Honeycomb Investment Trust plc has a highly experienced Board of Directors, whose responsibility is the governance of the Company. The Directors are also responsible for managing the business affairs of the Company in accordance with the Company’s Articles of Association and the investment policy and establishing appropriate corporate governance practices and policies which it believes are appropriate to an investment trust and to ensure the Company complies with the Association of Investment Companies’ Code of Corporate Governance.
The Directors also have overall responsibility for the Company’s activities, including its investments, and reviewing the performance of the Company’s portfolio.
The Directors may delegate certain functions to other parties such as the Investment Manager, the Administrator, the Company Secretary, the Depositary and the Registrar. In particular, the Directors have delegated responsibility for day-to-day management of the investments comprised in the Company’s portfolio to the Investment Manager. However, the Directors are responsible for reviewing the Investment Manager’s performance.
The Company has established an Audit Committee, which is responsible for examining the effectiveness of the Company’s control systems and reviewing the half-yearly and annual reports. The principal duties of the audit committee will be to consider the appointment of external auditors, to discuss and agree with the external auditors the nature and scope of the audit, to keep under review the scope, results and cost effectiveness of the audit and the independence and objectivity of the auditor.
The Company has established a Management Engagement Committee, which will meet formally at least once a year for the purpose of, amongst other things, reviewing the actions and judgments of the Investment Manager and also the terms of the Investment Management Agreement.
The Company has also established a Remuneration and Nominations Committee, which will meet formally at least once a year for the purpose of, amongst other things, considering the framework and policy for the remuneration of the Directors pursuant to the Company’s Articles of Association and to review the structure, size and composition of the Board.
Chairman of the Audit and Risk Committee, and member of the Remuneration and Nomination and Management Engagement Committees.
Jim is a non-executive Director, chair of the Audit committee and member of the Risk committee at HSBC UK Bank plc, chairman of HSBC Trust Company (UK) Ltd and Marks & Spencer Unit Trust Management Limited. He is also a non-executive Director and Chairman of the Audit and Risk Committee at Scottish Water, non-executive Director at Marks & Spencer Financial Services plc and HSBC Private Bank (UK) Limited and an independent non-executive member of Deloitte UK Oversight Board. He was previously Chairman of the Audit and Risk Committee at Worldfirst, non-executive Director at the Scottish Building Society, non-executive director and Chairman of the Audit Committee of Vocalink plc, and Group Financial Controller at Lloyds Banking Group, having earlier held a role as Divisional Finance Director, Group Operations. Prior to this, Jim was Group Chief Accountant for the Bank of Scotland, having joined the bank in 1991. He qualified as a Chartered Accountant with KPMG before spending 10 years in the oil industry, holding senior positions with BP. Jim is a Fellow of the Chartered Institute of Bankers in Scotland, a former member of the Council of the Institute of Chartered Accountants of Scotland and the Financial Reporting Council Committees.
Member of the Remuneration and Nomination Committee, the Management Engagement Committee and of the Audit and Risk Committee.
Richard is currently Group Chief Executive of LV= a leading financial services provider and a mutual. Richard has led the business to win the Moneywise Most Trusted Life Insurer award as well as YouGov’s UK’s Most Recommended Insurer. Prior to his position as CEO he had been Managing Director of the group’s Life & Pensions business which he successfully turned into one of the UK’s leading Protection and Retirement specialist companies. Prior to his time at LV= Richard held various Director roles across Barclays corporate and retail banking. Richard holds a first class degree in Geography from the University of Leeds, an MBA from Henley Business School and has completed the Harvard Management Programme in 2006.
Chairman of the Board, Remuneration and Nomination and the Management Engagement Committees and a member of the Audit and Risk Committee.
Robert has over 45 years’ experience in retail banking. He is currently chairman at Hampshire Trust Bank plc and Bank of Ireland UK plc. He has had an extensive number of appointments both in the UK and the Middle East including Non-executive Director (“NED”) at Aldermore Bank plc, George Wimpy plc, Barclays Bank UK Retirement Fund, Vaultex Limited, LSL Properties plc, RIAS plc and several independent NED roles at banks in the Qatar, UAE, Oman and Turkey. Robert was previously Chief Executive Officer at West Bromwich Building Society, a role he took to chart and implement its rescue plan. Prior to this, he was Chief Executive Officer at Portman Building Society and Bank of Ireland in the UK.
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