The Directors recognise the importance of sound corporate governance. The Company will comply with the AIC Code, which complements the Corporate Governance Code and provides a framework of best practice for listed investment companies.
IIG plc is a closed-end investment company focused on fast growing and high potential investment opportunities.
IIG plc was admitted to AIM in December 2020 with a focus on investments in high potential life sciences businesses. In October 2023, following its move the Specialist Fund Segment of the London Stock Exchange, IIG plc made a strategic investment in Hui10 Inc which now forms its main investment focus, accounting for over 97% of the portfolio.
Our overall investment strategy is to generate capital growth over the long-term targeting at least an average return to shareholders of 20% capital growth per annum.
We have a strong leadership team with a wealth of experience in delivering shareholder value.
Sir Nigel is an experienced chairman of listed businesses and an investor in emerging growth companies and SMEs. Over the past 25 years, he has chaired companies across industries from aviation to pharmaceuticals, including Pendragon plc, Pilkington, Alliance Boots, Heathrow, Invensys plc, Business Growth Fund, Signature Aviation plc, and Meggitt plc. He also served on the board of Barclays Bank for more than 12 years, retiring as Deputy Chairman in 2008.
He is currently a Non-Executive Director of renewable resources company Sappi Limited. Sir Nigel is perhaps best known for his leadership of Williams plc in the 1980s, where he transformed the business into a FTSE 100 company. Williams remained one of the UK’s largest industrial holding companies until its demerger in 2000 into Chubb and Kidde.
Sir Nigel is a member of the Remuneration Committee and chair of the Nominations Committee.
Giles has over 30 years of experience in senior finance roles, including more than 20 years in executive board positions. He was previously Group Chief Financial Officer at AIM 50 company IG Design Group plc and FTSE 250 company Entertainment One Ltd. He has raised over £700 million in equity and secured more than £1 billion in debt financing to support over 25 M&A transactions. Giles was previously Director of Group Finance at FTSE 100 company J Sainsbury’s plc and is a qualified chartered accountant.
Giles is currently a Non-Executive Director of Shearwater Group plc and Accler8 Ventures plc. Giles is also Treasurer of the University of Nottingham.
Richard is a knowledgeable public company director with experience ranging from the technology industry to financial services. From 1998 to 2002 he was Chief Executive/Vice Chairman of Tradepoint / virt-x and, from 1995 to 1998, executive director at the London Stock Exchange responsible for secondary market regulation and introducing the order driven market and associated stamp duty changes to London.
Richard was also the Competent Authority for Listing which was subsequently taken on by the FSA. Prior to that, he worked in London and New York for Bankers Trust in a number of roles and was the CEO of Charterhouse Bank. He trained with and became a partner at Price Waterhouse, during which time he worked in the UK, Middle East and USA as an auditor and jointly created the Treasury Management consulting practice. He also acted as an Inspector for the Bank of England and the predecessor of the FCA.
Colin has 24 years of venture capital experience. He founded the private investor group Hotspur Capital Partners Ltd. in 2007 and co-founded Ignite 100 Accelerator Corp. Ltd. He also serves on the board of the National Angel Co-Investment Fund, established by the British Business Bank plc. Prior to Hotspur, Colin launched the Rising Stars Growth Fund, completing 37 early-stage investments and leading two successful institutional funding rounds. Rising Stars delivered returns of more than five times the initial investment. Colin began his venture capital career at 3i Group plc, where he achieved an average investment return of 42% IRR over five years.
He currently sits on the boards of Caspian Learning Ltd., Femeda Ltd., Screenreach Group Ltd., Greengage Lighting Ltd., and Hotspur Capital Partners Ltd. He has also been involved with companies that floated on public markets or were acquired by major UK and US corporations.
Malcolm is a director of several private companies in the medical and technology sectors, including Antoxis Ltd., Plasmox Ltd., Recircle Ltd., OhMedics Ltd., and Changingday Ltd., as well as AIM-quoted Collagen Solutions plc. He was previously a director of Aircraft Medical Ltd. until its sale to Medtronic Ltd. for US$110 million in November 2015.
Malcolm has also served as a non-executive director of public companies and was Company Secretary at Axis-Shield plc. A former corporate finance lawyer, he was most recently a senior corporate partner at Shepherd and Wedderburn LLP.
The Directors recognise the importance of sound corporate governance. The Company will comply with the AIC Code, which complements the Corporate Governance Code and provides a framework of best practice for listed investment companies.
The Board has reviewed the principles and provisions of the AIC Code, which incorporates the principles laid out in the Corporate Governance Code and adds guidance specific to listed investment companies. The Board believes that reporting against the AIC Code will give shareholders more relevant and useful information.
The Corporate Governance Code includes provisions relating to the need for an internal audit function. It is acknowledged in the Corporate Governance Code that some of its provisions may not be relevant to investment companies (such as the Company). The Board does not consider that the provisions relating to an internal audit function to be relevant to the Company. The Company will therefore not comply with this provision.
The Board meet at least four times a year to, amongst other things, review and assess the Company’s investing policy and strategy, the risk profile of the Company, the Company’s investment performance, and the performance of the Company’s service providers.
The Board comprise five directors, of which one is executive and four non-executive. All of the non-executive directors are deemed to be independent, with one of the non-executive directors serving as the Senior Independent Director.
The Board has an Audit and Risk Committee, a Remuneration Committee and a Nominations Committee, with formally delegated duties and responsibilities as described below.
The Audit and Risk Committee is responsible for monitoring the integrity of the Company’s financial statements, reviewing significant financial reporting issues, reviewing the effectiveness of the Company’s internal control and risk management systems and overseeing the relationship with the external auditors (including advising on their appointment, agreeing the scope of the audit and reviewing the audit findings). The Audit and Risk Committee will be responsible for compliance with Disclosure Guidance and the Transparency Rules of the Financial Conduct Authority, and other legal requirements. The Audit and Risk Committee will continue to monitor the need for an internal audit function. The Audit and Risk Committee comprises Malcolm Gillies, who acts as chair, and Colin Willis and Richard Kilsby. The Audit and Risk Committee meets at least two times a year at appropriate times in the reporting and audit cycle and otherwise as required. The Audit and Risk Committee also meets with the Company’s external auditors.
The Remuneration Committee is responsible for determining and agreeing with the Board the framework for the remuneration of the Investment Team. The remuneration of non-executive directors is a matter for the Chairman and the CEO. No Director is involved in any decision as to his or her own remuneration. The Remuneration Committee comprises Colin Willis, who acts as chair, Malcolm Gillies, and Nigel Rudd. The Remuneration Committee meets at least twice a year and otherwise as required.
The Nominations Committee is responsible for identifying and nominating members of the Board, and in the case of the Board recommending directors to be appointed to each committee of the Board and the chair of each such committee. The Nominations Committee also arranges for evaluation of the Board. The Nominations Committee comprises Nigel Rudd, who acts as chair, Malcolm Gillies and Colin Willis. The Nominations Committee meets at least once per year and otherwise as required.
The Company has adopted a policy regarding matters reserved for the full Board. Such matters include but are not limited to:
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