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.

As a member of the Association of Investment Companies (“AIC”), the Company complies with the principles and provisions of the AIC Code of Corporate Governance for Investment Companies (the “AIC Code”). The Board considers that reporting against the principles and recommendations of the AIC Code, and by reference to the AIC Corporate Governance Guide for Investment Companies (“AIC Guide”), provides better information to shareholders.

The Company’s compliance with the AIC Code was last reviewed before publication of the Annual Report for the period ended 31 March 2019 in June 2019. Details of how the Company complies or explains against the AIC Code are therefore included in this Report on pages 44 to 51, which is available here.