(Alliance News) - Jupiter US Smaller Cos PLC on Friday said it has appointed a new non-executive director and defended its decision to re-elect its chair despite significant shareholder opposition.
At its annual general meeting on November 26, the investment firm noted that 40% of votes were in opposition to the re-election of Chair Gordon Grender.
Jupiter US Smaller said it had consulted shareholders and was aware the main reason for such opposition was that Grender had served on the company's board for more than nine years.
According to the Jupiter US Smaller Cos board, Grender "has unrivalled knowledge of the North American smaller companies market and continues to advise funds and individuals on North American investments" and "continues to provide a material contribution to the success of the company".
Further, the board does not view the length of Grender's service as having any bearing on his independence.
The new non-executive appointment is that of Tina Soderlund-Boley, who joins the board effective January 1. She was head of Sales Institutional & Intermediaries Northern Europe at Swiss-based asset manager GAM Holding AG for 18 years and has since focused on cross-territory investment in smaller firms.
"With the new board appointment the board believes it now has an adequate balance of skills as well as experience and continuity. The board will continue to keep its composition under review and balance the need for refreshing its composition with the advantage of retaining directors with relevant and sometimes long-standing experience, particularly in our specialist area of US smaller companies," said Jupiter US Smaller.
Norman Bachop did not seek re-election to the company's board at its AGM. The board thanked him for his contribution "over many years" and wished him "full recovery from ill health".
Shares in Jupiter US Smaller were untraded at 1,100.00 pence in London on Monday morning.
By Anna Farley; annafarley@alliancenews.com
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