REG - Scot.Mort Inv Tst - Board Update

Scottish Mortgage Investment TrustAnnouncement

21/03/2023 07:00

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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 £1.4 billion
in total assets, with an Ongoing Charge Figure of 0.54%.  It now has £13.4
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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