Investment Trust

Ian Russell (Chairman)

Ian Russell was appointed to the board on 1 August 2018 and became Chairman in April 2019. He qualified as a chartered accountant, moving on to work in a number of finance roles in industry and banking. He joined Scottish Power plc in 1994, initially as Finance Director, becoming CEO in 2001, a role he held until 2006. Since then, he has concentrated on non-executive roles. Currently he is trustee of the National Museums of Scotland, Chair of the Infrastructure Commission for Scotland, Chairman of HICL Infrastructure Company Limited and Chair of the Scottish Futures Trust Limited. His career has given him experience in leadership in public companies both executive and non-executive, which he brings to the board.

Tom Black

Tom Black was appointed to the board on 1 May 2013. He is chairman of Thruvision Group plc (formerly Digital Barriers plc), and is a non-executive director of CloudCoCo Group plc. He also has advisory roles with a number of smaller unlisted businesses. He is chairman and trustee of the Black Family Charitable Trust, which is focused on supporting disadvantaged young people with their educational needs. He was previously chief executive of Detica Group Plc, a leading company in the field of large-scale information collection and analysis for intelligence and counter fraud applications. Tom is the senior independent director. As a successful entrepreneur he recognises the challenges of starting and growing an early stage technology company and listing it on the London Stock Exchange. He understands the smaller companies remit of the fund.

Stephanie Eastment

Stephanie Eastment was appointed to the board on 1 December 2018 and is chair of the audit committee. After leaving KPMG in 1990 she held various accounting and compliance roles at Wardley and UBS before joining Invesco Asset Management in 1996. There she held a variety of increasingly senior roles, specialising in investment trusts. She left Invesco in July 2018 to pursue a non-executive career. Stephanie is currently a non-executive director and audit chair of Murray Income Trust plc and a non-executive director of Impax Environmental Markets plc and RBS Common Investment Funds Limited. She has extensive accounting, corporate governance and investment trust sector experience. As a chartered accountant and company secretary she has honed her technical expertise, knowledge and contacts within the industry and provides constructive oversight and challenge not only as a director, but as the audit committee chair.

Henrietta Marsh

Henrietta Marsh was appointed to the board on 1 September 2019. She has a background in fund management, having worked in UK small cap and private equity investment over several decades, recently pursuing a plural career. From 2005 until 2011, she was AIM fund manager at Living Bridge Equity Partners. Prior to that, she spent 14 years at 3i in several roles, including as fund manager of 3i Smaller Quoted Companies Trust plc (1997–2002). Her early career was with Morgan Stanley and Shell. She is currently a non-executive director of Gamma Communications plc (AIM listed), a trustee of 3i Group plc’s pension fund and a member of London Stock Exchange’s AIM Advisory Group. She has direct experience and understanding of the investment process required in the Company.

Karl Sternberg

Karl Sternberg was appointed to the board on 21 April 2015. He was a founding partner of Oxford Investment Partners Limited from 2006 until 2013, when it was acquired by Towers Watson. Much of his earlier career was spent at Morgan Grenfell (which became Deutsche Asset Management), where he rose to become chief investment officer, Europe & Asia Pacific. Karl is a non-executive director of Clipstone Logistics REIT plc, Monks Investment Trust plc, Lowland Investment Company plc, Alliance Trust plc, JP Morgan Elect plc, Island House Investment LLP and Jupiter Fund Management plc. He has significant investment trust experience and has good insight in the investment industry and the macroeconomic risks and influences.

James Will

James Will was appointed to the board on 21 April 2015. He was until 2014 chairman and a senior corporate finance partner of law firm Shepherd and Wedderburn LLP. He also headed the law firm’s financial sector practice. As a lawyer, he was for over 20 years involved in advising smaller quoted technology companies on a range of corporate transactions, including flotations, secondary fundraisings and mergers and acquisitions. James is chairman of both The Scottish Investment Trust PLC and Asia Dragon Trust plc. In an environment of increasingly complex legal and regulatory framework his legal counsel has a valued contribution.

Archived Annual and Interim Reports

Audit Committee – Terms of Reference

Nominations Committee – Terms of Reference

AGM and Proxy Results

The Alternative Investment Fund Managers Directive (“AIFMD”)

The Packaged Retail and Insurance-based Investment Products Regulation (PRIIPS/KID)

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