FORMER oil executive Lynn Fordham, chief executive of SVG, was yesterday landed with a protest vote against her from shareholders owning around 30 per cent of the private equity group’s equity.
Dissident shareholder Coller Capital, a private equity investor, voted both against Fordham’s pay and her position as both head of the listed company and the chairwoman of SVG Advisers.
Coller, which has around 21 per cent of the company’s shares was supported by shareholders owning around another 10 per cent.
One resolution, requiring a 75 per cent vote in favour, was voted down by shareholders.
A source close to Coller said last night: “We think she is walking into a conflict of interest, looking after both roles.” SVG recently entered into an alliance with Aberdeen Asset Management on its fund management business.
Fordham’s pay, which is around £1.25m, is criticised on the grounds that it is currently linked mostly to the performance of Permira’s funds through which SVG has previously put most of its business. This is now changing, with the company able to invest in other private equity groups.
A source close to SVG said that Coller’s vote represented some of the most ridiculous shareholder activism he had ever seen.
A statement to the London Stock Exchange made no mention of the two votes against Fordham.