Corporate Governance

Section 4 Meeting the needs and objectives of your shareholders

Principle

Directors should develop a good understanding of the needs and expectations of the company’s shareholders, as well as the motivations behind shareholder voting decisions.

No board ever wants to find itself in a position where it is voted down by shareholders. Accordingly, it is in the interests of the company to understand the view of shareholders before a potentially controversial or unusual proposal is put to them.

Companies with a dominant shareholder must be particularly aware of the need to hear the voices of and protect the interests of minority shareholders and must therefore consider whether it is necessary to put in place contractual arrangements such as a relationship agreement.

Compliance

The Board is aware of the need to protect the interests of minority shareholders, and balancing these interests with those of the majority shareholder.

The Board consists of three non-executive directors.  Board meetings are held frequently to review and approve investment proposals submitted by the investment manager. In addition the Board meets four times a year to review the Company’s progress and discuss matters of strategic importance.

The Company publishes all relevant materials, according to QCA definitions, on its website. This includes annual reports and shareholder circulars.