City of London Investment Group PLC Board Restructure and Director retirement (2778J)
26 Avril 2022 - 4:06PM
UK Regulatory
TIDMCLIG
RNS Number : 2778J
City of London Investment Group PLC
26 April 2022
City of London Investment Group PLC
26 April 2022
CITY OF LONDON INVESTMENT GROUP PLC
("City of London", "the Group" or "the Company")
BOARD RESTRUCTURE AND DIRECTOR RETIREMENT
City of London (LSE: CLIG), following a review of the governance
arrangements of the Group, announces a restructure of the Board of
Directors of the Company (the "CLIG Board" or "Board").
The key elements of the restructure of the Board (the
"Restructure"), which will take effect from 30 June 2022, will
be:
-- A streamlining of the Board and increasing the proportion
of Independent Directors.
-- A creation of a Group Executive Committee which will provide
executive oversight of the Group's operating businesses, principally
City of London Investment Management ("CLIM") and Karpus Investment
Management ("KIM").
-- The Group Executive Committee will be chaired by Tom Griffith
(CEO) and will initially be comprised of Carlos Yuste (Head
of Business Development), Mark Dwyer (Chief Investment Officer,
CLIM), Dan Lippincott (Chief Investment Officer, KIM), and
Deep Agrawal (Chief Financial Officer).
-- The principal duties of the Group Executive Committee will
be the day-to-day management of the Group.
-- Following the creation of the Group Executive Committee,
Carlos Yuste, Mark Dwyer and Dan Lippincott will step down
from the CLIG Board. Their responsibilities on the respective
CLIM and KIM Boards will not change.
The Restructure is the outcome of a series of Board-level
discussions about the composition and structure of the Board that
arose out of its 2021 evaluation exercise. The Restructure is
therefore expected to improve the efficiency of the Group's
corporate governance by creating a separate forum for executive
leadership whilst providing for clearer accountability of the Group
Executive Committee to the CLIG Board, and the CLIG Board to
shareholders. It will also bring the composition of the CLIG Board
into line with the requirements of Provision 11 of the UK Corporate
Governance Code with at least half of its members will now be
Non-Executive Directors who are considered to be independent. The
Restructure will also improve the Board's diversity profile.
Barry Aling, Chair, commenting on the Restructure, said: "In our
2021 Annual Report, we stated that the Board composition would be
reviewed as a matter of priority and I am pleased that we have now
agreed to make changes that will improve the efficiency of both the
Board and the executive team whilst enhancing diversity and
addressing the central issue of independence as stipulated by the
Code."
Tom Griffith, CLIG Executive Director and CEO, added: "Carlos,
Mark, and Dan will continue to serve the Group in their current
executive roles, along with Deep, within the Group's operating
subsidiaries. They remain committed to the future success of your
Company. The new Group Executive Committee will report regularly to
the Board on the ongoing operation of the Group and its businesses
in accordance with terms of reference which will be approved by the
Board."
Separate to the Restructure, the Company also announces that
Barry Olliff, the Company's Founder, has notified the Board that he
intends to retire as a Director of the Company with effect from 31
July 2022. The Board wishes to place on record its sincere
appreciation to Barry for his years of service to the Group and the
Board.
Barry Aling, Chair, commenting on Mr. Olliff's retirement, said:
"I would also like to pay a special tribute to Barry Olliff, who
has announced his intention to retire in July 2022. As Founder of
CLIG more than thirty years ago, Barry has been the architect and
driving force in the development of the business from the outset.
His rigorous commitment to the interests of all stakeholders and
high standards of corporate transparency are written into the CLIG
DNA and have earned Barry much respect in the wider investment
universe.
The retirement of a Founder can often present serious challenges
in terms of a transition to executive successors and managing that
process requires patience and dedication. Over the last four years,
Barry engaged in that process wholeheartedly and has ensured that
the management transition, which is now complete, has been
implemented in a seamless fashion. For this and much else, I would
like to offer my sincere thanks to him on behalf of all
shareholders. He will be sorely missed."
For further information, please visit www.clig.co.uk or
contact:
Tom Griffith, CEO
City of London Investment Group PLC
Tel: 001-610-380-0435
Martin Green
Zeus Capital Limited
Financial Adviser & Broker
Tel: +44 (0)20 3829 5000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUVAWRUSUSUAR
(END) Dow Jones Newswires
April 26, 2022 10:06 ET (14:06 GMT)
City of London Investment (AQSE:CLIG.GB)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
City of London Investment (AQSE:CLIG.GB)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024