Scottish Mortgage Inv Tst PLC Board Update (5951T)
21 Marzo 2023 - 8:00AM
UK Regulatory
TIDMSMT
RNS Number : 5951T
Scottish Mortgage Inv Tst PLC
21 March 2023
Scottish Mortgage Investment Trust PLC (SMT)
Legal Entity Identifier: 213800G37DCS3Q9IJM38
Board Update
The Board of Scottish Mortgage Investment Trust PLC announces
certain role changes on the Board resulting from succession
planning which has been developed and supported by all of the
directors over the course of the last 12 months: Mr Justin Dowley,
the Company's current Senior Independent Director, will succeed Ms
Fiona McBain as Chair of the Board with effect from the conclusion
of the 2023 AGM, subject to his being re-elected by shareholders at
the AGM; Professor Patrick Maxwell will, subject to being
re-elected by shareholders, succeed Mr Dowley as the Senior
Independent Director; Professor Paola Subacchi will retire from her
role as a Director at the conclusion of the 2023 AGM, having served
nine years on the Board; and Ms McBain will step down from the
Board at the same time.
Justin Dowley, Senior Independent Director, commented: "On
behalf of the Board, I would like to thank Paola for her
substantial contributions during her nine years as a Non-Executive
Director. I would also like to thank Fiona for her 14 years of
loyal and exceptional service to the Company, in particular over
the last few years (and at the request of her fellow directors)
providing essential continuity, reassurance and leadership during
the extraordinary circumstances of Covid-19 and through a period of
transition on the Board and with the Managers."
In addition, as part of the Board's overall planning, over the
last few months the Board has been conducting a recruitment
process, using an external search firm, with a view to further
Board refreshment. That process is now well advanced.
Finally (and further to the Company's announcement on 17 March
2023), the Board announces that Professor Amar Bhidé has now left
the Board and is no longer a director of the Company.
Regulated Information Classification: Additional regulated
information required to be disclosed under the laws of a Member
State.
Enquiries:
Nick Cosgrove / Eilis Murphy
Brunswick Group
020 7404 5959
scottishmortgage@brunswickgroup.com
Notes to Editors:
-- Scottish Mortgage aims to identify, own and support the
world's most exceptional growth companies.
-- Its unconstrained approach enables it to have the broadest
opportunity set spanning both public and private companies across
the globe.
-- During the Chair's tenure, Scottish Mortgage began to
democratise access to private companies for individual savers.
-- Scottish Mortgage breaks down the artificial divide that
exists between public and private companies by partnering with
great growth companies at different stages on their growth
journey.
-- When the Chair joined the Board, the Company had circa GBP1.4
billion in total assets, with an Ongoing Charge Figure of 0.54%. It
now has GBP13.4 billion and charges its shareholders 0.32%.
-- Over the last ten years Scottish Mortgage has produced a
return of 421% and 362% in NAV and share price terms respectively
(total return). The FTSE All World Index TR produced 183%. (All
data as at 28 February 2023, source Morningstar, FTSE. Past
performance is not a guide to future returns.)
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END
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