Composition of the Board

Board changes

The Board welcomes Steve Pearce as a new independent Non-Executive Director of the Company. Steve is an experienced investment banker who brings a wealth of experience in corporate finance and capital markets having spent over 20 years advising UK listed PLCs and alternative investment funds.

In accordance with the Company’s bye-laws and the principles of the AIC Code, all Directors of the Company wishing to continue as Directors will, at the next Annual General Meeting (AGM), retire from office and if appropriate, seek re-appointment.

View the Company’s bye-laws.

Following Steve Pearce’s appointment, the Board is now comprised of 40% female and 60% male Directors. Of the five Board members, only Peter Dubens has been assessed by the Board as not being independent due to his, and his alternate’s (David Till) involvement with the Oakley Capital Group, which provides the Company with investment advisory, administration and operational services.

The Independent Directors consider both Peter's and David’s involvement in the Company’s Board to be accretive to the overall performance of the Company, providing strategic industry insight. Peter and David recuse themselves from decision-making processes where an actual or potential conflict of interest is identified, such as not taking part in votes on investments into the Oakley Funds or capital activities at Time Out or North Sails. Oakley ensures that the level of information provided to OCI is consistent with that provided to other limited partners of the Oakley Funds.

Board activity

The Board met formally eight times during 2024, in addition to the Board members’ participation in the individual committees, as discussed elsewhere in this report, and other ad-hoc meetings. This Board is currently scheduled to meet formally nine times during 2025, with Directors regularly participating in additional meetings as necessary for the Board to properly discharge its duties.

Biographies of the Directors, including details of their relevant experience and other current directorships, can be viewed in the Board of Directors section.