Board of Directors

John Shakeshaft
Chairman

John, 57 has 25 years' experience as a corporate finance and capital markets banker. He is a director and chairman of the audit committee of Tele2 AB, listed on the OMX Nasdaq exchange, of Xebec, Inc, listed on the TSX and of The Economy Bank, NV, supervised in the Netherlands. He is also a director of TT electronics, plc listed on the LSE and of Valiance Funds regulated in Guernsey. John is a member of the Council of Cambridge University and chairman of the audit committee. He is also a director of the Alternative Theatre Company and a trustee of the Institute of Historical Research. He was educated at Cambridge, Princeton and London Universities. He served for nine years in HM Diplomatic.

John is considered by the company to be an independent director on the basis that he is independent of the Adviser.

Matt Christensen
Director

Matt, 41, is the Global Head of Responsible Investment for AXA Investment Managers. Prior to his appointment, Matt was the Executive Director of Eurosif, the leading European think tank dedicated to public policy and research on sustainable and responsible investment matters. He is also a Director of Oikocredit, one of the largest private financiers worldwide in the microfinance sector as well as a Director for the Munro Fundamental Tracker Fund. Matt is a frequent speaker at international events on sustainable investment matters and was a member of the European Commission's Co-ordination Committee to explore the future of sustainability policy in the EU. He was formerly a European director at The Motley Fool, a leading publisher of information on personal finance and investing. Prior to that, he advised European clients as a strategy consultant with Braxton Associates. He holds masters degrees from Wharton (MBA) and the University of Pennsylvania (MA).

Matt is considered by the company to be an independent Director on the basis that he is independent of the Adviser.

Donald Adamson
Director

Donald Adamson, aged 51, is a resident of Jersey and Chairman of the Offshore Committee of the Association of Investment Companies.

He has 28 years' experience of fund management, private equity and corporate finance. He built, with a partner, and sold Graham Investment Managers Limited, a Jersey based fund manager. Through his own specialist consultancy business, he advised NatWest Markets, ABN Amro, Collins Stewart, GE Capital and others. Currently he manages his family's private office and serves on the boards of a number of listed and privately held investment companies. He holds an MA from University College, Oxford, carried out graduate research at Nuffield College, Oxford and is a Member of the Chartered Institute for Securities & Investment.

Donald is considered by the company to be an independent Director on the basis that he is independent of the Adviser.

David Pirouet
Director

David Pirouet, 56, a Jersey resident, is a qualified accountant. He was an audit and assurance partner for 20 years with PricewaterhouseCoopers CI LLP ("PwC") until he retired in June 2009. He specialised in the financial services sector, in particular in the alternative investment management area. He also led PwC's Channel Islands hedge fund management practice for over four years.

Since retiring from PwC, Mr. Pirouet has carried out a four month project for the Chief Minister's Department in the States of Jersey, reporting to the Director for International Finance. He currently serves on the boards of a number of listed and privately held alternative investment vehicles.

David is considered by the company to be an independent Director on the basis that he is independent of the Adviser.

Sian Hansen
Director

Sian, 46, is the Managing Director of Policy Exchange, the UK's leading centre-right think tank which is an educational charity promoting research and discourse on public policy, including environmental and climatic issues. She is also a director of The Women's Refugee Commission (USA) and a trustee of The Prospero World Charitable Trust in the UK. Sian currently provides a corporate governance proxy management service for fund investors. Sian was formerly Head of Sales for Asian equities at Société Générale. Prior to this Sian was an equity analyst and broker with Enskilda Securities in Europe.

Sian is considered by the company to be an independent Director on the basis that she is independent of the Adviser.