Alliance Trust appoints two non-execs

Alliance Trust appoints two non-execs

Alliance Trust has appointed Chris Samuel and Karl Sternberg to its board as non-executive directors.

It is understood the two appointments were not put forward by shareholder Elliott Advisors, which agitated for change to the trust’s board this spring and has now agreed not to lobby for change for a year.

However, Alliance Trust has said the appointments have been made following a consultation with its largest shareholders.

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Karin Forseke, chairman of Alliance Trust, said: “Investment is at the heart of Alliance Trust and is the key to our future success and I believe their skills and expertise are the ideal complement to an already strong board.

“These appointments follow extensive consultation with our major shareholders.

“We remain fully committed to delivering measures that will address the feedback we have received from our shareholders.”

Mr Samuel was chief executive of Ignis Asset Management from 2009 until its recent sale to Standard Life Investments, while Mr Sternberg was a founding partner of Oxford Investment Partners where he worked between 2006 and 2013.

Alliance Trust also announced that two of its current directors, John Hylands, who joined the board in 2008, and senior independent director Alastair Kerr, who joined three years ago, have let it be known they will retire at the company’s AGM in May.

Analyst view

Ewan Lovett-Turner, director of investment companies research at Numis Securities, said: “Certainly the board members seem to have a decent background in asset management which you would expect to have a positive impact on Alliance Trust Investments and Alliance Trust Savings.”