Following the Metro Bank AGM on Tuesday, Ashley Hamilton Claxton, head of responsible investment at Royal London Asset Management, said:
“The high number of votes against directors at Metro Bank’s AGM should send a strong and clear signal that many of the company’s shareholders want to see decisive governance reform. We support the move by the board to review the contract with InterArch, the company run by the chairman’s wife. However, we still strongly believe that the appointment of a new independent chairman to lead governance reforms would go some way towards strengthening oversight, and restoring investor and customer confidence in the bank. We have communicated our views with the company and will continue to engage with the board over the coming months.”
RLAM holds 0.39% of Metro Bank, worth approximately £3.1m.
About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £130 billion of assets and employs 98 investment professionals as at end March 2019. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
For professional clients only, not suitable for retail investors.
Issued July 2019 by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.
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