Witan Investment Trust PLC Update re re-election of director at the 2020 AGM (6749Y)
10 Septiembre 2020 - 11:33AM
UK Regulatory
TIDMWTAN
RNS Number : 6749Y
Witan Investment Trust PLC
10 September 2020
Witan Investment Trust plc
10 September 2020
Update statement regarding the re-election of a director at the
2020 AGM
The resolution to re-elect Anthony Watson was passed at the AGM
on 29 April 2020, although 21% of votes were cast against the
resolution, on the basis that he was not deemed to be independent
due to his length of service. The Board had advised in the 2019
Annual Report that Mr Watson proposed to retire at the AGM in 2021
and that remains the position. The Board considered it to be
inappropriate for Mr Watson, who is the Senior Independent
Director, to retire in 2020 at the same time as the Chairman of the
Company and Chairman of the Remuneration and Nomination Committee.
The Board engaged with those proxy voting agencies who recommended
that shareholders should vote against Mr Watson's re-election and a
large shareholder in advance of the AGM to explain the Company's
position. Whilst they did not alter their position, the Board
considers that deferring Mr Watson's retirement until 2021 was of
benefit to the Company and justified by the circumstances.
The Board is firmly of the view that length of service does not
of itself impair a director's ability to act independently; rather,
a director's longer perspective can add value to the deliberations
of a well-balanced investment trust company board. Independence
stems from the willingness to make decisions that may conflict with
the interests of management; this is a function of confidence,
integrity and judgement. The Board will continue to take account of
length of service in its succession planning, as one of a number of
factors, including the need to maintain a proper balance of
diversity, skills and experience.
- ENDS -
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