LONDON (Reuters) - A campaign for the installation of new board directors at British investment group Alliance Trust (L:ATST) has gained partial support from shareholder advisory group Glass Lewis.
Activist hedge fund Elliot Advisors is campaigning for the appointment of three directors at Alliance, hoping this will kickstart an improved performance by the investment fund.
Elliott wants to elect Anthony Brooke, a former executive in financial services, Peter Chambers, former CEO of Legal & General Investment Management; and Rory Macnamara, a former corporate finance executive.
Independent advisory groups Pensions & Investment Research Consultants, Institutional Shareholder Services Inc and ShareSoc have all backed plans to install the three, however Glass Lewis said it only favoured the election of Chambers.
"Mr. Chambers appears to us to have an extensive background in fund management and investment banking, which should make him well-qualified to serve on the company's board, in our view," the group told its clients in a report.
Elliott has called a vote on the appointment of three new independent directors on April 29.
Alliance Trust Chairwoman Karin Forseke separately issued a fresh appeal to shareholders, seeking to rally support in a fight to derail Elliott's plan.