Director Declaration

RNS Number : 5905C

Ashoka India Equity Investment Tst

01 October 2018

 

Ashoka India Equity Investment Trust plc

LEI: 213800KX5ZS1NGAR2J89

Listing Rule 9.6.14 Disclosure

Ashoka India Equity Investment Trust plc (the "Company") hereby gives notification that Jamie Skinner, a non-executive director of the Company, has advised the Board of the Company that he, in his former capacity as one of the lay trustees of an occupational pension scheme (the Martin Currie Retirement and Death Benefits Plan (the "Scheme")), has been the subject of public criticism (albeit not by name and along with the other lay trustees) by The Pensions Regulator (the "Regulator"). This is pursuant to a Section 89 intervention completion Report issued under the Pensions Act 2004 (the "Report"). Mr Skinner has made representations to the Regulator regarding the findings of the Report. Mr Skinner has never been disqualified by a court from acting as a director of a company or from acting in the management or conduct of the affairs of any company.

The Report relates to the Regulator's investigation into the status of the Scheme following the acquisition of the Martin Currie Group by Legg Mason in 2014 and the management of the potential conflict of interest of the lay trustees as shareholders in the group being sold (which was addressed at the time by excluding them from the sale negotiations). As part of the Regulator's intervention, as detailed in the Report, a new independent professional trustee was appointed and a number of conflicted lay trustees including Mr Skinner stepped down, and agreed to refrain from taking on other occupational pension scheme trusteeships. The Regulator has now granted final clearance to the improvements for scheme members agreed by the Martin Currie Group since the Regulator's intervention.

      Enquiries:

Maria Matheou/ Anthony Lee	020 7653 9690
PraxisIFM Fund Services (UK) Limited

 

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