View more on these topics

More investors follow Royal London into Metro Bank rebellion

Pay-Thinkstock-2014Investment adviser Glass Lewis has joined Royal London in opposing the re-election of Metro Bank chairman Vernon Hill.

Metro Bank is in the midst of a shareholder rebellion following findings that £4.6m in fees for architectural, banking and marketing services were paid to architect InterArch, run by Hill’s wife, Shirley.

Royal London Asset Management holds a £13.6m stake in London-based Metro, which has paid a total of £21m to InterArch since its inception in 2010.

Royal London drawdown sales spike

Glass Lewis says: “We view such relationships as potentially creating conflicts for directors, as they may be forced to weigh their own interests in relation to shareholder interests when making board decisions.”

RLAM head of responsible investment Ashley Hamilton Claxton says the board is to blame, and should be paying attention to related party transactions.

Metro Bank’s February results show net profits of £10.8m for 2017, compared with losses of £16.8m in 2016.

Recommended

Tax-Corporate-Calculator-Business-Finance-700x450.jpg
1

Webb slams HMRC for pension tax calculator blunder

Former pensions minister Steve Webb has urged HM Revenue and Customs to take down a web page which gives users the wrong information about how much money they can put into pensions. Royal London spotted the blunders on the website and raised the issue with HMRC on Monday 16 April but the information remained in […]

Stock-Stockmarket-Asia-Rain-Global-600x385.jpg

Prudential eyes Asia tech spend after UK spin-off

Prudential is planning to double earnings in Asia by upping investment in technology. In an interview with Bloomberg, chief executive of the UK insurer’s Asia arm Nic Nicandrou says Prudential is looking to invest more than $400m (£281m) in areas like automation and online line sales, 20 per cent more than initially budgeted. Nicandrou adds […]

8

Charges hiked after structured product provider collapses

Clients have paid fees 40 times higher than initial estimates after a structured product provider collapsed, with the Financial Services Compensation Scheme set to pick up the bill. Merchant Capital, the structured products arm of Merchant House Group, went into administration in January 2013. Reyker Securities subsequently became custodian and administrator for clients who had […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Well done Glass Lewis.

Leave a comment