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The Board assessed the Directors’ fees, following correct consideration of the role that individual Directors fulfil in respect of Board and Committee duties, the time dedicated to the Group’s affairs and remuneration ranges generally within the investment trust sector. The Board reviewed the efficiency of the Investment Manager’s obligations under the Investment Management Agreement and thought of whether the terms and circumstances of the Investment Management Agreement remain appropriate. Based on this efficiency, the Board decided that the Investment Manager’s appointment should proceed and no changes could be made to the Investment Management Agreement. It also reviewed the efficiency of the Company Secretary, the Custodian and the Registrar and matters concerning their respective agreements with the Company.
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Thus, as prices of bonds in an investment portfolio regulate to a rise in rates of interest, the value of the portfolio …
