Investors to vote against 3i chief

SEVERAL top investors in private equity firm 3i are planning to vote against re-electing the company’s chief executive Michael Queen.

It is understood 3i shareholders including Schroders, BlackRock and Scottish Widows Investment Partnership are planning to abstain or vote against Queen’s re-election, after they said he had rejected demands to return cash to investors.

A 3i spokesman yesterday said the board had not made any decision on returning cash to investors, adding “we are always interested in the views of our shareholders.”