Major investor evens the scales for CEO Spiegel in R&Q leadership battle

Slater Investments has thrown its 11.7% stake in insurer  R&Q Insurance Holdings behind embattled CEO William Spiegel (pictured), helping to balance the scales in the rising proxy battle for leadership.

Spiegel appears to have secured the additional support via a new independent board placement and plans for more, the statement from Slater indicated.

Such appointments are "the best way to address the governance of the business," Slater said in its statement.

Slater praised appointment of Robert Legget as senior non-executive director and tipped its hat to plans for a new non-executive chair.

Slater is the fourth major shareholder to speak out publicly in favour of current management after shareholder Phoenix Asset Management made a public call for Spiegel's ouster.

The combined weight of Spiegel supporters Slater, Abrdn, Vida and J O Hambro puts neighbourhood 32% in Spiegel's corner.

That's still short of a lead. Phoenix Asset Management brings some 12% stake to the fight. Brickell, once a would-be buyer of R&Q with a 23% stake before the deal fell apart in acrimony, has reportedly lined up with Phoenix on the matter.

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.