'Why have all of you not resigned?': Inside Home REIT's investment policy general meeting
Lynne Fennah, non-executive chair of the trust since launch, said shareholders would have been left in a «very difficult» position if the board had stepped down.
In a general meeting held on Monday (21 August) to vote on changes to the trust's investment policy under AEW, the newly-appointed investment adviser, a shareholder questioned why the board had not resigned in light of its string of governance and communication failures.
«It has been nine months since we were made aware, not by the board, but by the press, of the problems of the company which took place under the existing board,» the shareholder said. «I would like to ask a very simple question: Why have all of you not resigned?»
Home REIT moves on from Alvarium as shareholders approve new investment policy
Fennah, non-executive chair of the trust since its launch in 2020, said shareholders would have been left in a difficult position if the board had stepped down before the publication of Alvarez & Marsal's investigation into Alvarium, the former adviser, and the trust's audited accounts for the period to 31 August 2022.
«It is very difficult to get people to come onto a board in this situation,» she said. «We need to have the accounts signed. We owe it to shareholders; we have to get that done.
»We were already looking at board composition last summer with the growth of the vehicle. [Having appointed AEW], we will be going back to that."
Fennah said the board has been working closely with a senior advisor since February and hopes the individual can join the board as a non-executive director in due course. The board is working towards providing further details about the individual «soon».
The shareholder also questioned why, more than nine months since the
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