Under Fire, 3i Seeks Non-Executive Directors

Apr 9 2012 | 11:15am ET

Private equity firms are all about applying pressure and shaking up boards of directors. Usually, however, they aren't on the receiving end.

3i Group is. The publicly-listed p.e. shop, which has been hounded by activist hedge fund Laxey Partners and others over its discounted share price, said it would add two non-executive directors to its board. The Sunday Telegraph reports that the additions are likely just the first step as chairman Adrian Montague seeks to appease restive shareholders.

"We have been looking over time to bring on new people," Montague told the Telegraph. "What I try to do is bring together a group of people who can intelligently aid the board." Montague said he was focusing on candidates with expertise in emerging markets.

Board members aren't the only new people Montague is looking for: 3i CEO Michael Queen two weeks ago said he would leave the firm as soon as his replacement is found.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of