Directorate Change

RNS Number : 2362V

Aurora Investment Trust PLC

02 December 2019

 

AURORA INVESTMENT TRUST plc

(the "Company")

BOARD CHANGES

Aurora Investment Trust plc announces the appointments of Rachael Robathan and Lucy Walker as non-executive directors of the Company. These appointments will take effect from 2 December 2019.

Lady Robathan has been a Councillor for Westminster City Council since 2010 following a 20 year career in emerging market investment management. Her cabinet responsibilities at the Council have included adult social care, public health, housing and finance.  Of her other roles, Rachael has been a board member of the National Lottery Community Fund since June 2015 and is a member of its Remuneration Committee.  She is also a Director of Westminster Almshouses Foundation, a sheltered housing charity, as well as a governor of Francis Holland School.

Lucy Walker is a Senior Associate Partner of Sarasin & Partners LLP, having joined as an analyst in January 2011. She is now portfolio manager and Head of Third Party Funds. Lucy previously worked in the Multimanager team at HSBC Global Asset Management. Outside of her executive role, Lucy is Trustee of KEEN London and also sits as an independent member on the Audit & Risk Committee for SportsAid.

The current Audit Committee chair, Richard Martin, will step down from this role on 2 December 2019, having served nine years as a director and is therefore deemed to be no longer Independent.  Rachael has been appointed Richard's replacement, as Audit Chair, and will assume this role on 2 December 2019. In order to manage the handover of the role of Audit Chair, Richard has agreed to continue to serve as a non-executive director of the Company until the Annual General Meeting ("AGM") to be held in 2020, at which point he will not seek re-election to the Board.

At the Company's AGM on 10 June 2019, slightly over 20% of votes cast were recorded against Resolution 6, to re-elect Steve Tatters as a director.  The Board has had an opportunity to discuss the votes cast against Steve's re-election, this being attributed to his being an employee of Phoenix Asset Management Partners Limited, Aurora's Investment Manager. The Board has concluded that there should no longer be a representative of the Investment Manager on the Board and accordingly Steve has agreed to step down as a director of Aurora with effect from 2 December 2019.  He  remains an employee of Phoenix Asset Management Partners Limited and in that capacity will continue to play a key role in the management of Aurora.   

Lord Flight, Chairman of the Company said:

"We are delighted that Rachael and Lucy have agreed to join the Board.  They both have a wealth of experience within the investment industry and their combined knowledge and extensive experience will enhance the Board's own qualities.  On behalf of the Board, we welcome Rachael and Lucy to the Board and very much look forward to working with them.

The Board has reviewed its overall composition and strategy for its progressive renewal.  The appointments of Rachael Robathan and Lucy Walker, the resignation of Steve Tatters as a director and the impending resignation next year of Richard Martin form parts of this process.

On behalf of the Board I would like to take this opportunity to thank Steve and Richard for the their respective contributions. We look forward to continuing to work with Steve and Phoenix but I also make special mention for the part Richard has played in the development of Aurora over the last ten years, both as Audit Chair and Board member, during which time Aurora has successfully transitioned Investment Managers. We are grateful that Richard has agreed to remain on the Board until the next AGM, ensuring a smooth transition of the role of Audit Chair."

There are no other matters to disclose in respect of Rachael Robathan and Lucy Walker pursuant to paragraph 9.6.13R of the UKLA's Listing Rules.

 

END

 

 

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