GPG gives Tower director the boot

At its annual meeting Tower Group independent director Denis Wood told investors he was resigning, after GPG, which holds a 35% stake, told the board it wouldn't vote for him to be re-elected.

"I respect the right of shareholders to exercise their vote in the manner they choose and with their own best interests in mind - in this instance GPG is doing so in what it perceives to be its own best interests," Wood said.

"As an independent director I can have no alignment to any section or group of shareholders - any other approach is inconsistent with good governance and best practice."

The Tower board now has three independent directors and three non-independent directors.