AJ Bell PLC Consultancy Agreement (9410X)
29 April 2023 - 1:08AM
UK Regulatory
TIDMAJB
RNS Number : 9410X
AJ Bell PLC
28 April 2023
28 April 2023
AJ Bell plc ("AJ Bell" or the "Company")
Further to the announcements on 27 September 2022 and 21 April
2023 respectively about Baroness Helena Morrissey stepping down as
Chair when a new Chair had been found and the appointment of Fiona
Clutterbuck as Chair with effect from 1 May 2023, AJ Bell today
announces that Helena will leave the Board on 30 April 2023.
As also previously announced, Helena will continue work with AJ
Bell on a consultancy basis after stepping down. AJ Bell Business
Solutions Limited, a wholly owned subsidiary of AJ Bell, entered
into a consultancy agreement ("Consultancy Agreement") with Helena
Morrissey Limited, a company associated with Helena Morrissey, on
28 April 2023.
Under the terms of the Consultancy Agreement, Helena Morrissey
Limited will be paid an annual fee of GBP150,000 for procuring the
services of Helena for not less than 48 days during the term of one
year. Under the arrangement Helena will continue to provide support
for Money Matters, AJ Bell's initiative to encourage more women to
invest, and also help the Company to progress its ambitions around
the diversity of its own workforce
The Consultancy Agreement falls within Listing Rule 11.1.10R
(smaller related party transactions) and this announcement is made
in accordance with Listing Rule 11.1.10R(c). Before the Consultancy
Agreement was entered into AJ Bell obtained an opinion from its
sponsor that the terms of the arrangement are fair and reasonable
as far as the shareholders of the Company are concerned for the
purposes of Listing Rule 11.1.10R(b).
Michael Summersgill, Chief Executive Officer of AJ Bell,
said:
"I would like to thank Helena for her contribution to AJ Bell as
Chair and look forward to working with her in her new consultancy
role where we will continue to benefit from her passion and
commitment to diversity and inclusion."
Baroness Helena Morrissey said :
"AJ Bell's Money Matters initiative is a great source of
knowledge and inspiration for women who want to invest more but
want some help and guidance along the way. There is a gender
investment gap in the UK that needs closing and I'm excited to be
continuing to work with AJ Bell on this important campaign."
For further information, please contact:
AJ Bell plc
-- Bruce Robinson, Company Secretary: +44 (0) 780 234 4859
-- Shaun Yates, Investor Relations Director +44 (0) 7522 235 898
-- Charlie Musson, Brand and PR Director +44 (0) 7834 499 554
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END
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