REG - City of Lon Inv Grp - Board Restructure and Director retirement

City of London InvestmentAnnouncement

26/04/2022 07:16

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RNS Number : 2778J  City of London Investment Group PLC  26 April 2022

City of London Investment Group PLC

26 April 2022

 

CITY OF LONDON INVESTMENT GROUP PLC

("City of London", "the Group" or "the Company")

 

BOARD RESTRUCTURE AND DIRECTOR RETIREMENT

 

City of London (LSE: CLIG), following a review of the governance arrangements
of the Group, announces a restructure of the Board of Directors of the Company
(the "CLIG Board" or "Board").

 

The key elements of the restructure of the Board (the "Restructure"), which
will take effect from 30 June 2022, will be:

 

 ·    A streamlining of the Board and increasing the proportion of
 Independent Directors.
 ·    A creation of a Group Executive Committee which will provide
 executive oversight of the Group's operating businesses, principally City of
 London Investment Management ("CLIM") and Karpus Investment Management
 ("KIM").
 ·    The Group Executive Committee will be chaired by Tom Griffith (CEO)
 and will initially be comprised of Carlos Yuste (Head of Business
 Development), Mark Dwyer (Chief Investment Officer, CLIM), Dan Lippincott
 (Chief Investment Officer, KIM), and Deep Agrawal (Chief Financial Officer).
 ·    The principal duties of the Group Executive Committee will be the
 day-to-day management of the Group.
 ·    Following the creation of the Group Executive Committee, Carlos
 Yuste, Mark Dwyer and Dan Lippincott will step down from the CLIG Board. Their
 responsibilities on the respective CLIM and KIM Boards will not change.

 

The Restructure is the outcome of a series of Board-level discussions about
the composition and structure of the Board that arose out of its 2021
evaluation exercise. The Restructure is therefore expected to improve the
efficiency of the Group's corporate governance by creating a separate forum
for executive leadership whilst providing for clearer accountability of the
Group Executive Committee to the CLIG Board, and the CLIG Board to
shareholders. It will also bring the composition of the CLIG Board into line
with the requirements of Provision 11 of the UK Corporate Governance Code with
at least half of its members will now be Non-Executive Directors who are
considered to be independent. The Restructure will also improve the Board's
diversity profile.

 

Barry Aling, Chair, commenting on the Restructure, said: "In our 2021 Annual
Report, we stated that the Board composition would be reviewed as a matter of
priority and I am pleased that we have now agreed to make changes that will
improve the efficiency of both the Board and the executive team whilst
enhancing diversity and addressing the central issue of independence as
stipulated by the Code."

 

Tom Griffith, CLIG Executive Director and CEO, added: "Carlos, Mark, and Dan
will continue to serve the Group in their current executive roles, along with
Deep, within the Group's operating subsidiaries.  They remain committed to
the future success of your Company. The new Group Executive Committee will
report regularly to the Board on the ongoing operation of the Group and its
businesses in accordance with terms of reference which will be approved by the
Board."

 

Separate to the Restructure, the Company also announces that Barry Olliff, the
Company's Founder, has notified the Board that he intends to retire as a
Director of the Company with effect from 31 July 2022. The Board wishes to
place on record its sincere appreciation to Barry for his years of service to
the Group and the Board.

 

Barry Aling, Chair, commenting on Mr. Olliff's retirement, said: "I would also
like to pay a special tribute to Barry Olliff, who has announced his intention
to retire in July 2022. As Founder of CLIG more than thirty years ago, Barry
has been the architect and driving force in the development of the business
from the outset. His rigorous commitment to the interests of all stakeholders
and high standards of corporate transparency are written into the CLIG DNA and
have earned Barry much respect in the wider investment universe.

 

The retirement of a Founder can often present serious challenges in terms of a
transition to executive successors and managing that process requires patience
and dedication. Over the last four years, Barry engaged in that process
wholeheartedly and has ensured that the management transition, which is now
complete, has been implemented in a seamless fashion. For this and much else,
I would like to offer my sincere thanks to him on behalf of all shareholders.
He will be sorely missed."

 

For further information, please visit www.clig.co.uk (http://www.clig.co.uk)
or contact:

 

Tom Griffith, CEO

City of London Investment Group PLC

Tel: 001-610-380-0435

 

Martin Green

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000

 

 

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