TIDMGCP
RNS Number : 1030U
GCP Infrastructure Investments Ltd
01 December 2021
GCP Infrastructure Investments Limited
("GCP Infra" or the "Company")
LEI: 213800W64MNATSIV5Z47
Headline: Directorate Change
1 December 2021
The Board of Directors of GCP Infra, the only UK listed fund
focused primarily on investments in UK infrastructure debt,
announces the following Board and Committee changes.
As communicated in the Company's 2021 half-yearly report, Ian
Reeves CBE, Chairman of the Board, a member of the Investment
Committee and Chairman of the Nomination Committee, notified the
Board of his intention to retire as a Non-Executive Director in
2022.
Andrew Didham
The Board is pleased to announce the appointment of Andrew
Didham as a Non-Executive Director of the Company with effect from
17 December 2021. It is intended that Andrew will succeed Ian
Reeves CBE as Chairman of the Board in June 2022. The Board
considers a 6-month transition period as sufficient time to allow
an orderly handover. This addition to the Board is being made as
part of the Company's medium-term Board stability and succession
plan.
Andrew is a United Kingdom resident and a Fellow of the
Institute of Chartered Accountants in England and Wales. A senior
executive director with extensive board level experience in the
Rothschild Banking group, Andrew was Group Finance Director for 16
years and a member of the group management of the worldwide
Rothschild business, comprising investment banking, wealth
management, asset management and merchant banking activities. He
has broad non-executive director experience, being on the boards of
IG Group Holdings plc (a FTSE 250 derivative trading platform),
Shawbrook Group PLC (a regulated bank), Charles Stanley Group PLC
(a listed wealth manager), and formerly, Jardine Lloyd Thompson
Group plc (a FTSE 250 insurance broker). Within Rothschild, he
remains an Executive Vice Chairman since 2012 and a non-executive
member of NM Rothschild and Sons Ltd. Formerly, he was a partner in
the London office of KPMG with responsibility for the audit of a
number of global financial institutions and assignments for various
government and regulatory authorities. Andrew previously purchased
19,474 ordinary shares in the Company, which represents 0.002% of
the total voting rights of the Company.
Paul De Gruchy
Paul De Gruchy, Non-Executive Director, Chairman of the
Management Engagement Committee, and a member of the Audit and Risk
Committee will retire from the Board with effect from the 17
December 2021, following the publication of the Company's annual
report and financial statements 2021. Paul has served on the Board
for seven years and prior to that was on the Board of GCP
Infrastructure Fund Limited, the original 'master fund', when the
Company was part of a 'master/ feeder' structure.
Committee Changes
With effect from 17 December 2021:-
-- Dawn Crichard will assume the Chairmanship of the Management
Engagement Committee, and will remain on the Audit and Risk
Committee as a member;
-- Julia Chapman, Senior independent director will step down
from the Investment Committee and join the Audit and Risk Committee
as a member. She will also remain on the Nomination Committee and
Management Engagement Committee as a member; and
-- Andrew Didham will become a member of the Investment
Committee and the Management Engagement Committee.
The Board is pleased to confirm that the Management Engagement
Committee ("MEC") responsibilities will be extended to include
Environmental, Social and Governance ("ESG"). Dawn Crichard took on
responsibility at Board level for ESG in 2021, and her appointment
as Chair of the MEC with its expanded responsibilities complements
this.
Ian Reeves CBE
As a result of Ian Reeves CBE and Paul De Gruchy's retirements
mentioned above, a second new Non-Executive Director is being
sought in addition to Andrew Didham. It is intended that after
stepping down as Chairman in June 2022, Ian will remain on the
Board as a Non-Executive Director, until this further replacement
Non-Executive Director has been recruited with suitable knowledge,
experience and skills, but in any case, until no later than the
calendar year-end of 2022.
Ian Reeves CBE, Chairman, commented, "After a rigorous and
wide-ranging selection process, the Board is delighted to appoint
Andrew to the Board as my successor. As a longstanding member of
Rothschild & Co's group management, Andrew will bring extensive
board experience and strong leadership skills to take on the role
of Chairman. He brings a wealth of financial knowledge especially
in relation to debt financing, which will be extremely valuable for
the continued growth of the Company. The Board warmly welcomes
Andrew to the role and wishes him every success. I would also like
to take this opportunity on behalf of the Board to thank Paul for
his excellent contribution to the Company and wish him good health
and success in his future endeavours."
For further information please contact:
Gravis Capital Management Limited
Philip Kent +44 (0)20 3405 8500
Stifel Nicolaus Europe Limited
Mark Bloomfield
Nick Donovan +44 (0)20 7710 7600
Buchanan/Quill
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson +44 (0)20 7466 5000
Notes to the Editor
About GCP Infra
GCP Infra is a closed-ended investment company and FTSE-250
constituent whose shares are traded on the main market of the
London Stock Exchange. Its objective is to provide shareholders
with regular, sustained, long-term distributions and to preserve
capital over the long term by generating exposure to UK
infrastructure debt and related and/or similar assets.
The Company primarily targets investments in infrastructure
projects with long term, public sector-backed, availability-based
revenues. Where possible, investments are structured to benefit
from partial inflation protection. GCP Infra is advised by Gravis
Capital Management Limited.
GCP Infra has been awarded with the London Stock Exchange's
Green Economy Mark in recognition of its contribution to positive
environmental outcomes.
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