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.
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.