Peter Hall's surprise resignation on Friday as a director of the Hunter Hall Global Value fund has rekindled governance concerns, coming within days of investors being told he was working on an orderly transition ahead of his exit from the group he founded.
"It is again demonstrating poor corporate governance," well known fund manager Geoff Wilson said of the latest changes. "It is incredibly disappointing behaviour."
More BusinessDay Videos
- Video duration
- 00:48
Peter Hall resigns from Hunter Hall role
Peter Hall resigns from Hunter Hall role
Fund manager Peter Hall confirms his resignation as chief investment officer of Hunter Hall stating personal reasons. Vision courtesy ABC News 24.
Up Next
Trump to be sworn in as 45th President
- Video duration
- 02:39
- Video duration
- 02:39
Trump to be sworn in as 45th President
Trump to be sworn in as 45th President
All eyes are on the inauguration speech, where we know anything can happen. What will this mean for the âTrump tradeâ? (This video was produced in commercial partnership between Fairfax Media and IG Markets)
Up Next
Aussie dollar up
- Video duration
- 01:33
- Video duration
- 01:33
Aussie dollar up
Aussie dollar up
A weakness in the greenback due to US policy uncertainty boosts the Australian dollar to trade at US74.8c on Friday morning. Video courtesy ABC News 24.
Up Next
Investor optimism hit by US policy uncertainty
- Video duration
- 01:10
- Video duration
- 01:10
Investor optimism hit by US policy ...
Investor optimism hit by US policy uncertainty
The three major US stock indexes closed lower as investors waited for fourth-quarter corporate earnings and details of US President-elect Donald Trump's economic policy.
Up Next
Uber exec: autonomous cars will smooth out surge pricing
- Video duration
- 01:37
- Video duration
- 01:37
Uber exec: autonomous cars will smooth ...
Uber exec: autonomous cars will smooth out surge pricing
Uber Vice President of Global Vehicle Programs Sherif Marakby talks about autonomous cars and the company's future at the North American International Auto Show in Detroit.
Up Next
Celebrate Australia with a Lamb BBQ
- Video duration
- 02:36
- Video duration
- 02:36
Celebrate Australia with a Lamb BBQ
Celebrate Australia with a Lamb BBQ
The 2017 Australia Day lamb advertisement with no mention of Australia Day.
Up Next
Who is Laura McBain?
- Video duration
- 01:38
- Video duration
- 01:38
Who is Laura McBain?
Who is Laura McBain?
Bellamy's CEO Laura McBain has been widely credited for transforming the family-run local company to a global brand.
Up Next
Fox allegedly settles sexual harassment case
- Video duration
- 00:39
- Video duration
- 00:39
Fox allegedly settles sexual harassment ...
Fox allegedly settles sexual harassment case
Former Fox News host Juliet Huddy allegedly settled for a six-figure sum in a sexual harassment case against Bill O'Reilly.
Peter Hall resigns from Hunter Hall role
Fund manager Peter Hall confirms his resignation as chief investment officer of Hunter Hall stating personal reasons. Vision courtesy ABC News 24.
On December 30, parent company Hunter Hall International announced Mr Hall had resigned as chief investment officer but, unless agreed otherwise, would remain in the role during his six-month notice period, as well as continuing as chief executive and a director of both the company and its publiclynlisted Global Value fund.
Then on Monday, it said it had appointed an interim chief executive and chief investment officer to take on Mr Hall's responsibilities, although "Mr Hall will continue to assist the board and management with the transition process through to his departure from the business" in June.
Related Content
"Yet two day's later he leaves the board," an exasperated Mr Wilson said.
Through investment funds he chairs, such as Wilson Asset Management, Mr Wilson is the largest single investor in Hunter Hall Global Value with control of 10.37 per cent of the capital.
Mr Hall has previously expressed fears that Mr Wilson could try to gain management control of the listed investment company, which would undermine the financial viability of the parent company. However, in recent months Mr Wilson had begun selling down his group's stake in the company as the discount to asset backing narrowed.
"In dealing with Peter Hall's decision to resign his executive responsibilities as Hunter Hall's chief investment officer and to leave the group, the independent directors of Hunter Hall Global Value are certain that it is in the best interests of shareholders and is good corporate governance that Mr Hall step down as a director of Hunter Hall Global Value at this time," the listed fund's chairman, Paul Jensen, said in response to the criticism.
Mr Hall blamed poor investments made around the time of the US presidential elections for his decision in December to resign as chief investment officer, saying he had been wrong-footed by the outcome and the response of investment markets.
Hunter Hall International controls an estimated $1 billion in investor money in a spread of unlisted and listed funds. The groups have an ethical investment approach, eschewing investments in miners and the like.
Just days after resigning, Mr Hall sold a 19.9 per cent shareholding in the funds management company to Washington H. Soul Pattinson, which controls one of Australia's largest coal miners, New Hope.
That sale, at $1 a share, which was well below the $3.50 the shares were fetching prior to news of his intended departure, raised eyebrows, along with concern that its funds could suffer an outflow due to the links with Soul Pattinson.
Soul Pattinson is to offer to acquire the remaining shares in Hunter Hall International at $1 a share, although Mr Hall has himself stated that shareholders would be "crazy" to accept this price.