Disclaimer

The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of British Empire Trust plc (“British Empire”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). British Empire is a public company listed and traded on the London Stock Exchange.

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The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.

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Board of Directors

Chairman

Susan Noble

Susan succeeded Strone Macpherson as Chairman in December 2017.

Joined the Board in 2012.

Age: 58

Length of Service: 6 years

AMND
Experience:

Chair of Newton Investment Management Limited and Newton Capital Management Limited, an Associate Director of Manchester Square Partners and a Trustee of the Hospice of St Francis, Berkhamsted.  Formerly Chair of Alliance Trust Investments, a Director of Alliance Trust plc, a Managing Director of Goldman Sachs Asset Management, Head of European Equities and Head of Global Equities. Also a Director and Senior European Portfolio Manager at Robert Fleming Asset Management.

Last re-elected to the Board: 2017
Director

Steven Bates

Senior Independent Non-Executive Director

Joined the Board in June 2006.

Age: 58

Length of Service: 2 years

AMND
Experience:

Chairman of VinaCapital Vietnam Opportunity Fund Limited, of Baring Emerging Europe plc and of F&C Capital & Income Investment Trust plc and a Director of Biotech Growth Trust PLC, of GuardCap UCITs Fund plc and of Magna Umbrella Fund plc. He is also a Director of GuardCap Asset Management Limited, an investment management company specialising in merging markets. He sits on, or is adviser to, various committees in the wealth management and pension fund areas.  He was Head of Global Emerging Markets at JP Morgan Asset Management until 2002.

Last re-elected to the Board: 2017
Director

Nigel Rich

Independent Non-Executive Director

Joined the Board in June 2012.

Age: 70

Length of Service: 6 years

AMND
Experience:

Non-Executive Director of Matheson & Co Ltd and Non-Executive Chairman of Pacific Industrial & Logistics REIT plc.  Formerly Chairman of SEGRO plc, Xchanging plc, Ocean Group/Exel plc, CP Ships Limited and Hamptons Group Limited and Director of Pacific Asset Trust plc, Granada plc and ITV plc. Also formerly Managing Director of Jardine Matheson Holdings and the Group Chief Executive, Trafalgar House plc.

Last re-elected to the Board: 2017
Director

Calum Thomson

Independent Non-Executive Director

Joined the Board in April 2017.

Age: 57

Length of Service: 1 year

AMND
Experience:

Non-Executive Director and Audit Chairman of The Diverse Income Trust plc, The Bank of London and The Middle East plc and BLME Holdings plc, Non-Executive Director of Baring Emerging Europe plc, Schroder Unit Trusts Limited and Schroder Pension Management Limited and Chairman of the Board of Trustees of La Serenissima.  A qualified accountant with over 25 years’ experience in the financial services industry, including 21 years as audit partner at Deloitte LLP, specialising in the asset management sector.

Last re-elected to the Board: 2017
Director

Anja Balfour

Independent Non-Executive Director

Joined the Board in January 2018.

Age: 54

Length of Service: 5 months

AMND
Experience:

Non-Executive Director of Martin Currie Asia Unconstrained Trust plc, Non-Executive Director Shroder Japan Growth Fund plc, Non-Executive F&C Global Smaller Companies plc.  Twenty years experience in managing Japanese and International Equity portfolios for Stewart Ivory, Baillie Gifford and Axa Framlington.

Last re-elected to the Board: 2018
Schedule of matters reserved for the board

British Empire Securities and General Trust p.l.c is referred to as ‘British Empire’ throughout the website. British Empire’s investment managers, Asset Value Investors are referred to as ‘AVI’

British Empire currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © British Empire Trust plc. 2014 Registered in England No: 00028203. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. British Empire uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.