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.
Independent Non-Executive Director
Currently non-executive director and member of the audit and risk committees at HSBC Bank plc and non-executive director of the Scottish Building Society. Previously Group Financial Controller at Lloyds Banking Group and Group Chief Accountant for the Bank of Scotland. Fellow of the Chartered Institute of Bankers in Scotland, on the Council of the Institute of Chartered Accountants of Scotland, and a member of the Financial Reporting Council’s Financial Reporting Review Panel.
Independent Non-Executive Chairman
Currently non-executive director of Aldermore Group plc, Bank of Ireland (UK) plc, and Chairman of UK Sharia-compliant bank Al Rayan Bank plc, with over 35 years’ experience in retail banking. Previously Chief Executive Officer at West Bromwich Building Society, a role he took to chart and implement its rescue plan. Also previously Chief Executive Officer at Portman Building Society.
Independent Non-Executive Director
Over 20 years’ experience in the financial services sector as a lawyer, investment banker and entrepreneur. Currently CEO of London listed Orchard Funding Group, which specialises in insurance premium finance and the professional fee funding market, a business he founded in 2002. Previously Head of Financial Services Investment at Nikko, Chairman of Mortgages PLC and Head of Mortgage Principal Finance at Investec Bank.
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