The Board has overall responsibility for the Company’s activities and the determination of its investment policy and strategy.

Details of the corporate governance procedures, including Board committees and their membership, are set out in the Directors' Report on pages 11 to 15 of the 2009 Annual Report

The Directors of the Company, who are all non-executive, are:

Fred Carr (Chairman), aged 65, spent his career in stockbroking and investment management, ultimately (1993 – 2004) as Chief Executive of Carr Sheppards Crosthwaite. He is Chairman of M&G High Income Investment Trust plc, a Director of SVM UK Active Fund plc, Investec Capital Accumulator Trust Limited and a number of private companies. He is also a consultant to Investec Bank (UK) Limited. He is a Fellow of the Securities Institute, and is resident in the UK. He was appointed to the Board on 17 September 2009

Robert (Robin) Nicholson, aged 54, qualified as a solicitor in England and Wales in 1980 and in Hong Kong in 1982. He was a senior partner of Richards Butler from 1985 to 2001 and was a senior advisor to the Board of Directors of PCCW Limited between August 2001 and September 2003. He is an Executive Director of First Pacific Company Limited, a Hong Kong-based investment and management company and an Independent Non-executive Director of QPL International Holdings Limited and Pacific Basin Shipping Limited. Mr. Nicholson also serves as a Commissioner of PT Indofood Sukses Makmur Tbk. He is resident in Hong Kong.

Jamie Cayzer Colvin, aged 44, joined the Caledonia group in 1995, initially working at its speciality chemical subsidiary, Amber Industrial, before becoming an investment executive at Caledonia in 1999. He was appointed an associate director in 2002 and a director in April 2005. He is chairman of Amber Industrial and a non executive director of Close Brothers, Polar Capital and Eddington Capital. He is resident in the UK.

Ashok Dayal, aged 72, has had 38 years experience in banking in India and supervising a major banking business in India from bases in Hong Kong, London and Singapore. During his last eight years in banking he was Executive Director, Deutsche Bank AG, regional head office in Singapore. Prior to joining Deutsche Bank AG, he was a managing director of Grindlays Bank plc ("Grindlays") based in London and immediately before that, regional director of Grindlays based in Mumbai. Since his return to India, Mr Dayal has worked as a management consultant, and is currently an independent director with companies such as Glaxo Smithkline Consumer Healthcare, Abbot India and Akzo Nobel Coatings. He is resident in India.

Andrew Maiden, aged 29, is a client relationship manager at Northern Trust International Fund Administration Services (Guernsey) Limited. He has specialised in administration of open and closed investment funds, property funds and private equity funds, having been in the offshore fund administration industry since 1997. He holds a number of board appointments in other investment companies. He is an affiliate of the Association of Chartered Certified Accountants. He resides in Guernsey.