Annual meeting hears shareholder frustration at company U-turn
Alliance Trust shareholders today voiced frustration at the last-minute deal which saw the company admit to its board two directors proposed by activist shareholder Elliott Advisors.
At a packed annual meeting in Dundee, they heard chairman Karin Forseke say the six-week defence against Elliott's proposals had cost £3million.
Asked what was to prevent further acitivism after the 12-month truce with Elliott was over, Ms Forseke said the company had " time ahead of us to take all the measures to make sure we don't end up in this situation again".
Shareholders challenged executive pay levels and questioned the trust's long-term performance, but there were votes of over 93per cent for the remuneration report and around 97per cent for the for the re-election of Ms Forseke and chief executive Katherine Garrett-Cox.
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