Ex-director Ingram puts pressure on both Alliance Trust and Elliott

Tim Wallace
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BOTH sides in the row between Alliance Trust and Elliott Advisors need to make a better case to investors, former Alliance non-executive director Tim Ingram said yesterday.

Activist investor Elliott is pushing to have three new non-executives added to FTSE 250 investment firm’s board at its annual general meeting this month.

Ingram argues the shareholder has to do more to prove they are independent, rather than a mouthpiece for Elliot.

And he also wants to ask Alliance Trust, “how can you justify the CEO’s annual remuneration approximately doubling over [the past five years]” given the business has performed relatively poorly and fallen out of the FTSE 100.

The row between each side has grown increasingly bitter over recent weeks, as Alliance defends its performance and Elliott argues the board needs to be tougher.