Statement of compliance with the UK Code on Corporate Governance (the “Code”)

As a member of the AIC, the Company reports against the Principles and Provisions of the AIC Code. The AIC Code addresses the Principles and Provisions set out in the UK Corporate Governance Code (the ‘UK Code’) as well as setting out additional Provisions on issues that are of specific relevance to investment companies.

 

 

The Board considers that reporting against the Principles and Provisions of the AIC Code, which has been endorsed by the Financial Reporting Council and supported by the Jersey Financial Services Commission, provides more relevant information to shareholders. The AIC Code and the UK Code are available on the AIC website (www.theaic.co.uk) and the FRC website (www.frc.org.uk),respectively. It includes an explanation of how the AIC Code adapts the Principles and Provisions set out in the UK Code to make them relevant for investment companies.

Pursuant to the listing rules of the FCA, the Company is required to provide shareholders with a statement on how it has applied the provisions of, and complied with, the AIC Code. The Board recognises the importance of a strong corporate governance culture and has established a framework for corporate governance which it considers to be appropriate to the business of the Company and the Group as a whole.

 

Role of the board

The Board of Directors consider both individually and together that they have acted in the way they consider in good faith would be most likely to promote the success of the Company for the benefit of its members as whole (having regard to the stakeholders and matters set out in section 172 of the Companies Act 2006) in the decisions taken during the year.

The Board values the importance of maintaining a high standard of business conduct and stakeholder engagement and ensuring a positive impact on the environment in which the Group operates.

There are many engagement mechanisms with these stakeholders within the Property Advisor as well as at Board level and there is more detail about how PSD and its Property Advisor engage set out below and in the corporate responsibility section of this report on pages 19 to 23 of the Annual Report and Accounts Full Year Ended 2019.