earlier this month it said the problems are confined to its South division and can be attributed to 鈥渋nsufficient management capability, non-compliant commercial forecasting processes and poor divisional culture鈥�.

The group said management in the south division 鈥渉ave stepped away from the business pending completion of formal processes鈥� while it is reviewing organisation changes and 鈥渃onsidering new appointments improving transparency, enhancing management capability, reducing the length of reporting lines and ensuring closer proximity of the CEO to the business鈥�.