The chairman of the Invesco Perpetual Enhanced Income trust has left his position in the latest fallout from a fight between Invesco and the trust over its management mandate.
In May, Invesco took a surprise move to step down from running the trust after a dispute around fees, leaving the trust hunting for a new manager.
Invesco made around £12.3m in fees from the £145m trust in the 2017 financial year and ended up being reappointed by Invesco Perpetual Enhanced Income on a reduced-fee tariff.
However, shareholders had pressured members of the Invesco Perpetual Enhanced Income Limited board to step down over other bargaining positions, for example reducing the notice period for a change of manager and removing performance fee arrangements.
The trust held an extraordinary general meeting to discuss the trust’s management on Friday. This was scheduled to discuss potential direction while a new manager was uncertain, but was held regardless of Invesco’s reappointment.
Chairman Adamson and management engagement committee chairman Richard Williams stepped down ahead of the meeting and the trust is now looking for two new directors.
New chairman of the Invesco trust Peter Yates says: “The board is pleased by the outcome of today’s general meeting, and wishes to thank shareholders for their support. It is an encouraging demonstration that retail and smaller shareholders can play an active role in corporate governance and make their voices heard. We now look forward to being able to focus fully on continuing to deliver value and outperformance for its investors.”