Peter Hargreaves has nominated Adrian Collins to join the Hargreaves Lansdown board as part of a new agreement between the co-founder and the consumer platform giant.
In a stock exchange update, published today (October 20), Hargreaves Lansdown announced it had come to an agreement with its co-founder as to how to reflect his continuing interest in the company while respecting independent governance principles.
The agreement allows Mr Hargreaves, the platform’s largest shareholder, to nominate one non-independent, non-executive director for appointment to the board.
Mr Hargreaves’ right to nominate a board member will remain in place for so long as he controls at least 10 per cent of the company’s voting rights.
As a result, Mr Collins will be appointed as director of the company on November 2, nominated to the board as a shareholder representative of Mr Hargreaves.
Deanna Oppenheimer, chair of Hargreaves Lansdown, said: "I'm delighted to welcome Adrian to the board and look forward to working with him going forward.
“Adrian's presence on the board will provide an avenue to harness Peter's wealth of experience, while also allowing us to benefit from Adrian's considerable expertise in the fund management industry.”
Mr Collins has worked in the fund management business for more than 40 years, most recently as chairman of Liontrust Asset Management from 2009 to 2019.
He had previously held senior roles at Gartmore, Jupiter, Bestinvest and Lazard Investors and co-founded the financial consulting firm Trustnet, while his director experience includes being non-executive chairman of Eddie Stobart Logistics and CIP Merchant Capital.
As a result of becoming a non-executive director at Hargreaves Lansdown, Mr Collins has stepped down from the boards of LTC Holdings and Heritage Collings.
He said: “I am pleased to be joining the board of Hargreaves Lansdown. I look forward to playing my part in the continued success and leadership of the company."
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