Alliance Trust is overhauling its governance structure in a move to create a “wholly independent” board, and said that Forseke is stepping down as that process is nearing completion. The board also set a new mandate for Alliance Trust to invest only in global equities and sell unwanted assets including fixed income and real estate.
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Alastair Kerr, senior independent director, will also stand down from the board on 1 January, earlier than planned.
Forseke said she was stepping down on 1 January.
This is the latest in a string of changes at the trust that have in part been prompted by criticisms from activist shareholder Elliott Advisors. “As these changes are implemented, the chair of the trust’s role will change and as a result I believe now is the right time for me to move on”. “Alongside the new non-executive only board of the Trust, excellent independent boards will be in place to oversee the development of Alliance Trust Investments and Alliance Trust Savings”, said Ms Forseke.
Gregor Stewart, a non-executive director of Alliance Trust since December 2014, has been named interim chair.
News of Forseke’s imminent departure comes as a blow to leaders of a nationwide campaign for greater female representation on the boards of British companies.
Along with Garrett-Cox, Forseke had forcefully resisted Elliott’s attempts to change the trust’s strategy – “Elliott’s proposed resolutions are completely unacceptable… the board is unanimous in strongly recommending that shareholders vote AGAINST all of the proposed resolutions” was how she put it back in March – but clearly the shareholders didn’t listen. Indeed, we were surprised that she had not stood down immediately following the AGM.
Her decision follows a shake-up at the Dundee-based trust announced last month, aimed at cutting costs by £6 million a year through a changed corporate structure and operating model.
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