Hargreaves Lansdown and Peter Hargreaves enter into new shareholder agreement
UK direct-to-investor investment and online trading firm Hargreaves Lansdown PLC (LON:HL) today announces that it has agreed with Peter Hargreaves to enter into a new shareholder agreement to govern their on-going relationship.
Under the agreement, Peter Hargreaves, a co-founder of Hargreaves Lansdown and the Company’s largest shareholder, is entitled to nominate one non-independent, non-executive director for appointment to the Board. This Agreement and nomination right will remain in place for so long as Peter Hargreaves and his associates’ control or are entitled to control the exercise of at least 10% of the Company’s voting rights.
As a result, the Board today announces the appointment of Adrian Collins as a non-independent non-executive director of the company, nominated to the Board as a shareholder representative of Peter Hargreaves pursuant to the nomination right set out in the agreement. Adrian Collins’s appointment will take effect on November 2, 2020.
Mr Collins has worked in the fund management business for over 40 years, most recently at Liontrust Asset Management where he served as Chairman from 2009 to 2019. He has extensive experience across fund management and adjacent sectors having held senior roles at Gartmore, Trustnet (which he co-founded), Jupiter, Bestinvest and Lazard Investors. He is an experienced non-executive director and is currently non-executive Chairman of Eddie Stobart Logistics plc and CIP Merchant Capital Ltd.
As a result of becoming a non-executive director at Hargreaves Lansdown, Adrian Collins has stepped down from the boards of LTC Holdings and Heritage Collins where he was a non-executive director and will in due course also come off the board of Tri Star Resources. He is also a non-executive director at Bahamas Petroleum plc and the Sri Lanka Fund.
In the previous five years, in addition to the companies named above Adrian Collins has also held directorships in the following publicly quoted companies: City Natural Resources High Yield Trust plc and New City High Yield Fund Ltd.
Adrian Collins will seek election by the Company’s shareholders at the Annual General Meeting in 2021.