Good corporate governance is critical to the successful management of a sustainable business. Liontrust is committed to the principles of the UK Corporate Governance Code. The Annual Report and Accounts sets out how Liontrust has applied the principles and complied with the provisions of the UK Corporate Governance Code.
Board of Directors
Liontrust is led by an effective and entrepreneurial board whose role is to promote the long-term sustainable success of the company, generate value for shareholders and contribute to wider society. The Board is responsible for organising and directing the affairs of the Company and the Group in a manner that is in the best interests of the shareholders, meets legal and regulatory requirements and is also consistent with good corporate governance practices.
Division of Responsibilities
The Chair’s main responsibilities are to lead the Board, ensure that shareholders are adequately informed with respect to the Company’s affairs and that there are constructive relations and communication channels between management, the Board and shareholders. The Chair liaises as necessary with the Chief Executive on developments and ensures that the Chief Executive and his executive management team have appropriate objectives and that their performance against those objectives is reviewed. The Chair holds meetings with the Non-executive Directors without the Executive Directors present on a regular basis.
The Chief Executive’s main responsibilities are the executive management of the Group, liaison with the Board and shareholders, the development and management of the strategy of the Group, the management of the senior management team, oversight of the sales and marketing teams, and to be an innovator and facilitator of change. The Chief Executive discharges certain of his responsibilities in relation to the executive management of the Group via two partnership management committees as detailed in the Risk management and internal controls report in the Annual Report and Accounts.
The Senior Independent Director’s main responsibilities are to provide a sounding board to the Chair, lead discussions related to the succession of the Chair and serve as an intermediary for the other directors and shareholders.
The Non-executive Directors role has the following key elements:
- constructively challenging, and contributing to, the development of the strategy of the Company and the Group;
- providing well considered and constructive opinions and specialist advice to the Board based on significant industry experience;
- scrutinising the executive management team’s performance in meeting agreed goals and objectives, and monitoring the reporting of performance of the Board;
- satisfying themselves that financial information is accurate and that financial controls and risk management systems are robust and defensible; and
- being responsible for determining appropriate levels of remuneration for executive directors and a prime role in appointing (and where necessary removing) senior management and in succession planning.

Chief Executive

Non-Executive Chair

Chief Operating Officer and Chief Financial Officer

Senior Independent Director, nominated Non-Executive Director for Responsible Capitalism, including all ESG matters

Non-Executive Director, Chair of the Audit & Risk Committee, Liontrust Consumer Duty Champion

Non-Executive Director, Chair of the Remuneration Committee

Company Secretary

Deputy Company Secretary
Board Committees
The Board has established an Audit and Risk Committee, Nomination Committee and Remuneration Committee. The composition of these committees complies with the provisions of the Code. The Chair is not a member of the Audit and Risk Committee or the Remuneration Committee, but attends these meetings at the invitation of the chair of the respective committee. Each committee of the Board has formally documented the duties and responsibilities delegated to it, by way of terms of reference, which are available on the Liontrust website.
Nomination Committee
- Alastair Barbour (Chair)
- Mandy Donald
- George Yeandle
- Rebecca Shelley
Audit and Risk Committee
- Mandy Donald (Chair)
- George Yeandle
- Rebecca Shelley
Remuneration Committee
- George Yeandle (Chair)
- Mandy Donald
- Rebecca Shelley
Risk management
Liontrust takes a cautious and pro-active approach to risk management, recognising the importance of understanding risks to the business, setting and monitoring risk appetite and implementing the systems and controls required to mitigate them.
Liontrust has defined a Risk Universe and uses a Risk Appetite Statement as well as a number of risk frameworks to capture the core risks inherent in our business and assess how those risks are managed and mitigated, the key indicators that would suggest if the risk is likely to materialise together with an assessment that each risk may have on our regulatory capital.
To help identify, manage and control risk, Liontrust breaks it down into eight main categories:
- Credit risk
- Operational risk
- Business risk
- Client management
- Portfolio management, Investment and Liquidity risk
- People
- Regulatory, Compliance, Conduct and Financial Crime
- Other Principal risks, such as Covid 19
Corporate sustainability
One of the key strategies of Liontrust is to be a responsible company and investor. This is reflected in the purpose of the business, which is to have a positive impact on our clients, stakeholders and society.
We have committed to integrating sustainability appropriately throughout the business. This includes publishing our Responsible Investment policy, which provides details of our engagement-led approach and how we manage our stewardship at both the company level and for individual investment teams, and our Responsible Capitalism Report 2023, which outlines the successes, where we need to do more and our priorities for the year ahead.
Liontrust has also committed to playing our part in helping to deliver the goals of the Paris Agreement to limit global warming to 1.5°C.

Our people
Liontrust's assets are our people. We pride ourselves on the quality of our people's knowledge and ability and therefore their positive impact on clients, investors and stakeholders. Liontrust is investing in their training, qualifications and development as part of our strategy to retain talented fund managers, partners and employees.
We are seeking greater diversity across the company as we believe this enhances the performance of businesses and leads to better decision making, innovation and growth through independent thinking and new ideas.
Liontrust’s Equal Opportunities and Diversity Policies outline that all Liontrust employees (temporary and permanent), partners, contract workers and job applicants are treated fairly and are offered equal opportunity in selection, training, career development, promotion and remuneration.

Diversity and inclusion
Liontrust believes that a diverse workforce promotes innovation and growth through independent thinking and new ideas, as well as engaging existing and prospective employees, partners and clients.
The Liontrust Asset Management PLC Board regularly reviews the gender split across the company and has asked management to address the issue of underrepresentation of women in senior management. Liontrust has improved the diversity of the Board over the last few years and will continue to work to ensure the composition of the Board and the workforce as a whole is representative of wider society.
Liontrust’s Diversity and Inclusion Committee, chaired by our CIO/CFO, provides feedback and recommendations to the Management Committee, Nomination Committee and the Liontrust Asset Management PLC Board.
Liontrust has been taking a number of actions to increase diversity and inclusion and to continue to raise awareness of the importance of building a workplace that fosters inclusion and equality for all. These initiatives include celebrating International Women’s Day, Black Awareness webinar, The Xavi Art Exhibition – Black History Month, and enhanced Maternity and Paternity policies.

Human rights
Liontrust’s policies are consistent with internationally recognised human rights principles such as the UN Global Compact. We comply with applicable human rights legislation in the countries where we operate. We publish our statement on Modern Slavery Act (MSA) on our website and this is reviewed annually.
