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Charles Stanley shareholders back board reappointments

Charles Stanley’s shareholders have backed the reappointment of all of the firm’s directors.

At the discretionary manager’s annual general meeting yesterday, more than 90 per cent of shareholders approved chief executive Paul Abberley to continue in post.

Chairman David Howard and chief financial officer Ben Money-Coutts were also returned with more than 90 per cent of the vote, while the shareholders approved their planned dividend payment of 6p per share, overall a 9.4 per cent increase in the total dividend for the year, with 99 per cent in favour.

The pay packets for all the directors were also signed off.

Abberley took home £375,000 last year in baseline salary and £749,000 in total benefits – a 7 per cent increase compared to the 2 per cent average for the wider firm.

The votes come on the back of a trading update yesterday that showed the firm suffered £600m in net outflows in its latest quarter.

However, a performance uplift meant the firm increased overall assets under management by £300m to £24.4bn.

Profitability has been harder to come by, however, with Abberley recently embarking on a cost-cutting exercise.

Profits were £5.1m for the half year to December, down from £6.9m during the same period the previous year.

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