Witan Investment Trust PLC Update re the re-election of a director at the AGM (1700A)
21 Septembre 2022 - 12:55PM
UK Regulatory
TIDMWTAN
RNS Number : 1700A
Witan Investment Trust PLC
21 September 2022
Witan Investment Trust plc
21 September 2022
Update statement regarding the re-election of a director at the
2022 AGM
The resolution to re-elect Suzy Neubert was passed at the AGM on
5 May 2022, although 39% of the votes cast (by 8.7% of
shareholders) were cast against the resolution. The Board
understands that the reason for the result was that some
shareholders deemed Ms Neubert not to be independent due to her
length of service (10 years) on the Board.
The Board shares the widely accepted view that length of service
does not of itself impair a director's ability to act independently
(any more than a recent appointment guarantees it); rather, a
longer-serving director's perspective can add value to the
deliberations of a well-balanced investment trust company board.
Independence stems from the willingness to make decisions that are
for the benefit of the Company, even if they may conflict with the
interests of management; this is a function of confidence,
integrity, and judgement. The Board considers that Ms Neubert
demonstrates such qualities, and that it is therefore justified in
deeming her to be independent, along with the other non-executive
directors.
The Chairman wrote to the Company's large shareholders in
advance of the AGM to explain its reason for wishing Ms Neubert to
remain on the Board for a further year, which was to retain her
experience and knowledge of the Company as she is the only
non-executive director with more than six years' experience on the
Board.
Following receipt of the proxy results, the Board reiterated to
shareholders present at the AGM on 5 May the commitment that she
would retire at the 2023 AGM and released a statement to that
effect in the post-AGM RNS announcement. The Chairman also wrote to
the large shareholders reiterating that commitment.
- ENDS -
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END
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