IP Group, a London-listed investor in early-stage science and technology companies, is facing growing concern over the leadership of its chairman, Sir Douglas Flint. According to sources in the City, one of the company’s top shareholders, Lombard Odier, has expressed reservations about Sir Douglas’s stewardship in recent months.
It is believed that a number of other institutional investors are also aligned with Lombard Odier, which holds a significant 4.6% stake in IP Group. While it is not clear if the company’s board is discussing Sir Douglas’s future, the company declined to defend his track record when approached for comment.
Sir Douglas is a highly respected figure in the City, having previously served as the finance chief and group chairman of HSBC Holdings, Europe’s biggest lender. He has been at the helm of IP Group since 2018, during which time the company’s shares have fallen by 6%. With a market valuation of £560m, IP Group owns stakes in various companies including C-Capture, a carbon capture and storage venture, Feature Space, a predictive analytics business, and Istesso, a healthcare company.
Last year, Istesso was the subject of an attempted merger with a special purpose acquisition company. Sir Douglas also holds the position of chairman at abrdn, an asset management group that has recently faced criticism for changing its name from Aberdeen by removing the vowels. abrdn also announced the departure of its chief executive, Steven Bird, last week.
IP Group is scheduled to hold its annual meeting next month, with proxy adviser Glass Lewis recommending that shareholders vote in favor of Sir Douglas’s re-election. Both IP Group and Lombard Odier declined to comment on the matter when approached by media outlets.
