The Board

The Board of HgCapital Trust plc consists of five non-executive Directors with a wide range of business experience, all of whom the Board of the Company deems to be independent of the Company's Manager.

All Directors are members of the Audit and Valuation, Nomination, Remuneration and Management Engagement Committees.

Roger Mountford
Chairman of the Board

As a managing director in the corporate finance department of a leading merchant bank Roger Mountford advised a range of listed companies, including the boards of investment trusts on complex restructuring and the terms of engagement of their managers. He led the bank’s advisory practice in the private equity market, advising on many transactions, providing an understanding of the structure and processes involved in transactions similar to those in which the Company is involved.

Since retiring from banking he has led several large pension schemes, gaining experience of institutional asset management, including allocations to private markets. He has served for many years on the global advisory board of VenCap International, a long-established investor in early-stage venture investment, which provides him with insights into emerging technologies and disruptive business models that inform consideration of the Company’s investments in businesses ready for transformational change. Roger is also a government-appointed director of HS2 Limited and is a member of the Council of the London School of Economics. He is aged 68 and has served on the Board since 2004.

Richard Brooman
Chairman of the Audit & Valuation Committee

Richard Brooman chairs audit and risk committees in a number of companies and charities. He qualified as a chartered accountant with Price Waterhouse. He held senior operational and financial positions at Mars, going on to be Chief Financial Officer of the global Consumer Healthcare business of SmithKline Beecham. These roles gave him comprehensive experience of financial and risk management in two leading global companies and of both acquisitions and disposals of businesses. Moving to the SME sector he became Group Finance Director of VCI plc, and subsequently CFO of Sherwood International plc, both mid-capitalisation businesses listed on the London Stock Exchange; he is currently senior independent director of Acal plc, a listed manufacturer of custom electronic components. This career provides a strong basis for assessing, and where appropriate challenging, the financial and risk management framework not only of the Company but also of companies across a wide range of industries, including companies in our portfolio. As Chairman of the Audit & Valuation Committee, he takes the lead in scrutinising the valuation of each company in the portfolio prepared by HgCapital.

Richard has long experience in the investment trust sector, notably as Deputy Chairman of the Board, and Chairman of the Audit Committee, of Invesco Perpetual UK Smaller Companies Investment Trust plc. Together with his role as Chairman of this Company’s Audit and Valuation Committee, his appointments ensure that he remains well briefed about accounting and regulatory issues affecting the Company. Richard is aged 61 and has served on the Company’s Board since 2007.

Peter Dunscombe
Chairman of the Management Engagement Committee

A career in the senior management of major pension funds provided Peter Dunscombe with long experience of asset allocation and investment management in major institutions. He was joint managing director of Imperial Investments Ltd, the manager of the Imperial Tobacco pension fund. Following this he was Head of Pensions Investments at the BBC Pension Trust, where he was responsible for allocating funds to a variety of private assets classes, including private equity. He selected managers and negotiated limited partnership interests in many private equity funds, including funds raised by HgCapital, experience that informs his role as Chairman of the Company’s Management Engagement Committee: he leads on the Board’s annual review of the performance, resources and strategy of HgCapital, to give the Board assurance that HgCapital remains well equipped to act as the Company’s Manager. He also leads on regular reviews of all the Company’s other service providers. He continues to be active in institutional fund management as a member of the investment committees of the Reed Elsevier Pension Fund, St James Place plc and the Nuffield Foundation.

Peter also brings valuable experience of the investment trust sector as a director of the Murray International Trust plc and GCP Student Living plc. He is aged 67, has served as a director since 2014.

Mark Powell
Senior Independent Director

Mark Powell brings to the Board long experience of the London Stock Exchange. He spent many years in investment management and, as Managing Director and later Chairman of Rathbone Brothers Plc, led one of the leading wealth management businesses in the UK serving private clients, charities and smaller institutional investors. He served as a member of the Panel on Takeovers and Mergers and as Chairman of the Association of Private Client Investment Managers and Stockbrokers (now the Wealth Managers Association). As over 40% of the share capital of the Company’s shares are held by wealth managers and private investors this experience is of great value to the Board in deciding how best to present the Company, considering the discount or premium at which the shares trade, and on setting dividend policy. Well known in investment markets, he is well placed to rehearse shareholders’ views at the Board, in his role as the Company’s Senior Independent Director.

He also serves as a trustee of several charities, is aged 71 and has served on the Board since 2010.

Anne West

Anne West joined the Company’s Board following a long career as an equity investment manager, initially in Hong Kong. She spent 23 years at Cazenove Capital Management, one of the UK’s largest wealth managers, rising to Chief Investment Officer. As manager of the investment teams, she was responsible for leading the firm’s strategy on asset allocation, including diversification into private markets using listed vehicles such as the Company. She was also responsible for communication of investment views and policy to the wealth managers and to clients and introduced investment risk management tools to portfolio construction. This experience provides the Board with insights into the decision-making processes of many of the Company’s shareholders and potential investors.

Anne brings her experience of investing in emerging markets, especially in Asia, to The Scottish Oriental Smaller Companies Trust plc, and this together with serving on the investment committee of the Battle against Cancer Investment Trust, also adds depth to her understanding of the investment trust sector. She was previously a member of the investment committee for Oxford University Endowment Management which had a large commitment to private equity.

Anne is aged 66 and was appointed to the Board in 2014 and will stand for re-election at the AGM.