Mattioli Woods PLC Changes to Governance (9743N)
August 15 2017 - 2:00AM
UK Regulatory
TIDMMTW
RNS Number : 9743N
Mattioli Woods PLC
15 August 2017
15 August 2017
Mattioli Woods plc
("Mattioli Woods" or "the Company")
Changes to Governance
Mattioli Woods plc ("Mattioli Woods" or "the Company"), the
wealth management and employee benefits specialist today announces
changes to its board of directors, in order to underpin its
governance and control standards.
Two directors have stepped down as part of a streamlining move
designed to eliminate duplication and overlap between the Company's
board and senior executive team.
Chief operating officer Mark Smith and employee benefits
managing director Alan Fergusson have resigned from the board with
immediate effect.
The move follows internal and external reviews of the
effectiveness of the Company's board, its sub-committees and the
group's senior executive management framework.
The board's reduction from eight members to six means it will in
future consist of three independent non-executive directors and
three executives.
Mark Smith and Alan Fergusson will remain as key figures on the
senior executive management team, known as SET(GO) .
Going forward the Company's board will comprise Joanne Lake,
independent non-executive chairman; Ian Mattioli MBE, co-founder
and chief executive officer; Murray Smith, group managing director;
Nathan Imlach, chief finance officer; and Anne Gunther and Carol
Duncumb, both independent non-executive directors.
It will focus on group strategy, risk and governance. SET(GO) 's
agenda will be concentrated on delivery and control of the
execution of the group's strategic and operational initiatives.
Ian Mattioli said: "Mattioli Woods floated in November 2005 when
our revenues were GBP6.4 million and, on behalf of our clients,
looked after GBP728 million of assets. Today the business is very
different, with revenues of more than GBP50 million and assets
under management of GBP7.8 billion. Throughout this time, the group
has always been committed to high governance and control
standards.
The board and its senior management team, through internal and
external examination, has been looking at how the needs of the
group should be governed, led and managed so that it can continue
to grow and develop as a listed financial services business under
Joanne Lake as its independent non-executive chairman.
These changes will enable us to develop a stronger structure,
with clearer definition between the Company's board and its senior
management team".
SET(GO) , which operates and manages the business, will continue
to be made up of seven executives:
Ian Mattioli, Murray Smith, Nathan Imlach, Mark Smith, Alan
Fergusson, chief business officer Sara Andrews and chief investment
officer, Simon Gibson.
Mr Mattioli added: "Rebalancing the board between non-executive
directors and executives is more in line with the Quoted Companies
Alliance governance guidelines.
We also believe this rebalancing sets the optimal business
structure to compete successfully for the next phase of the
Company's growth.
When Bob Woods and I formed the company we did so by instilling
strong values and developing a long-term, sustainable vision for
the business to operate within. The work of SET(GO) and the
reduction of the Company's board gives us the platform for strong
governance, while enabling the group to further develop," said Mr
Mattioli.
We could not have achieved what we have over the last 25 years
without the talent and commitment of the Mattioli Woods team. Mark
Smith and Alan Fergusson, who are stepping down to enable these
changes to happen, have my full appreciation as they continue their
senior roles within SET(GO) and our business."
- ENDS -
For further information please contact:
Mattioli Woods plc
Kevin Booth, Press and Tel: +44 (0) 116 240
Media Project Manager 8700
www.mattioli-woods.com
Canaccord Genuity Limited
Sunil Duggal, Investment Tel: +44 (0) 20 7523
Banking 8000
Andrew Buchanan, Corporate www.canaccordgenuity.com
Broking
This information is provided by RNS
The company news service from the London Stock Exchange
END
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