JLT REPORTS POSITIVE START TO 2013, BUT SOME INVESTORS REMAIN RESTLESS

Broker Jardine Lloyd Thompson (JLT) has reported a positive start to the year, saying that it was pleased with the group's overall performance. JLT chief executive Dominic Burke said at the company's annual general meeting that organic growth in the risk and insurance segment of JLT was in line with expectations, with "a particularly encouraging quarter from JLT". However, the 2011 move by Asia-focused Jardine Matheson which saw it increase to 40% its stake in JLT – which had been spun off by Jardine Matheson in 1991 – continues to generate unease amongst other investors. Yesterday more than two-fifths of the proxy votes – discounting the 40% Jardine Matheson stake – voted against the re-election of deputy chairman Lord Leach of Fairford, who is also a director of Jardine Matheson. Lord Leach also chairs JLT's nominations committee and sits on the remuneration committee. JLT said it believed that the presence of Lord Leach and the other Jardine Matheson-nominated member, Lord Sassoon, "does not detract from their independence and judgment on any relevant issue".