PIRC, the corporate governance lobby group, has recommended shareholders vote against the re-election of the chairman and two directors of Monks investment trust, writes Simon Bain
The £1billion trust managed by Baillie Gifford has been chaired by fund industry veteran James Ferguson since 2002. PIRC says Mr Ferguson is not independent as he has served for more than nine years, adding that there is “insufficient independent representation on the board”. It says the same objection applies to senior independent director Douglas Macdougall, a former senior partner of managers Baillie Gifford and a Monks non-executive since 1999, and to a third director Edward Harley, appointed in 2003.
The group also wants a change of auditor, saying PwC has been in place for more than 10 years, raising issues of independence.
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