Another shareholder body has added its voice to those recommending that Alliance Trust shareholders support the changes put forward by Elliott Advisors.
Pensions & Investment Research Consultants (PIRC) has said that "support is recommended on all three resolutions" proposed by the hedge fund. Elliott Advisors has proposed three new non-executive directors for the trust's board, as a solution to what they say is the continued underperformance of the trust. However, Alliance Trust and its CEO Katherine Garrett-Cox (pictured) have rebuffed the proposals, saying that the search process initiated by Elliott Advisors means that the directors would not be truly independent. The row has resulted in a war of words between the two sides, wi...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
