Frances Daley is a Non-Executive Director, who is a Chartered Accountant with a predecessor firm to EY and spent 9 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 Chair of James Allen’s Girls’ School and a non-executive director of Henderson Opportunities Trust PLC, and a non-executive director of Regional REIT Ltd. She was appointed a Director of Baring Emerging Europe PLC on 29 April 2014.
Calum Thomson is a Non-Executive Director who is a Chartered Accountant with over 25 years’ experience in the financial services industry. For the past 21 years, he has been 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 has led Deloitte LLP’s global and UK asset management groups. He is also a non-executive director and audit committee chairman of The Diverse Income Trust plc, British Empire Trust plc, Standard Life Private Equity Trust plc and BLME Holdings plc. He was appointed to the Board of Baring Emerging Europe PLC on 21 September 2017.
Nadya Wells is a Non-Executive Director with 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 2015, 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 sits on audit, risk and strategy committees and a non-executive director of Eastnine AB in Sweden and responsAbility AG, Switzerland AB in Sweden. She has an MBA from INSEAD. She was appointed to the Board of Baring Emerging Europe PLC on 23 September 2015.
Christopher Granville is a Non-Executive Director and former British diplomat in the Political Section of the British Embassy in Moscow. He currently serves as a Board Director and Managing Director of TS Lombard, an independent investment research provider formed in 2016 through the merger between Lombard Street Research, a global macroeconomic research and forecasting firm founded in the 1980s, with Trusted Sources, a research firm specialising in emerging markets that Christopher co-founded in 2006. Prior to that, Christopher spent six years as chief strategist and political analyst at United Financial Group (“UFG”), a Moscow-based investment bank that was acquired by Deutsche Bank in 2006. Christopher joined UFG from Fleming-UCB, where since 1995 he had held the position of managing director and head of research. He is a member of the Board of Directors of EOS AB and a member of the Investment Committee of Olma Private Equity Fund. Christopher holds a master’s degree in Modern History and Modern Languages from Oxford University and was a fellow of All Souls College, Oxford.
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 currently consists of 5 non-executive Directors, two of whom are female and the other three are male and is chaired by Frances Daley. Jonathan Woollett have served on the Board for over nine years and under the Code may not be considered to be independent of the Company and the Alternative Investment Fund Manager. The Board however, takes the view that independence is not necessarily compromised by length of tenure on the Board and experience can add significantly to the Board’s strength. It has therefore been determined that in performing the role as Directors, the Chairman and Jonathan Woollett remain wholly independent and all the Directors are considered by the Board to be independent of the Company and the Alternative Investment Fund Manager. 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.