Alliance Trust criticises shareholder body's 'lack of understanding'

Alliance Trust has hit back after a third shareholder body came out in support of Elliott Advisors in its campaign to overhaul the investment company.

Institutional Shareholder Services (ISS), which conducts corporate governance research and offers proxy voting services, said it supports the three nominees proposed by the trust's largest shareholder. Elliott Advisors has nominated Peter Chambers, Rory Macnamara and Anthony Brooke as new non-executive directors for Alliance Trust's board, saying that the current board are not effectively querying the trust's costs and management. The ISS report comes after both Sharesoc and Pirc also voiced support for the proposed directors. ISS said: "The addition of three candidates like Peter ...