City of London Investment hit by rebellion over pay to ex-bosses

 
Michael Bow
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INVESTORS yesterday voiced their disapproval at a £700,000 payout to two former bosses at City of London Investment Group who quit after just three months running the company.

Doug Allison, former chief executive, and Valerie Tannahill, ex-finance director, left the investment management group in April after being appointed in January. Shareholders yesterday voted against the severance payout for the former executives at the company’s annual meeting, despite the company saying it was made “in the best interests of the company and its shareholders”.

The vote was only an advisory resolution meaning the payment will still be made. Chief executive Barry Olliff told City A.M.: “We can do a much better job at explaining remuneration policy in future.”

Overall the company’s funds under management are down since May, with the pot of cash it manages falling from $3.7bn (£2.4bn) to $3.4bn at the end of September. Shares in the company fell 2.2 per cent yesterday to close at 266p.