ANNUAL GENERAL MEETING
Shareholders challenge Trencor board over lagging Textainer
After a tense and at times acrimonious annual general meeting at which minority shareholders challenged Trencor’s directors to demonstrate they could reverse the long-term underperformance of its major asset Textainer, shareholders voted in overwhelming support of most of the resolutions. Trencor’s 48% stake in New York-listed and Bermuda-registered shipping container group Textainer is its primary asset. Trencor’s remuneration policy, which has been criticised for being too generous for a board that oversees no operational assets, was opposed by 36% of the shareholders. The remuneration implementation report was opposed by 20% of shareholders. Chair David Nurek, whose re-election was opposed by 16% of shareholders, told the two-hour-long meeting that he "completely rejected the allegation" that the management at Textainer was inactive. Textainer had achieved a "noteworthy improvement" during financial 2017 and it was evident in the first six months of 2018 that this was continuing,...
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