Directorate Changes

Seneca Growth Capital VCT

18/05/2023 13:38

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Directorate Changes

Seneca Growth Capital VCT Plc (the "Company")

18 May 2023

Appointment of Non-Executive Director and Appointment of Chair of the Audit
Committee

Non-Executive Director

The Board of Seneca Growth Capital VCT Plc is delighted to announce that Mary
Anne Cordeiro was today appointed to the Board as non-executive Director of
the Company. Mary Anne has also joined the Company’s Audit Committee.

Mary Anne brings to the Board extensive knowledge of both the VCT and growth
capital investment sectors, having been an advisor to or executive of
innovative companies in the healthcare and technology sectors for over twenty
years. Mary Anne has served as a non-executive Director of Albion Technology &
General VCT Plc (“AATG”) from 2013 until 2023, following its merger with
Albion Income & Growth VCT Plc where she had served as a non-executive
Director from 2004. Having served nine years as non-executive Director, more
recently as Senior Independent Director and Chair of the Remuneration
Committee, Mary Anne is retiring from the AATG Board today. Mary Anne is also
the Founder and Managing Director of Science to Business Limited which
specialises in advising medical technology businesses on fundraising and
commercialisation strategy. Prior to this Mary Anne had a fifteen-year career
in international corporate finance as a M&A Investment Banker at Goldman Sachs
International Limited, Vice President at Bankers Trust Company and Managing
Director of Paribas’ Financial Institutions Group. Mary Anne holds a MA
(Hons) in Chemistry from the University of Oxford and is a member of the
University of Oxford’s Department of Chemistry Development Board.

Mary Anne will stand for election at the Annual General Meeting of the Company
to be held in 2024. There is no additional information required to be
disclosed pursuant to Listing Rule 9.6.13 in relation to the appointment of
Mary Anne.

Chair of the Audit Committee

We are also pleased to announce that further to Richard Roth’s retirement
from the Board , with effect from today’s Annual General Meeting, Alex
Clarkson has been appointed as Chair of the Audit Committee. Alex qualified as
a Chartered Accountant with PwC in 1998 and has served as an independent
non-executive Director of the Company and been a member of the Audit Committee
since 2019.

These appointments are in accordance with the Board’s succession plans as
outlined in the Company’s 2022 Annual Report, which was published on 21
April 2023.

Board Composition

The Board maintains its composition of four non-executive Directors,
comprising three independent non-executive Directors and one representative of
the Company’s Investment Manager, Seneca Partners Limited.

The Company’s Board is mindful of the new Listing Rule requirements which
came into force for accounting periods starting after 1 April 2022 which
require the Company to either comply with, or explain its non-compliance with,
new rules intended to improve the diversity of publicly listed Boards.

The new rules seek to achieve 40% Board representation from women, one senior
board position to be held by a woman and one Director to be from an ethnic
minority background. Whilst the Company does not yet fully comply with the
requirements, the Board will continue to work to improve the Board’s
composition, providing suitable candidates possess the key skills and
experience required for the position. The Board will always appoint the best
person for the job. It will not discriminate on the grounds of gender, race,
ethnicity, religion, sexual orientation, age or physical ability. The Board
also fully supports the aims of the Hampton Alexander Report, the Parker
Review and the renewed focus and emphasis on diversity in the AIC Code of
Corporate Governance.

For further information, please contact:

John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com

Richard Manley, Seneca Growth Capital VCT Plc
at Richard.Manley@senecapartners.co.uk