Mattioli Woods 'rebalances' board

Two directors of pension consultancy and administration firm Mattioli Woods have resigned as a result of an internal review into the company's governance.

A company announcement released on Tuesday said chief operating officer Mark Smith and benefits managing director Alan Fergusson had quit the board with immediate effect.

"The move follows internal and external reviews of the effectiveness of the company's board, its sub-committees and the group's senior executive management framework," the company statement said.

Fergusson and Smith will keep their roles on the senior executive management team.

The company’s chief executive Ian Mattioli said, "Rebalancing the board between non-executive directors and executives is more in line with the quoted companies alliance governance guidelines. We also believe this rebalancing sets the optimal business structure to compete successfully for the next phase of the company's growth."

The resignations reduce the board to six members and further directors are not expected to be added at this time.

The announcements did very little to affect stocks, as of 1525 BST, shares remained steady, up 0.50p to 819.50p.