Almost fourth-fifths of Alliance Trust shareholders voted against a resolution to review the company’s management.
At the annual general meeting of the £2.1 billion trust, shareholders were asked to vote on a resolution calling for the possibility of externalising the management of the portfolio and for shares to be sold at a price closer to net asset value.
The resolution, which put forward by activist shareholder Laxey Partners, received just 20.74 per cent of votes in favour, with 79.26 per cent of shareholders being opposed to the proposals.
Karin Forseke, chairman of the trust, says: “I would like to thank all our shareholders who voted and for their strong show of support for Alliance Trust.
“We have listened to our shareholders and will continue to do so as we seek to deliver on our priority of a sustainable improvement in investment performance.”
A statement by Laxey says: “We are very heartened by the response of our fellow shareholders and whilst our resolution was not adopted today, the debate we have instigated can only be deemed to be of benefit to all shareholders.”
The AGM also saw 10.77 per cent of shareholders vote against the board’s remuneration.