The Board recognises the importance of sound corporate governance, commensurate with the Company’s size and nature and the interests of its shareholders. The Board is therefore committed to maintaining high standards of corporate governance.

The Company complies with the principles and provisions of the Quoted Companies Alliance Corporate Governance Code for Small and Mid-size Quoted Companies (the ‘QCA Code’) principles and provisions where relevant and appropriate, taking into account its size and current development. As the Company is a member of the Association of Investment Companies (“AIC”), the Directors also apply the AIC Code of Corporate Governance for Investment Companies (the ‘AIC Code’) where it supports the Company’s governance framework. The Company is working towards full compliance with the AIC Code in the long term.

The Company’s compliance with the QCA Code and AIC Code was last reviewed before publication of the Annual Report for the period ended 31 March 2018 in June 2018. Details of how the Company complies or explains against the QCA Code, and (where appropriate) the AIC Code, are therefore included in this Report on pages 46 to 50, which is available here.