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. 

Julian Cazalet

Julian Cazalet *^†+, Chairman, is a director of Deltex Medical Group plc and two charitable trusts. He was previously Chairman of Herald Investment Trust plc for 10 years, retiring in 2019. Before that he was a Managing Director – Corporate Finance at J.P. Morgan Cazenove where he advised investment trusts in addition to his work with industrial and commercial companies, having been a partner in Cazenove since 1978. A qualified Chartered Accountant, he has an M.A. in Economics from Cambridge University. 

Nicholas Allan

Nicholas Allan*^†+, 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. 

Vivien Gould

Vivien Gould*^†+, Senior Independent Director, is a non-executive director of Baring Emerging EMEA Opportunities PLC, Schroder AsiaPacific Fund plc 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. 

Richard Hughes

Richard Hughes*^†+, Audit Committee Chairman, is a non-executive director and the Senior Independent Director of Middlefield Canadian Income PCC, where he also serves as the Chair of its Nomination & Remuneration and Audit Committees.  He also serves as a non-executive director of Edentree Asset Management Limited, chairs its Investment Committee and is a member of its Risk and Audit Committee. He has significant experience with closed-end funds, namely M&G’s Investment Trust business of which he was a director. He managed a number of funds, including M&G Smaller Companies Fund, M&G Recovery Fund and M&G Charifund. He was a director of M&G Group plc and Managing Director of M&G Investment Management Limited. He was a director of M&G Limited and M&G Group plc from 1994 to 2000, and a director of M&G Recovery Trust plc from 1992 to 1998. Richard was appointed Audit Committee Chairman 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. 

All Directors are Non-Executive. 

* Independent
^ Audit Committee member
Management Engagement Committee member
+ Nomination Committee member

Michael Lindsell was appointed on 13 July 2006; Julian Cazalet and Vivien Gould were appointed on 29 January 2015; Nick Allan and Richard Hughes were appointed on 18 September 2018.

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 01/07/2021
Title Matters Reserved for the Board
Document 167KB
Date 02/06/2021
Title Articles of Association
Document 272KB
Date 27/11/2020
Title Approach to Criminal Facilitation of Tax Evasion
Document 123KB
Date 26/11/2020
Title Policy of Engagement of the Auditor for Non-Audit Services
Document 132KB
Date 01/11/2020
Title Anti-bribery and Corruption Policies
Document 124KB