Foresight Solar Fund Ltd (LSE:FSFL) has announced changes to lower fees alongside a boardroom reshuffle.
The company is revising how it pays its investment manager, reducing fees and linking them more closely to share price performance.
Currently, the manager is paid 1% of net asset value (NAV) up to £500m and 0.9% above that.
From March, fees will be based on a mix of NAV and market capitalisation, with rates dropping to 0.95% and 0.8% respectively.
This change is expected to save around £1.2m a year.
The board has also outlined its succession plans. Tony Roper will take over as chair in September, replacing Alex Ohlsson, while Paul Masterton will become senior independent director after Chris Ambler steps down in June.
Foresight acknowledged the tough market conditions facing listed renewable infrastructure funds.
While it noted it has taken steps such as share buybacks, it said it recognised that more is needed to boost the company’s valuation.
Shareholders have differing views on the best path forward, and the board says it remains committed to balancing their interests while exploring all options, it added.
"We are cognisant of the challenges our shareholders face. We are urgently adapting to new, complex times and will continue to engage with shareholders as we consider a range of strategic options while continuing to deliver on our near-term objectives," said chair Ohlsson.
"I would like to thank shareholders for their ongoing engagement and support, and the board looks forward to updating them further in due course."