Dissidents at One51 take a step back in boardroom row
Published 16/09/2010 | 05:00
THE FUTURE of a dissident shareholder group at investment company One51 was unclear last night after the head of the group said he was "stepping back" from his position.
Gerry Killen (below), who had led the 'Campaign for Change at One51', said he would be pulling back from his position at the head of the group to pursue "other business interests".
"We ran a strong campaign and although we did not get our nominees elected to the board, we publicised the need for stronger corporate governance within the company and saw a number of board members promise they would play a greater role in that regard," he said.
Mr Killen had been instrumental in the movement, which had demanded changes to One51's investment strategy and had tried to get its representatives elected to the board of the company.
The campaign culminated in a stormy annual general meeting in July at which the group did not succeed in getting its nominees elected.
After the AGM, Mr Killen said he would assess the campaign before making a decision on whether to continue. Earlier this week he denied he had any regrets about the campaign and called on the board to take a greater role in the corporate governance of One51.
Mr Killen said he would retain his shares in the firm.
"Like most of the shareholders in the company, I have lost on my shares since I bought them and I don't plan on selling at a loss," he said.
"We [the campaign] brought a lot of things to the attention of shareholders that they would not have otherwise been aware of. Although we did not get our nominees elected to the board, we brought matters to a head and got things out that shareholders needed to know about," he added.
One51 declined to comment on Mr Killen's announcement.