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Directors

Bob Cowdell (Chairman) (UK resident)

Mr Cowdell has focused on the financial sector throughout his career, initially as a solicitor and then as a corporate broker and adviser. He was previously cofounder and head of the ABN AMRO Global Investment Funds Team and then Head of Financials at RBS Hoare Govett. He is currently an independent non-executive director of Schroder UK Growth Fund plc and Thomas Miller Holdings Limited and a former director of Catlin Underwriting Agencies Limited, Catlin Insurance Company (UK) Limited, XL Insurance Company SE and XL London Market Limited. Mr Cowdell is a Freeman of the City of London and a member of the Institute of Directors and the Chartered Insurance Institute.

Graham Harrison (Guernsey resident)

Mr Harrison is co-founder and managing director of Asset Risk Consultants Limited, an investment consulting practice based in Guernsey. After obtaining a Masters in Economics from the London School of Economics, he began his career working in structured finance for Midland Montagu in London and then as a project economist for the Caribbean Development Bank in Barbados. In 1993, he moved back to Guernsey to help develop investment-related business for the Bachmann Group and in 2002 he led a management buy-out which saw Asset Risk Consultants Limited become an independent business. A Chartered Fellow of the Chartered Institute for Securities and Investment, he has been on the Board of the Company for 10 years. He is also currently a non-executive director of a number of investment and asset management companies including BH Global Limited and Volta Finance Limited.

John Hallam (Guernsey resident)

Mr Hallam is a Fellow of the Institute of Chartered Accountants in England and Wales and qualified as an accountant in 1971. He is a former partner of PricewaterhouseCoopers having retired in 1999 after 27 years with the firm both in Guernsey and in other countries. He is the Chairman of NB Distressed Debt Investments Ltd as well as being a director of a number of financial services companies, listed on the London Stock Exchange or elsewhere. He served for many years as a member of the Guernsey Financial Services Commission from which he retired in 2006 having been its chairman for the previous three years.

Susie Farnon (Guernsey resident)

Ms Sally-Ann Farnon (known as Susie) is an independent non-executive director of the Company, and a member of the Company's Audit Committee, Nomination Committee and Management Engagement Committee. Susie is a Fellow of the Institute of Chartered Accountants and a non-executive director of a number of property and listed investment companies. She has served as President of the Guernsey Society of Chartered and Certified Accountants; as a member of The States of Guernsey Audit Commission and as Vice-Chairman of the Guernsey Financial Services Commission.

All Directors are independent of the Investment Manager and free from any business or other relationship that could materially interfere with the exercise of their independent judgement.


The Directors are committed to zero tolerance towards the criminal facilitation of tax evasion.