Board Renewal Policy

The Board recognises that its effectiveness will be maximised by a combination of maintaining experience and corporate knowledge via stability of composition, and attracting new ideas and thinking via the introduction of new Board members. 

The process for appointing and removing Directors is ultimately governed by the Election Rules, and the fact that each Director (other than the Independent Director and Chairperson) faces re-election every four years. This mechanism, coupled with the fact that any active member can nominate for election, has historically produced a degree of natural turnover in the composition of the Board.

The Fund’s Governance Policy outlines the Fund’s processes for ensuring Directors remain effective Board participants. This Policy also includes the regular internal and external board evaluation processes.

The combination of training requirements, regular assessment of performance and, requirement to submit to periodical re-election ensures renewal of ideas and effectiveness.