Alliance Trust AGM: Tough times not over for board

When you upset someone who declares they would “die in a ditch” in your defence then you know it’s been a tough day.

But that is what happened when the Alliance Trust board faced the music over their handling of the embarrassing and expensive Elliott saga.

The board lined up on stage at Wednesday’s AGM like sitting ducks and investors were not shy in taking aim and firing forth their point of view.

There was disappointment, anger and confusion but, even more worryingly, there was also significant concern about the trust’s future direction.

Chairman Karin Forseke repeated the mantra there would be no change of strategy, just a change in the speed of delivery.

The trust has a year to make significant progress or face as-yet-unknown consequences.

The last weeks have been hard, but I predict the months ahead will be tougher still.