Commenting on Metro Bank’s announcement this morning that chairman Vernon Hill will be stepping down, Ashley Hamilton Claxton, head of responsible investment at Royal London Asset Management, said:
“We hope this change in leadership will help the Board draw a line under the governance issues at Metro Bank and focus on restoring shareholder trust and improving financial performance. Pension savers, who are invested in listed companies through their workplace pensions, have suffered significantly as a result of the over 90% drop in Metro Bank’s share price since April 2018 when we first raised governance concerns, so we welcome this announcement.”
RLAM holds a minimal stake in Metro Bank within some of its index tracking portfolios.
Past performance is not a reliable indicator of future results. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested. The views expressed are the author’s own and do not constitute investment advice. Portfolio holdings are subject to change, for information only and are not investment recommendations.