Burford Capital nominates three new male directors for all-male board
Burford Capital today nominated three new directors for its all-male board, all of who are men.
The litigation funder said it was “sensitive to the fact that its board will remain, with these new appointments, entirely male, which is not our desire and is inconsistent with the significant level of gender diversity in the business”.
Burford said it “approached a number of potential women directors as part of its nominating process, but the suitably qualified female candidates that Burford identified were unable to accept the appointment for a variety of reasons.”
The board shake up follows criticism from shortseller Muddy Waters which questioned the independence of its directors on the grounds of their length of time in post.
The proposed directors are former director general of the UK Takeover Panel Robert Gillespie, former chief operating officer of Merrill Lynch John Sievwright and Burford’s chief executive and founder Christopher Bogart.
It said Gillespie and Sievwright were independent having been introduced by recruiter Korn Ferry.
Burford said its chair Sir Peter Middleton will step down from the board in 2021, to be replaced by deputy chair Steve Wilson.
Burford said it was aware “Wilson’s length of service on the Burford board would ordinarily disqualify him from being appointed chairman under the [UK Corporate Governance] Code.”
But said: “we believe strongly that it would be a mistake to engage in wholesale turnover of the board without a period of transition.”
Burford’s share price fell 7.7 per cent today to 550p.