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Liontrust takes its corporate governance responsibilities very seriously. The first of the seven pillars of Liontrust's strategy it to be a responsible company and investor, which involves upholding the highest standards of integrity in all of our actions and striving for excellence in everything we do. 

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 division of responsibilities between the Chair, Alastair Barbour, Senior Independent Director, Rebecca Shelley, and the Chief Executive, John Ions, are clearly established by way of written role statements, which have been approved by the Board.
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. 

John Ions
John Ions

Chief Executive

Appointed: John joined the Board in May 2010. Skills and experience: John has significant leadership and management experience in the financial services sector and in-depth knowledge of the asset management sector. He was previously Chief Executive of Tactica Fund Management, Joint Managing Director of SG Asset Management and the Chief Executive of Société Generale Unit Trusts Limited, having been a co-founder of the business. John was also formerly Head of Distribution at Aberdeen Asset Management. John has core skills and expertise in the areas of mergers and acquisitions, the integration of acquired businesses, regulation, sales and distribution. John is a skilled leader and draws on his substantial experience and knowledge of the sector to lead the Group as its Chief Executive. John’s strong leadership skills, focus on strategic decisions and substantial asset management experience are integral to the delivery of Liontrust's strategy and the long-term sustainable success of the Company. Other listed directorships: John has no external directorships.
Alastair Barbour
Alastair Barbour

Non-Executive Chair

Appointed: Alastair joined the Board in April 2011 and was appointed Non-executive Chair in September 2019. Committees: Chair of the Nomination Committee. Skills and experience: Alastair has extensive knowledge and experience advising on accounting and financial reporting, corporate governance and management in the financial services sector, both within the UK and internationally. He has over 30 years of audit experience and is a chartered accountant, having trained with Peat, Marwick, Mitchell & Co, a former partner of KPMG in both Bermuda and London. Alastair has core skills and expertise in the areas of mergers and acquisitions, accounting and financial reporting, corporate governance and management. Alastair’s breadth of experience, focus on culture and strong corporate governance expertise allow him to provide constructive challenge and oversight. Alastair’s in-depth knowledge combined with his prior board experience, having held senior board level positions in several high profile financial services organisations, enable him to lead the Board effectively and are key to the delivery of the Liontrust strategy and the long-term sustainable success of the Company. Other directorships and commitments: Phoenix Group Holdings Plc (Interim Chair until November 2023). Lead Independent Director of the Bank of N.T. Butterfield & Son Limited (NYSE listed).
Vinay Abrol
Vinay Abrol

Chief Operating Officer and Chief Financial Officer

Appointed: Vinay joined the Board in September 2004. Skills and experience: Vinay has significant knowledge of financial services having held a number of senior roles within the sector. Vinay joined Liontrust in 1995 and has in-depth expertise in finance, information technology, operations, risk and compliance. After obtaining a first-class degree in computing science from Imperial College London, Vinay worked for W.I. Carr (UK) Limited specialising in the development of equity trading systems for their Far East subsidiaries, HSBC Asset Management (Europe) Limited where he was responsible for global mutual funds systems and at S.G. Warburg and Co. Vinay has core skills and expertise in the areas of mergers and acquisitions, the integration of acquired businesses, finance, operations and regulation. Vinay’s financial and operational expertise and his experience of integrating businesses is vital to the delivery of Liontrust’s strategy and the long term sustainable success of the Company. Other listed directorships: Vinay has no external directorships.
Rebecca Shelley
Rebecca Shelley

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

Appointed: Rebecca joined the Board in November 2021. Committees: Member of the Nomination Committee, Audit & Risk Committee and Remuneration Committee. Skills and experience: Rebecca has a wealth of experience acquired through a number of senior and leadership roles held throughout her career. Having been Investor Relations and Corporate Communications Director at Norwich Union Plc from 1998-2000, Rebecca moved to Prudential Plc in 2000, starting as Investor Relations Director, and then becoming Group Communications Director with a seat on their Group Executive Committee. Rebecca also held the role of Group Communications Director of Tesco Plc and was a member of their Executive Committee. Rebecca has held positions on the board of the British Retail Consortium and was a trustee of the Institute of Grocery Distribution. Most recently Rebecca spent three years at TP ICAP plc as Group Corporate Affairs Director and was a member of their Global Executive Committee. Rebecca’s breadth of experience and in-depth knowledge of effective communication ensures she provides oversight, constructive challenge and support to the Board and its Committees to achieve Liontrust’s strategy and the long term sustainable success of the Company. Rebecca is Liontrust’s named Non-executive Director for Responsible Capitalism, including all ESG matters. Other directorships and commitments: Sabre Insurance Group Plc. Hilton Food Group Plc. Conduit Holdings Ltd.
Mandy Donald
Mandy Donald

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

Appointed: Mandy joined the Board in October 2019. Committees: Chair of the Audit & Risk Committee. Member of the Nomination Committee and Remuneration Committee. Skills and experience: Mandy has extensive experience in both complex organisations and early stage environments, and brings a background of strategic planning, financial and operational management to the Company. Through experience gained in previous roles, Mandy’s broad knowledge across a range of subjects allows her to support the Board and its Committees on delivering the Liontrust strategy whilst providing effective oversight and constructive challenge. Mandy spent 18 years with EY before steering her focus towards the growth of new companies, serving on the boards of a diverse range of start-up businesses. Mandy is a chartered accountant and holds a Financial Times Non- Executive Diploma with a focus in corporate governance. Mandy is Liontrust’s Consumer Duty Champion and designated workforce liaison to the Board. Other directorships and commitments: Begbies Traynor Group Plc. JP Morgan US Smaller Companies Investment Trust Plc.
George Yeandle
George Yeandle

Non-Executive Director, Chair of the Remuneration Committee

Appointed: George joined the Board in January 2015. Committees: Chair of the Remuneration Committee. Member of Nomination Committee and Audit & Risk Committee. Skills and experience: George is a chartered accountant with over 30 years’ experience having specialised throughout most of his career in advising clients on executive pay and remuneration. George trained with Coopers & Lybrand (now PricewaterhouseCoopers LLP) before being admitted as a partner in 1989. More recently, George was Operational Leader of the London Region Human Resource Services Business and a Senior Partner of PricewaterhouseCoopers LLP, retiring in December 2013. George has held a number of leadership roles within the financial services sector and uses his in-depth understanding and knowledge of remuneration matters in his role as Chair of the Remuneration Committee. George brings constructive challenge and independent oversight to the Board and its Committees. Other directorships and commitments: George has no other listed directorships.
Sally Buckmaster
Sally Buckmaster

Company Secretary

Sally joined Liontrust in April 2023 as Group Company Secretary, having previously held the same position at River and Mercantile Group PLC and most recently at AssetCo plc. Prior to that, Sally worked as legal advisor at Columbia Threadneedle and Jupiter Asset Management. She has over 16 years’ experience working in-house in the asset management industry in London. Sally is a member of the Chartered Governance Institute and is admitted as a solicitor in England and Wales (2007) and an attorney in South Africa (2006).
Katie OBrien
Katie O'Brien

Deputy Company Secretary

Before joining Liontrust in October 2019, Katie spent 10 years working at Neptune Investment Management Ltd where she was Company Secretary and Head of Legal. Prior to that, Katie gained her Graduate Diploma in Law from Brunel University, following completion of a Master degree in Politics and International Relations at the University of Exeter. Katie is a Member of the Chartered Governance Institute.

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
Governance documents

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.

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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.


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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.

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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.

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