Shareholders of Bermudian-based R&Q Insurance Holdings Ltd have voted against resolutions brought by activist investors seeking to remove William Spiegel as a director and to appoint Ken Randall.

Mr Spiegel is the executive chairman of R&Q, while Mr Randall is a company founder and former executive chairman.

The votes took place Tuesday at a special general meeting in London.

The meeting was convened by R&Q after it received a requisition notice from Phoenix Asset Management Partners Limited, which indirectly holds 12.2 per cent of the company’s issued share capital, to requisition a SGM to table resolutions calling for the removal of Mr Spiegel as a director of the company and the appointment of Mr Randall as a director.

The R&Q board recommended that shareholders vote against the resolutions, which were proposed as ordinary resolutions requiring the support of a minimum of 50 per cent of the total votes cast in order to be passed.

The resolution to remove Mr Spiegel as a director was defeated by 239,997,677 votes (69.56 per cent) to 105,025,549 (30.44 per cent).

The resolution to appoint Mr Randall as a director was defeated by 223,787,182 votes (64.86 per cent) to 121,227,672 (35.14 per cent).

The total votes cast as a percentage of issued share capital was 91.42 per cent.

Alastair Campbell, non-executive director, said: “We are pleased with the result of the meeting and would like to thank our shareholders for their support.

“The certainty provided by this outcome means that William, the board and the management team can now ensure their full focus is on executing against our strategy and delivering on our targets.

“The R&Q board will also continue with its priority of enhancing its composition, including the appointment of an independent non-executive chairman as soon as possible.”