April 14, 2015 / 9:02 AM / 4 years ago

Shareholder advisory group backs activist in Alliance Trust spat

LONDON, April 14 (Reuters) - Alliance Trust investors should back a plan to install three new non-executive directors on the board put forward by activist investor Elliott Advisors, a leading shareholder vote advisory group said on Tuesday.

Pensions & Investment Research Consultants Ltd (PIRC) said Elliott, Alliance Trust’s biggest shareholder with a 12 percent stake, had hired an independent research firm to find appropriate candidates for the benefit of all investors.

“It is considered that increased independent representation is a valuable safeguard against group-think and that sufficient assurance has been provided on the independence and calibre of the candidates to merit their election,” PIRC said in a statement.

Elliott has proposed Anthony Brooke, a former executive in financial services, including at S.G. Warburg; Peter Chambers, former CEO of Legal & General Investment Management; and Rory Macnamara, a former senior corporate finance professional, including at Morgan Grenfell. (Reporting by Simon Jessop and Sinead Cruise, editing by Matt Scuffham)

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