The Company’s culture is driven by its values of integrity, knowledge, skill and frank and courteous
conduct. It focuses on achieving returns for shareholders in line with the Company’s Investment
Objective. As the Company has no employees, its culture is represented by the values, conduct and performance of the Board, the Investment Manager and its key service providers. 

Roger Lambert

Roger Lambert*^†+, Chairman, had a forty year career in investment banking, mostly with JP Morgan Cazenove, where he advised companies in the consumer and financial services sectors and gained experience of corporate finance, public equity investments and public company boards. He was a non-executive director of Young & Co.'s Brewery PLC where he was the Senior Independent Director and Chair of the Audit Committee. He is currently Chair of Trustees of the Imperial War Graves Endowment Fund, a Governor and Chair of the Finance & Estates Committee of King’s Schools, Taunton, a Trustee of the Wykeham Crown & Manor Trust and a Trustee of the Hestercombe Gardens Trust. In addition he is an adviser and trustee to a number of family trusts. He has an M.A. in History from Oxford University.

Nicholas Allan

Nicholas Allan*^†+, Chairman of the Nomination Committee, has significant experience of investment management. He was a founder of Boyer Allan Investment Management in 1998 and joint fund manager of the Boyer Allan Pacific Fund Inc until 2012. Prior to that he worked in various roles in UK merchant bank Kleinwort Benson and its affiliates in London, Boston, New York, Tokyo and Hong Kong between 1980 and 1998. This included setting up a pan-Asian securities business and running its global emerging markets securities area. He is a non-executive director of Walled City Hotels Pte Limited (India), trading as RAAS Hotels, and is also a director of several charities. He has an M.A. in Natural Sciences from Cambridge University. Nicholas was appointed Nomination Committee Chairman in March 2022.

Vivien Gould

Vivien Gould*^†+, Senior Independent Director, is a non-executive director of Baring Emerging EMEA Opportunities PLC, Schroder AsiaPacific Fund plc, Third Point Investors Limited and National Philanthropic Trust UK. She has worked in the financial services sector since 1981. She was a founder director of River & Mercantile Investment Management Limited (1985) and served as a senior executive and Deputy Managing Director with the Group until 1994. She then worked as an independent consultant and served on the boards of a number of investment management companies, listed investment trusts, other financial companies and charitable trusts. Vivien was appointed Senior Independent Director in September 2020. 

Michael Lindsell

Michael Lindsell joined the investment department of Lazard Brothers in 1982 after obtaining a BSc (Hons) degree in zoology from Bristol University. In 1985 he moved to Scimitar Asset Management in Hong Kong where he ran Pacific and Japanese mandates before specialising in Japan. In 1989 he moved to Warburg Asset Management where he was a director and head of Mercury Asset Management’s Japanese fund management division. In 1992 he joined GT Management’s Tokyo office where he held the post of chief investment officer with responsibility for GT’s Japanese funds, and global funds sourced out of Japan. He returned to the UK in 1997 and following the acquisition of GT by INVESCO in 1998, he was appointed head of the combined global product team. He left INVESCO to set up LTL in 1999. 

David MacLellan

David MacLellan*^†+, Chairman of the Audit Committee, is Founder and Chairman of RJD Partners, a director of J&J Denholm Limited, Aquila European Renewables PLC and of Custodian Income REIT PLC. David chairs the audit committee at J&J Denholm and Aquila European Renewables. He was previously a director of a number of public and private companies including John Laing Infrastructure Fund, a FTSE 250 company where he was latterly chairman. He is a past council member of the British Venture Capital Association and a member of the Institute of Chartered Accountants of Scotland.

Helena Vinnicombe

Helena Vinnicombe*^†+, Non-Executive Director, is a member of the Advisory Committee for the M&G Charity Multi Asset Fund and a non-executive director on the board of Lowland Investment Company plc, where she also serves as a member of the Audit and Remuneration Committees. She also provides independent investment consulting to clients with long-term investment objectives, typically charities and family trusts. Helena was previously a Director at Smith & Williamson, where she spent most of her career, focussed on private client investment management. Additionally, she is a Governor of Aureus Primary School, and Trustee and member of the Finance & Investment Committee of The Child Health Research CIO. Helena was appointed as Chairman of the Audit Committee on an interim basis in April 2023.

All Directors are Non-Executive.

* Independent

^ Audit Committee member

† Management Engagement Committee member

+ Nomination Committee member

Michael Lindsell was appointed as a director on 13 July 2006; Julian Cazalet and Vivien Gould were appointed on 29 January 2015; Nicholas Allan was appointed on 18 September 2018; Roger Lambert and Helena Vinnicombe were appointed on 23 September 2022; and David MacLellan was appointed on 30 August 2023.

Modern Slavery Act 2015

The Company falls outside the scope of the Modern Slavery Act 2015 as the Company has no employees. The Company's suppliers are professional firms and they provide assurance that they operate in accordance with this legislation.

Date 14/06/2022
Title Matters Reserved for the Board
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Date 11/03/2022
Title Anti-bribery and Corruption Policies
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Date 11/03/2022
Title Approach to Criminal Facilitation of Tax Evasion
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Date 11/03/2022
Title Policy of Engagement of the Auditor for Non-Audit Services
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Date 02/06/2021
Title Articles of Association
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