Invesco Growing Markets Fund, the most important shareholder with possession hobby of virtually 18% in Zee Leisure Enterprises Ltd., has written an open letter to Zee shareholders, outlining the pressing want for unbiased views at the board of administrators.
“As long-term buyers and stewards of investor capital, the Invesco Growing Markets crew takes its fiduciary accountability very significantly and is dedicated to performing in the most productive hobby of purchasers and shareholders,” wrote Justin Leverenz, leader funding officer, creating markets equities, within the letter.
“We have now been a vital shareholder in Zee Leisure Enterprises for over a decade. The intensity of skill inside Zee provides us conviction that if the corporate have been correctly controlled, it has the potential of super expansion and good fortune,” he mentioned.
“We’re disenchanted that the management of Zee has resorted to a reckless public-relations marketing campaign in keeping with the overpowering call for from shareholders for management adjustments at Zee,” he added.
“Those movements and rhetoric are geared toward fending off true duty for the governance lapses and shareholder worth destruction that the present management and board have presided over,” he mentioned.
“We’re calling on Zee shareholders to enroll in us in asking why the founding circle of relatives, which holds underneath 4% of the corporate’s stocks, must receive advantages on the expense of the buyers who hang the rest 96%,” he additional added.