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CNMI Corporate Governance

As a closed-ended investment company registered in Guernsey, the Company is not subject to the requirements of the UK Corporate Governance Code (the “Code”) issued by the Financial Reporting Council. However, the Board recognises the importance of good corporate practice and is committed to maintaining high standards of corporate governance throughout the Group. It has established a framework of arrangements to meet many of the requirements of the Code which the Directors’ deem, most relevant to an having consideration to the size, nature and scope of the company and group’s activities.

The Company has a board of two non-executive directors. The board meets regularly and as required, to review the investment performance and monitor compliance with the investment policy laid down by the Board. The Board has a formal schedule of matters specifically reserved for its decisions, including inter alia strategy, investment and dividend policies, gearing etc. The Company operates a share dealing code for Directors and senior employees.

The Board has established Remuneration, Nominations and Audit Committees each with formally delegated duties and responsibilities. Details of these responsibilities and membership of the Committees is given within the Companies Information of the website.

Corporate Governance arrangements are also fully disclosed in the Directors’ Report section of the latest Annual Report and Accounts which can be requested by shareholders from the Company.


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