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Major shareholders of the Group have the opportunity to meet with the independent non-government Directors of the Board so as to be sure that their views are understood. All shareholders are encouraged to attend the AGM, during which the Board and the Investment Manager are available to discuss points affecting the Group and shareholders have the chance to handle questions to the Investment Manager, the Board and the Chairmen of the Board’s standing committees. Under the Listing Rules, the Governance Code principles referring to directors’ remuneration do not apply to an funding belief company aside from to the extent that they relate specifically to non-govt administrators. Detailed data on the remuneration preparations can be found within the Directors’ Remuneration Report on pages 33 to 35 and in notice 5 to the monetary statements.

The Maitland group provides administration and regulatory oversight solutions for a wide range of investment companies. Chelverton is a specialist fund manager centered on UK mid and small companies and has a successful monitor report. At 30 April 2020, Chelverton had total funds under administration of approximately £1.1 billion together with two investment belief firms and three OEICs. The fund management team comprises David Horner, David Taylor, Oliver Knott, James Baker and Edward Booth.

During the yr, the Board gave consideration to the succession planning of Directors and the abilities and experience required by the Board to face future alternatives and challenges. As acknowledged on page 25, the Board believes that currently it has an applicable stability of skills and expertise to effectively manage the Company and, as a result, no changes to the composition of the Board are proposed at present. In the method of recruitment prior to now it has not been considered needed to have interaction the services of third-get together recruitment consultants, however this might be reconsidered in relation to future appointments and the Board will search to attract upon as diverse a pool of candidates as attainable. The Board, performing as the Nomination Committee, evaluated the performance of Directors and the Chairman for the yr ended 30 April 2020. As a result of the analysis, the Board stays of the opinion that all Directors contribute successfully and have the abilities and experience relevant to the leadership and path of the Company as detailed on page 25.

  1. Nevertheless, the Group has sufficient monetary sources and, as a consequence, having assessed the principal risks dealing with the Company and the other matters set out within the Viability Statement, the Directors believe that the Group is properly positioned to manage its business risks efficiently and it is acceptable to adopt the going concern basis.
  2. The Company has been granted approval from HMRC as an investment trust underneath Sections 1158/1159 of the Corporation Tax Act 2010 (‘1158/1159’) on an ongoing foundation.
  3. The current portfolio of the Company is such that its shares are eligible for inclusion in ISAs up to the utmost annual subscription limit and the Directors anticipate this eligibility to be maintained.
  4. The principal exercise of the Company is to hold on enterprise as an investment trust.

Chelverton UK Dividend Trust PLC is a public firm, restricted by shares, domiciled and registered within the UK. The consolidated monetary statements for the 12 months ended 30 April 2020 comprise the financial statements of the Company and its subsidiary SDVP (together referred to as the ‘Group’). The Directors are answerable for the integrity of the information regarding the Company on the Investment Manager’s web site. Legislation within the UK governing the preparation and dissemination of economic statements differs from legislation in different jurisdictions.

They are also liable for safeguarding the belongings of the Group and hence for taking affordable steps for the prevention and detection of fraud and different irregularities. The Directors are answerable for preparing the Annual Report and the financial statements.

The Board of Directors of the Company comprised four male Directors within the 12 months to 30 April 2020. The key criteria for the appointment of latest Directors would be the abilities and expertise of candidates having regard also to the benefits of range within the interests of shareholder worth. The Directors are happy that the Board currently contains members with an appropriate breadth of abilities and expertise and considers succession planning on at least an annual basis, additional details of that are on page 26. In relation to future appointments the Board will search to consider a variety of candidates with due regard to diversity.

The Directors have elected to organize monetary statements in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted by the EU. Company law requires the Directors to arrange such monetary statements in accordance with IFRSs and the Companies Act 2006. The Company intends to proceed with the Directors’ Remuneration Policy over the subsequent financial yr. Fees payable in respect of subsequent intervals shall be determined following an annual evaluation. Any views expressed by shareholders on remuneration being paid to Directors could be taken into consideration by the Board.