23rd Nov 2015 18:34
LONDON (Alliance News) - Electra Private Equity PLC on Monday revealed that activist investor Richard Bramson, who earlier this month convinced enough of the trust's shareholders to secure himself a seat on the board, has become the chairman of its so-called management engagement committee, which is responsible for reviewing the performance of investment manager Electra Partners.
Geoffrey Cullinan, the former chairman of the management engagement committee, has resigned as a director of the trust with immediate effect.
According to Electra Private Equity's results for the year ended September 30, the management engagement committee's duties are:
- To review the terms of the management contract to ensure that they are competitive and sensible for shareholders;
- satisfying itself that all other duties of the manager are being performed;
- reviewing the overall performance of the manager;
- deciding on the continuation or termination of the agreement and by agreeing the terms and fees of any ongoing agreement.
The news comes just weeks after Bramson's victory at a shareholder vote to approve his appointment to the board prompted the resignation of Roger Yates, who used to be the chairman of the trust. The trust has yet to find a successor to Yates.
More board changes were revealed on Monday.
Roger Perkin, senior independent director, will chair its remuneration and nomination committee in addition to chairing its audit committee.
Francesca Barnes has been appointed as chairman of the trust's valuations committee.
"The board has decided to appoint one or two additional non-executive directors in addition to a new chairman," Electra Private Equity said in a statement.
Shares in Electra Private Equity closed down 0.7% at 3,594.00 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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