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.