Corporate governance

Board consideration

The board of Martin Currie Global Portfolio Trust has considered the principles and recommendations of the AIC Code of Corporate Governance (AIC code) by reference to the AIC Corporate Governance Guide for investment companies (AIC guide).

The AIC code, as explained by the AIC guide, addresses all the principles set out in the UK Corporate Governance Code, as well as setting out additional principles and recommendations on issues that are of specific relevance to Martin Currie Global Portfolio Trust.

The board considers that reporting against the principles and recommendations of the AIC code, and by reference to the AIC guide (which incorporates the UK Corporate Governance Code), will provide better information to shareholders.

Throughout the year under review, the company has complied with all of the recommendations of the AIC code and, except as set out below, the relevant provisions of the UK Corporate Governance Code:

the role of the chief executive;
executive directors’ remuneration;
vote against proposals which it believes may damage shareholders’ rights or economic interests
the need for an internal audit function.

For the reasons set out in the AIC guide, and as explained in the UK Corporate Governance Code, the board considers these provisions not relevant to the position of Martin Currie Global Portfolio Trust, being an externally managed investment company. The company has therefore not reported further in respect of these provisions.

The principles of the AIC code

The AIC code is made up of 21 principles and the company has complied with all such principles with the exception of principle 11 which is not applicable. Details of the AIC principles and how the company complies with them can be found in the corporate governance statement.