Hargreaves Lansdown co-founder Peter Hargreaves has gained a voice on its board five years after retiring.
The 74-year-old has hammered out an agreement to have his representative, Adrian Collins, 66, appointed as a non-executive director.
The move by the largest shareholder with a 24 per cent stake, comes as the fund supermarket attempts to patch up its reputation following the Woodford scandal.
Hargreaves Lansdown co-founder Peter Hargreaves has hammered out an agreement to have his representative, Adrian Collins, 66, appointed as a non-executive director
Customers were furious with Hargreaves Lansdown after it recommended Neil Woodford’s Equity Income fund right up until its suspension last year, and ploughed millions of pounds of savers’ money into it.
Hargreaves said: ‘My family continues to be the largest shareholder and, with an eye to the long term and as I become more distant from the business, it is a natural step for us to have professional representation.’
The billionaire Brexiteer said his family ‘intend to remain material shareholders for the long term’, despite selling £550million of shares in February. Collins chaired asset manager Liontrust until last year.
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