EN United Kingdom Investment Trust

Frances Daley, Chairman, Non-Executive Director
Frances Daley qualified as a Chartered Accountant with a predecessor firm to EY and spent nine years in corporate finance followed by 18 years in various CFO roles. From 2007 to 2012, she was group finance director of the private equity backed Lifeways Group, the UK’s largest provider of specialist support to adults with learning disabilities and mental health needs. She is also Chair of Haven House Children’s Hospice and a non-executive director of Henderson Opportunities Trust PLC and Regional REIT Limited. She was appointed to the Board on 29 April 2014.

  

Nadya Wells, Non-Executive Director, Senior Independent Director, Chairman of Nomination Committee and Management Engagement Committee
Nadya Wells has over 20 years Emerging and frontier markets experience as a long-term investor and governance specialist. Latterly she spent 13 years with the Capital Group until 2014, as a portfolio manager and analyst with a focus on EMEA markets. Prior to that she was a portfolio manager at Invesco Asset Management investing in Eastern Europe in closed end funds until 1999. She started her career with EY in management consulting. She is also an independent non-executive director on the Supervisory Board of Sberbank of Russia where she chairs the audit committee, and sits on risk and strategy committees. She is a non-executive director of Eastnine AB in Sweden and Hansa Investment Company Limited. She has an MBA from INSEAD, an MA from Oxford University and an MSc from the University of Geneva. She was appointed to the Board on 23 September 2015.

  

Calum Thomson, Non-Executive Director and Audit Committee Chairman
Calum Thomson is a Chartered Accountant with over 25 years’ experience in the financial services industry. For over 21 years, he was an audit partner at Deloitte LLP, specialising in the asset management sector, with clients including a wide range of managers, investment trusts, banks, sovereign wealth funds, large charities and private equity funds. During his career, he led Deloitte LLP’s global and UK asset management groups. He is a nonexecutive director and audit committee chairman of The Diverse Income Trust plc, AVI Global Trust Plc, Standard Life Private Equity Trust plc and BLME Holdings plc, a UK regulated bank. He currently chairs two charities, La Serenissima and the Tarbat Discovery Centre. He was appointed to the Board on 21 September 2017.

  

Christopher Granville, Non-Executive Director
Christopher Granville was formerly a British diplomat in the Political Section of the British Embassy in Moscow and has a wealth of experience in Emerging Europe. He is currently a Board Director and Managing Director of TS Lombard, an independent investment research provider formed in 2016 from the merger of Trusted Sources, a firm specialising in emerging markets, that was co-founded by Christopher in 2006, and Lombard Street Research. Previously, he spent six years as chief strategist and political analyst at United Financial Group (UFG), a Moscowbased investment bank that was acquired by Deutsche Bank in 2006. Christopher joined UFG from Fleming-UCB, a Moscow brokerage that he helped start up in 1995 and where he held the position of managing director and Head of Research. Christopher is a member of the Board of Directors of EOS AB and a member of the Investment Committee of Olma Private Equity Fund. He was appointed to the Board on 30 November 2018.

  

Vivien Gould, Non-Executive Director
Vivien Gould has worked in the financial services sector since 1981. She was a founder director of River & Mercantile Investment Management Limited (1985) and served as a senior executive and deputy managing director with the group until 1994. She then worked as an independent consultant and served on the boards of a number of investment management companies, listed investment trusts, other financial companies and charitable trusts, including the Stroke Association. Vivien is currently a non-executive director and audit committee chairman of The Lindsell Train Investment Trust plc, a non-executive director of Schroder Asia Pacific Fund plc and National Philanthropic Trust UK. She was appointed to the Board on 11 March 2019.

The Board’s Governance Function

The Board is accountable to the Company’s shareholders for the governance of the Company’s affairs and this statement describes how the principles of the Financial Reporting Council’s UK Corporate Governance Code issued in April 2016 (“the Code”) have been applied to the affairs of the Company. In applying the principles of the Code, the Directors have also taken account of the Code of Corporate Governance published by the Association of Investment Companies (“the AIC Code”) by reference to the AIC Corporate Governance Guide for Investment Companies (“the AIC Guide”) issued in July 2016, which has established a framework of best practice specifically for the boards of investment trust companies. There is some overlap in the principles laid down by the two Codes and there are some areas where the AIC Code is more flexible for investment trust companies.

Applications of the Code’s principles
The Board is committed to high standards of corporate governance and seeks to observe the principles identified in the Code and in the AIC Code. It should be noted that, as an investment trust, most of the Company’s day-to-day responsibilities are delegated to third parties and the Directors are all non-executive. Thus not all the provisions of the Code are directly applicable to the Company.

The Board
The Board currently consists of 5 non-executive Directors, three of whom are female and the other two are male and chaired by Frances Daley. Collectively the Board has the requisite range of business and financial experience which enables it to provide clear and effective leadership and proper stewardship of the Company. For full details on the Performance evaluation/re-election of Directors, Board committees, Remuneration, Risk management and internal control , Accountability and audit, Relations with shareholders, Corporate governance and voting policy, Evaluation or performance and the Statement of compliance, please refer to the Annual Report and Accounts on this website.

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