Former Hermes directors set up new company
Two former directors of fund manager Hermes who helped set up its governance outsourcing service Eos have set up a similar outsourcing company.
Peter Butler and Steve Brown who left the fund manager in August after a disagreement over strategy, have launched ‘Governance for Owners’, a global corporate governance outsourcing business, The Financial Times has reported.
The service is to carry out specialist shareholder engagement duties for clients who lacked the resources to engage in governance matter with foreign companies in which they hold a stake.
Butler has said that the company will not rival Hermes’ work in this sector, but ‘we have not worked out our final strategy yet’.