Saba 'misrepresenting' AIC's input in independent director recruitment

‘We do not help companies recruit’

The Association of Investment Companies has been forced to clarify its role in the hiring of independent board directors after Saba Capital inferred it would be directly involved in its appointment process.

Saba is seeking to remove the boards of seven trusts in which it is a major shareholder, originally planning to replace them with a two-director board comprising a Saba representative and an independent director. This sparked concerns and questions from across the industry about the independence of these proposed boards, which is a key component to the overall oversight of investment companies. AIC writes to FCA raising regulatory concerns over Saba campaign and retail shareholder protection Investment company boards acts as a separate entity to the investment managers, as the form...