In 2025, we’ve seen three deals in the investment-trust sector where large shareholders or associated entities appear to have used their position to the disadvantage of minority investors. These deals raise questions about treating minority shareholders fairly and governance in the sector, at a time when many trusts trade at a large discount to net asset value (NAV). It offered only a partial tender offer at a discount to NAV for investors who were not keen on this new strategy. Maximising value for other shareholdersFinally, take Ocean Wilsons (LSE: OCN) and Hansa (LSE: HAN), as discussed recently by MoneyWeek columnist Max King. As an OCN shareholder, I am less happy than Max with this outcome.