Scottish Mortgage's chair Fiona McBain is set to exit after 14 years amid a series of changes to the composition of the £13.1bn investment trust's board, including the official departure of rebel director Amar Bhidé.
In a London Stock Exchange notice today (21 March), the trust said that Justin Dowley, a current senior independent director will succeed McBain as chair with effect from the 2023 AGM, subject to his re-election.
Director Bhidé, who questioned McBain's independence and raised concerns over governance issues and the trust's capabilities to invest in unlisted companies during an interview with the Financial Times last week, has officially left the board.
Scottish Mortgage board clashes over governance and unlisted issues
Speaking to the FT, he said: "I have been very concerned about the share price performance and the discount, and trying to get people to understand that there is a structural reason for this."
The article, published on Friday (17 March), asserted Bhidé had been removed from the board following a board meeting the day before, but Baillie Gifford refuted this, noting that any changes would have to be communicated via a stock exchange announcement.
Scottish Mortgage will 'have to respond' to PE capabilities concerns
Subject to re-election, new chair Dowley will be succeeded by Patrick Maxwell and Paola Subacchi will retire from her role as a director at the AGM. She will leave the board at the same time as McBain.
Scottish Mortgage said that that over the last few months the board has been conducting a recruitment process, using an external search firm, with a view to "further board refreshment". That process is now well advanced, it added.
