Major shareholders of the Group have the chance to meet with the impartial non-executive Directors of the Board to be able to be sure that their views are understood. All shareholders are inspired to attend the AGM, throughout which the Board and the Investment Manager can be found to discuss points affecting the Group and shareholders have the chance to deal with questions to the Investment Manager, the Board and the Chairmen of the Board’s standing committees. The provision of administration, accounting and firm secretarial duties is the accountability of Maitland Administration Services Limited.
Directors who’ve served on the Board for greater than 9 years must supply themselves for re-election on an annual foundation. The graph on page 33 of the annual report and accounts compares the whole return (assuming all dividends are reinvested) to Ordinary shareholders, compared to the whole shareholder return of the MSCI UK Small Cap Index. Although the Company has no formal benchmark, the MSCI UK Small Cap Index has been selected as it’s thought-about to symbolize a broad fairness market index against which the performance of the Company’s belongings could also be adequately assessed.
- All the Directors make themselves obtainable to shareholders at common conferences of the Company.
- As an investment trust, the Company has also taken into account the Code of Corporate Governance 2019 produced by the Association of Investment Companies (‘the AIC Code’), which is meant as a framework of best follow particularly for AIC member companies.
- Amendment of the Articles of Association and the giving of powers to problem or purchase back the Company’s shares require the related Resolution to be handed by shareholders.
- Under one other settlement (‘the Administration Agreement’) dated 1 January 2016, firm secretarial services and the overall administration of the Group are undertaken by Maitland Administration Services Limited (‘Maitland’).
The Board has direct entry to the advice and services of the Company Secretary, Maitland Administration Service Limited, which is responsible for ensuring that Board and Committee procedures are adopted and that relevant laws are complied with. The Secretary is also accountable to the Board for guaranteeing well timed delivery of data and reviews and that the statutory obligations of the Group are met. During the yr, the Board gave consideration to the succession planning of Directors and the talents and experience required by the Board to face future opportunities and challenges. As said on page 25, the Board believes that currently it has an acceptable stability of expertise and experience to effectively handle the Company and, consequently, no adjustments to the composition of the Board are proposed at present.
CWTI makes a speciality of enterprise travel management for all sizes, together with authorities establishments and non-governmental organizations. “It could be nice to see the space become house to a vibrant mixture of makes use of and business ideas, to broaden the town’s general providing and reduce the need for native residents to travel further afield for items and providers”. Khusoko is a multimedia business platform providing analysis of market insights into Africa’s business investment as well as international trends that influence East African enterprise. Where the Company is required to place a statement on a website beneath Section 527 of the Companies Act 2006, it must ahead the statement to the Company’s auditor not later than the time when it makes the statement out there on the web site.
Based on this efficiency, the Board determined that the Investment Manager’s appointment should proceed and no adjustments would be made to the Investment Management Agreement. It additionally reviewed the efficiency of the Company Secretary, the Custodian and the Registrar and issues regarding their respective agreements with the Company. No separate Senior Independent Director has been appointed to the Board as, within the view of the Directors, it is inappropriate to take action given the dimensions and composition of the Board. The Chairman’s efficiency is evaluated yearly by the Board when finishing up the features carried out by a nomination committee as detailed on page 27.