The Board

All of the Directors are non-executive and independent of the Alternative Investment Fund Manager (the “AIFM”) and the Investment Manager.

Michael MacPhee

Chairman

Michael MacPhee

Michael MacPhee is a director of Archangel Investors Limited, Castle European Limited, Didasko Education Company Limited and Fernbank Investments Limited. Having been called to the English Bar in 1987, he joined Baillie Gifford & Co in 1989 and became a partner in 1998. He headed the firm’s European department from 2003 to 2008 and thereafter co-managed a global investment strategy. From 1998 until his retirement from the firm in 2014, he was the manager of Mid Wynd International Investment Trust PLC.

He was appointed a Director of the Company in 2016 and Chairman in 2017.

Sue Inglis

Director

Sue Inglis

Sue Inglis is currently a director and chairman-designate of The Bankers Investment Trust PLC and a non-executive director of Baillie Gifford US Growth Trust plc and BMO Managed Portfolio Trust plc. She was a senior corporate financier in Cantor Fitzgerald’s investment companies team until June 2018, having previously been a managing director of corporate finance in the investment companies team at Canaccord Genuity until 2012.

She is a qualified lawyer and was a partner and head of the funds and financial services group at Shepherd & Wedderburn, a leading Scottish law firm. In 1999 she was a founding partner of Intelli Corporate Finance, an advisory boutique firm focusing on the asset management and investment company sectors, which was acquired by Canaccord Genuity in 2009.

She was appointed a Director of the Company in 2019.

Michael Moule

Senior Independent Director

Michael Moule

Michael Moule is a member of the investment committees of the British Heart Foundation and The Open University, and a director of Atlantis Japan Growth Fund Limited. He was an investment trust manager at Henderson Global Investors, where he managed two investment trusts until his retirement in 2003. Previously, he was the chairman of Polar Capital Technology Trust plc and a director of The Bankers Investment Trust PLC, Lowland Investment Company plc and Montanaro UK Smaller Companies Investment Trust PLC.

He was appointed a Director of the Company in 2004.

Andrew Watkins

Director

Andrew Watkins

Andrew Watkins is currently chairman of Ashoka India Equity Investment Trust plc and a director of BMO UK High Income Trust plc and Chelverton UK Dividend Trust plc. He has over 25 years of client relations, sales and marketing experience in the investment company sector.

He joined Robert Fleming & Co Ltd in 1991 and was appointed a director of Fleming Investment Trust Management Limited in 1994. He subsequently joined Jupiter International Group plc in 2000 as a director of Jupiter Asset Management, head of investment trusts, and was responsible for client relations, sales and marketing.

In 2004, he joined Invesco Perpetual and became head of client relations, sales and marketing for its listed investment funds business. He was formerly a non-executive director of Premier Asset Management plc, KI Specialty Financials Master Fund and KI Specialty Financials Fund.

He was appointed a Director of the Company in 2019.

Dr Michael Woodward

Chairman of the Audit Committee

Michael Woodward

Michael Woodward is a director of Maitland Administration Services (Scotland) Limited, a provider of administrative services to investment trusts and other collective funds. He has worked in the investment trust industry for over 30 years, both as a European portfolio manager with Ivory & Sime and as the individual with responsibility for the management of the investment trust business at Martin Currie and F&C Asset Management.

He was appointed a Director of the Company in 2013 and Chairman of the Audit Committee in 2017.