Another shareholder body has added its voice to the growing number 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 Advisers 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 Advisers means that the directors would not be truly independent. The row has resulted in a war of words between the two sides, wi...
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