Douglas McDougall, OBE, was appointed to the Board on 13 February 2002 and is chairman of the Audit Commitee and the senior independent director. He has extensive experience in the fund management industry and is a former senior partner of Baillie Gifford & Co. He is chairman of The Law Debenture Corporation plc, Foreign & Colonial Eurotrust plc, The Independent Investment Trust PLC, Pacific Horizon Investment Trust plc, The Scottish Investment Trust plc,The Monks Investment Trust plc, Stramongate Assets plc, Cambridge University Investment Board and the Finance Committee, Christ Church, Oxford. He is a former chairman of IMRO, of the Association of Investment Companies and of the Fund Managers’ Association.