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From: The Scottish Oriental Smaller Companies Trust plc
Date: 17 December 2019
Result of Annual General Meeting
The Scottish Oriental Smaller Companies Trust plc announces that, at the Annual General Meeting held on 17 December 2019, all 13 resolutions proposed were duly passed.
The Board notes that resolutions 3 and 4, regarding the re-appointment of Mr Ferguson and Mrs Mackesy, received a significant number of proxy votes against. As stated in the Annual Report, the Board believes that length of service does not necessarily compromise the independence or contribution of directors of an investment trust company. Indeed, in its opinion, continuity and experience often add significantly to the strength of the board.
Two new appointments to the Board were made in FY18. While none were made in FY19, the Board is committed to the need for a carefully considered succession plan. It is continuing with its refreshment programme and expects to provide an update on this in the next Interim Report. Meanwhile, in accordance with the AIC Code, the Board will consult those shareholders who voted against these resolutions to understand their views and will provide an update on the outcome within six months. A final summary will be included in the next Annual Report.
Details of the proxy votes lodged before the Meeting will be available shortly at https://www.scottishoriental.com/soscot/literature/announcements.html . A copy of the resolutions concerning special business passed at the Meeting have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.
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