This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

Dunedin Enterprise – Chairman stepping down

Dunedin Enterprise Investment Trust announced its half-year results this morning. They were unremarkable. But the good news in the announcement was the mention that David Gamble is retiring from the board, and hence as Chairman, at the next AGM.

ShareSoc attacked this company for the introduction of a performance fee in October 2012, under Mr Gamble’s chairmanship. It seemed totally unnecessary to compensate the fund manager in the way chosen because of a change in investment policy, with the risk of substantially higher management fees. Read our press release here: www.sharesoc.org/ShareSoc_Press039_Dunedin_Enterprise.pdf

At the subsequent General Meeting, it was disclosed, in response to questions, that Mr Gamble had 8 directorships and 2 other consultancy roles. This is surely excessive and contrary to ShareSoc’s guidelines for non-executive directors which suggests a limit of 4 or 5 roles (see www.sharesoc.org/Non_Execs_Code.pdf ).

So ShareSoc cannot but welcome this change of Chairman.

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