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Trencor directors up for re-election at the annual general meeting, scheduled for next week, will be hoping to get more support from shareholders than Hennie van der Merwe got at Textainer’s recent annual meeting. Trencor’s 48% stake in New York-listed Textainer, which is one of the largest lessors of shipping containers in the world, is its dominant investment. Textainer’s weak performance over recent years explains why the Trencor share price has been on a steady downward path. Van der Merwe, who is the chair of Trencor, is a member of the Textainer board and received just 65.5% support for his re-election at the Textainer meeting in May. Remarkably, 53.26% of shareholders did not attend or vote at the meeting, which is held in Bermuda. Attendance at Trencor’s annual meeting is more robust. At 2017’s meeting 99.93% of Trencor’s shareholders voted to re-elect Van der Merwe and there was a 93% attendance. The only resolution that caused a flutter was the vote on the remuneration pol...

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