The Proposed Directors
Each fund currently has three directors and initially, it is the intention to replicate this governance structure.
It is however, anticipated that the directors will work together and share their skills across both funds as is the current practice of the existing directors.
A director’s primary responsibility is to ensure the interests of shareholders are looked after. To this end, in addition to their statutory duties, each proposed new director is committed to ensuring:
- the investment manager is held to account;
- the investee companies are being managed cost effectively to maximise the value of the underlying assets;
- there is a tight focus on the costs of running the VCT;
- plans are in place to support and maximise the short, medium and long term returns of each VCT; and
- cost effective corporate governance.
The proposed directors have been selected with this in mind, and based on their renewables experience in the wind and hydro sectors and VCT experience.
Nicholas Curtis will initially be a director on both funds but will step down from one fund once the longer-term strategy is agreed. This will also give the boards a chance to bring in any additional skills that they will consider will enhance the management of the funds once they have a fuller understanding of any specific issues that may arise.