UK - Hermes Pensions Management will call for the Scottish Investment Trust board to resign at tomorrow's (Friday) annual general meeting.
The corporate governance activist is one of the biggest shareholders in the £900m trust with 9% of the shares.
A Hermes spokeswoman said: “Hermes wants the new independent chairman to be able to reconstitute the board in the interest of investors.”
SIT’s outgoing chairman Sir Angus Grossart has served for 27 years, which is three times the nine-year tenure recommended by the Association of British Insurers and the National Association of Pension Funds to retain adequate independence.
Sir Angus is seeking re-election as a director.
SIT commented: “SIT believes it has a strong and independent board working in the interests of SIT shareholders.”
Directors unanimously recommended voting to re-elect Sir Angus as a director and SIT now says it is confident the resolution will be passed.
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Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.
The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.