Directorate Change

RNS Number : 6214B

Scottish Mortgage Inv Tst PLC

29 October 2009

 

SCOTTISH MORTGAGE INVESTMENT TRUST PLC

It is announced that Sir Donald MacKay intends to retire as Chairman of Scottish Mortgage on 31 December 2009. Sir Donald was appointed a Director in 1999 and became Chairman in 2003.

The Board is pleased to announce that Mr John Scott who joined the Board in 2001 will succeed Sir Donald as Chairman of the Company and Chairman of the Nomination Committee. 

There is no further information required to be disclosed under Listing Rule 9.6.13.

Baillie Gifford & Co

Managers and Secretaries

29 October 2009

Notes to Editors

Scottish Mortgage Investment Trust PLC is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio of equities. It invests globally, looking for strong businesses with above-average returns. The Trust has total assets of £1,904 million (before deduction of debentures, long and short term borrowings of £309 million). 

Scottish Mortgage is managed by Baillie Gifford & Co, the Edinburgh based fund management group with around £53 billion under management and advice as at 30 September 2009.

Sir Donald MacKay, is an economist with an extensive record in advising governments, organisations and companies.  He was Professor of Political Economy at Aberdeen University and Professor of Economics at Heriot-Watt University. He is a former chairman of The Malcolm Group PLC and Scottish Enterprise and is currently a director of Edinburgh New Income Trust plc.

John Scott is a former international investment banker who maintains a number of interests in the investment trust sector. He is a former executive director of Lazard Brothers & Co., Limited. During his twenty years with Lazard, he was involved with the merchant bank's corporate advisory activities and its Asian businesses. He is currently a director of various companies including Martin Currie Pacific Trust plc, JP Morgan Claverhouse Investment Trust plc, Xaar plc, Miller Insurance, Schroder Japan Growth Fund plc and Alternative Asset Opportunities PCC Limited. In addition, he is chairman of Dunedin Income Growth Investment Trust PLC and deputy chairman of Endace Limited.

 

END

 

 

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