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 Risk Committee, which will meet formally at least twice per year for the purpose of, amongst other things, reviewing the Company’s internal financial controls and internal control and risk management systems, setting and monitoring the Company’s risk appetite and carrying out an assessment of the Company’s emerging and principal risks.
The Company has established a Management Evaluation 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 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 a Nominations Committee, which will meet formally at least once a year for the purpose of, amongst other things, to review the structure, size and composition of the Board.
Chairman of the Board, the Nomination Committee and the Management Evaluation Committee. Member of the Audit Committee, the Risk Committee and the Remuneration Committee.
Robert has over 45 years’ experience in retail banking. He is currently Chairman at MetroBank plc, Hampshire Trust Bank plc and Aspinall Financial Services Limited. He has had an extensive number of Board appointments both in the UK and the Middle East including Chairman of Bank of Ireland (UK) plc, 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 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.
Senior Independent Director to the Board. Chairman of the Audit Committee. Member of the Risk Committee, the Nomination Committee, the Remuneration Committee and the Management Evaluation Committee.
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 Chairman at Supply@Me Capital plc, 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 an independent non-executive member of Deloitte UK Oversight Board. He was previously Chairman 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.
Chairman of the Risk Committee. Member of the Audit Committee, the Nomination Committee, the Remuneration Committee and the Management Evaluation Committee.
Richard is currently Group CEO of James Hay Partnership a leading retirement and wealth management specialist managing over £27bn of assets. backed by Private Equity specialist Epiris JHP is a consolidator in the platform market and in 2021 announced the acquisition of Nucleus creating the largest independent retirement specialist in the UK. Prior to this Richard was Group Chief Executive of LV= a leading financial services provider and a mutual where he worked as an executive Member of the Board for 13 years. Richard left LV at the end of 2019 following the sale of the General Insurance business to the Allianz Group. 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 COO and Risk 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 Remuneration Committee. Member of the Audit Committee, the Risk Committee, the Nomination Committee and the Management Evaluation Committee.
Joanne has over 30 years’ experience in financial and professional services. She is currently independent non-executive chairman of Mattioli Woods Plc, the AIM-listed wealth management and employee benefits specialist, independent non-executive deputy chairman of Main Market-listed land promotion, property development and investment, and construction group, Henry Boot PLC, and is an independent non-executive director at AIM-listed Gateley Holdings plc, the legal and professional services group, and Morses Club Plc, a leading provider of non-standard finance. Joanne is a Chartered Accountant and has previously held senior roles at UK investment banks including Panmure Gordon, Evolution Securities and Williams de Broe and in audit and business advisory services with PwC. Joanne is a Fellow of the ICAEW and a member of its Corporate Finance Faculty and is a Fellow of the Chartered Institute for Securities and Investment.
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