The votes are in, and now it’s known whether or not R&Q Insurance Holdings executive chair William Spiegel is staying on as a director of the non-life insurance group.
At R&Q’s special general meeting (SGM) in London on Tuesday, more than 345 million votes were cast for each resolution to decide the fate of the company’s board. The SGM was called for by shareholder Phoenix Asset Management Partners, which wanted Spiegel out and R&Q co-founder Ken Randall back in.
Of the votes cast, 70% were against removing Spiegel as a director, while 65% voted against appointing Randall as a director. That means both resolutions – which needed at least 50% of the votes to be ‘for’ or in favour, in order to be passed – were turned down.
“We are pleased with the result of the meeting and would like to thank our shareholders for their support,” commented non-executive director Alastair Campbell. “The certainty provided by this outcome means that William, the board, and the management team can now ensure their full focus is on executing against our strategy and delivering on our targets.
“The R&Q board will also continue with its priority of enhancing its composition, including the appointment of an independent non-executive chairman as soon as possible.”
Phoenix Asset Management Partners has not issued a statement as of this writing.
