R&Q’s Spiegel survives challenge on roughly 2:1 shareholder backing
Embattled leadership at Randall & Quilter (R&Q Insurance Holdings) held out against a shareholder rebellion, with neighbourhood 2/3 of assembled shareholders voting against plans to remove CEO William Spiegel in favour of co-founder Ken Randall.
A motion to remove Spiegel failed 69.6% to 30.4% with 91.4% of votes present at the EGM. A separate motion to put Ken Randall back to the board failed by a lightly slimmer margin of 64.9% to 35.1%.
The challenge had been thrown down by Phoenix Asset Management and joined by R&Q's estranged partner Brickell whose takeover bid earlier in 2022 failed to muster shareholder support. Together, the two rebel shareholder groups had been thought to control some 35% of equity.
The board had worked to rally minority investors to its side, ultimately claiming some 40% of shareholder capital stood firmly in their corner. Asset managers/insurers Slater, Abrdn, Vida and J O Hambro have come aboard publicly.
The board had claimed a unified defence, noting that the “whole board, including the independent directors” stood with Spiegel and the current strategy. That board of directors includes an R&Q co-founder of its own, Alan Quilter.
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