All directors are independent of the manager and are members of the Audit Committee.

David Watson
Chairman of the Board
Appointed: April 2012


David became Chairman in July 2020, prior to which he served as the Board’s Senior Independent Director (‘SID’) and Chairman of the Audit Committee. David spent 9 years as Finance Director of M&G Group plc, where he was a director of four equity investment trusts, and more recently at Aviva plc as Chief Finance Officer of Aviva General Insurance. He is a Chartered Accountant and has had a distinguished career in the financial services industry.

Skills and Contribution to the Board: Throughout his executive career, David has accumulated relevant skills in finance, audit and risk management and experience in the investment industry. His experience as SID and Chair in a number of boards have built significant experience in shareholder and investor engagement.

Other Appointments:

David is currently Chairman of Aegon Asset Management UK plc and a Director of the Prudential Assurance Company, where he Chairs the Audit Committee.

Kate Bolsover
Senior Independent Director
Appointed: October 2019


Kate previously worked for Cazenove Group and J.P. Morgan Cazenove between 1995 and 2005 where she was Managing Director of the mutual fund business and latterly director of Corporate Communications. Prior to that, she worked extensively in the investment fund industry and was Managing Director of Baring’s mutual funds group. Kate was previously a non-executive director of JPMorgan American Investment Trust plc, Senior Independent Director of Montanaro UK Smaller Companies Trust and Chairman and Trustee of Tomorrow’s People.

Skills and Contribution to the Board: From her executive experience, Kate contributes significant and relevant skills of the investment industry to the Trust. Kate’s role in various boards also gives her the relevant experience in investor and shareholder engagement.

Other Appointments:

Kate is currently Chairman of Fidelity Asian Values PLC and Senior Independent Director of Invesco Bond Income Plus Limited. She is also a non-executive Director of Baillie Gifford & Co Ltd and of Bellevue Healthcare Trust.

Tim Gillbanks
Chairman of the Audit Committee
Appointed: January 2018

Experience: Tim is a Chartered Accountant, with 30 years’ experience in the financial services and investment industry. Most recently he spent 13 years at Columbia Threadneedle Investments, initially as Chief Financial Officer, then Chief Operating Officer and finally as interim Chief Executive Officer.

Skills and Contribution to the Board: Tim brings a wide experience, particularly in financial services and investment management. His previous financial experience during his executive career informs him in his role as the Chairman of the Audit Committee.

Other Appointments:

Tim is currently a Non-Executive Director of Brown Shipley & Co Limited, Janus Henderson (UK) Investors Limited and Janus Henderson Group Holdings Limited. He is also Vice-Chair of the Board of Trustees of Blood Cancer UK.

Sarah-Jane Curtis
Non-Executive Director
Appointed: January 2020

Experience: Sarah-Jane is a Member of the Royal Institution of Chartered Surveyors. Sarah-Jane was previously Business Director at Bicester Village for Value Retail. Before this, Sarah-Jane was Director, Covent Garden for Capital and Counties PLC. She has also worked for Grosvenor for 24 years including as London Estate Director (retail/Residential) and Fund Manager for LiverpoolONE.

Skills and Contribution to the Board: Sarah-Jane has gained extensive experience during her varied career, particularly in the retail, and experience sectors and for Fund and Investment management activities.

Other Appointments: Sarah-Jane is currently Property Director of Bicester Motion as well as a consultant to Value Retail PLC.

Andrew Vaughan
Non-Executive Director
August 2022

Experience: Mr Vaughan brings deep experience as a pan-European direct property investor. He is Chief Executive Office of Redevco B.V., having joined in 2000 as Managing Director of Redevco UK. He was appointed CEO in 2011. Mr Vaughan began his career at Friends Provident where he was a fund manager. He spent three years at Moorfield Group as an Investment Specialist before joining Redevco. He has a BSc in Urban Estate Surveying.

Other Appointments: Andrew is a Board Member of Redevco B.V.