Changes to the Board of Directors

RNS Number : 8366B

Aberdeen Diversified I&G Trust PLC

25 September 2018

 

ABERDEEN DIVERSIFIED INCOME AND GROWTH TRUST PLC

Legal Entity Identifier (LEI):  LEI - 2138003QINEGCHYGW702

25 September 2018

Changes to the Board of Directors

Since the completion of the merger with Aberdeen UK Tracker Trust plc, in April 2017, the focus of the Board of Directors of Aberdeen Diversified Income and Growth Trust plc ("the Company") has been upon the change of the investment objective and policy, adoption of a new benchmark, and significant reshaping of the portfolio under its new investment manager.

The Board has now also undertaken a review of its skills mix, size and diversity, in preparation for the next phase of the Company's development and growth.  As part of this review, the Board carefully noted the recommendations in the FRC's new Corporate Governance Code, most of which appear likely to also be reflected in the AIC's Corporate Governance Code (against which the Company reports). Accordingly, the Company is pleased to announce the following:

James Long, the Company's Chairman, will oversee the refreshment of the Board's composition and the succession process.  He will retire from the Board when this has been completed, at, or before, the Company's Annual General Meeting in 2020.

As a first step in this succession process,  Ian Russell and Paul Yates will both retire on 31 October 2018.  Kevin Ingram will also retire at or before the Annual General Meeting in 2019.  Tom Challenor will become the Chairman of the Audit Committee upon the retirement of Mr Russell.

The Board currently believes that the optimal size of the Board is five Directors and, accordingly, has already commenced the process to find a new Director which is likely to result in a more diverse Board.  The Board will be utilising the services of an independent search consultancy in this regard.

Enquiries:

Aberdeen Fund Managers Limited

William Hemmings

Gary Jones

Tel. [phone]

 

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