Peter Hargreaves strikes deal with Hargreaves Lansdown on board representation
Peter Hargreaves has nominated a City veteran to join the Hargreaves Lansdown (HL) board as part of a new agreement between the co-founder and the fund manager.
In a stock exchange announcement today, Hargreaves Lansdown announced it had come to an agreement with Hargreaves to enter into a new shareholder agreement, which will allow Hargreaves to nominate a non-independent, non-executive director.
The firm and its billionaire founder, who is the firm’s largest shareholder with a 24 per cent stake, have for years been working towards how best to reflect Hargreaves’ huge financial interest on the board.
As a result, Adrian Collins has now been nominated as a shareholder representative of Hargreaves, under the new agreement that will give him the right to appoint a board member for as long as he controls at least 10 per cent of the company’s voting rights.
The appointment, subject to regulatory approval, will take effect on 2 November.
“Adrian’s presence on the board will provide an avenue to harness Peter’s wealth of experience, while also allowing us to benefit from Adrian’s considerable expertise in the fund management industry”, said Deanna Oppenheimer, chair of Hargreaves Lansdown.
Collins’ career in the fund management business spans four decades, most recently as chairman of Lionstrust Asset Management between 2009 and 2019.
He has previously held roles at Jupiter, Bestinvest and Lazard, as well as co-founding financial consulting firm Trustnet, adn was earlier this year appointed as non-executive chairman of Eddie Stobart.
As a result of becoming a non-executive director at Hargreaves Lansdown, Collins has stepped down from the boards of LTC Holdings and Heritage Collins.
He is also a non-executive director at Bahamas Petroleum and the Sri Lanka Fund.
“I am pleased to be joining the board of Hargreaves Lansdown. I look forward to playing my part in the continued success and leadership of the company”, Collins said.