A group of investors in Nelson Peltz’s U.K.-listed vehicle Trian Investors 1 have teamed up to call a special meeting to replace a majority of the board, arguing the fund’s corporate governance must be improved.

Global Value Fund, Invesco, Janus Henderson, and Pelham Capital said 43.6% of the fund’s voting capital supports its resolutions to remove three directors and replace them with two new ones. The investors said in a notice Monday they were dissatisfied with the fund’s change in its investment mandate from investing in a single security for a limited time to investing in multiple securities for an unlimited time.

The changes to Trian Investors 1’s bylaws were approved by 52% of the shares cast at the June 14 annual meeting, but the dissident investors noted that related parties Trian and Jefferies owned 28.6%. Excluding these votes, the dissidents said the resolution would have been rejected by 70% of the shareholders.

The dissidents also noted that the manager, which is U.S.-based Trian Fund Management, received 56.8 million pounds in fees since the initial public offering in 2018, while investors got an investment return of 57.6 million pounds. “This means for every pound of value seen by shareholders, Trian has already accrued 99 pence in its capacity as the manager,” the dissidents said.

Trian is invested in both Janus Henderson and Invesco. The fund’s co-founders Peltz and Ed Garden sit on the board of Janus, which recently announced a management change. Peltz and Garden had also served briefly on the Invesco board before their appointment at Janus.