Wellesley Investments, a leading investment manager, has a 3% stake in Irish Residential Properties REIT (Ires) and is calling for the company’s executives to demonstrate stronger alignment with investors, according to its managing director Denis Moloney. Moloney explained that lowering operating costs is key to improving margins, and remuneration is an important part of that. Ires is already facing significant shareholder opposition over its strategy, financial management, and share performance, with Vision Capital and Capreit already indicating their intention to vote against the Board at the upcoming AGM. Moloney confirmed that Wellesley was not necessarily voting with the Board and that the company required significant restructuring or an outright sale in order to increase shareholder returns.
