OVERVIEW
INTRODUCTION
BRIEF HISTORY
The original business involving the ownership of rubber estates in Malaysia was established in 1910. Majedie was the name of one of the rubber plantations. Over time the business evolved into an investment company and obtained investment trust status on 1 October 1985.
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Majedie Investment PLC (the Company) is a listed public limited company whose shares trade on the London Stock Exchange.
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The Company's objective is both to deliver long-term capital growth whilst preserving shareholders’ capital and to pay a regular dividend.
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The Company’s investment portfolio is managed by Marylebone Partners LLP (Marylebone).
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The performance target is to achieve net annualised total returns (in GBP) of at least 4% above the UK CPI over rolling five-year periods.
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The Company’s strategy is to create a balanced portfolio of investments that is diversified both across asset classes and by geography. The holdings will be focussed on the following three main segments:
1. Special Investments: opportunities including co-investments, special-purpose vehicles and thematic funds. These eclectic and episodic opportunities are generally hard-to-access investments targeting potential IRRs of 20%. or better. These investments may be somewhat illiquid in nature, with an expected duration of 24 to 36 months.
2. External Managers: allocations to pooled vehicles managed by third parties. These funds pursue fundamental strategies; and
3. Direct Investments: targeted investments in listed securities, predominantly equities.
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In an alignment of interest, the Company is a partner of Marylebone entitling it to 7.5% of residual profits and capital.
BOARD OF DIRECTORS
* Independent non-executive
MARYLEBONE PARTNERS LLP
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Marylebone is an FCA-regulated AIFM, founded in 2013 and owned by its partners - for more information please visit their website.
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Marylebone’s model is a long-term strategy that focuses on fundamental investments and incorporates multi-asset return sources that are realisable within a 2-3 year time horizon.
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Marylebone aims to achieve a differentiated return profile, complementing shareholders’ other investments. The investment approach includes three core strategies, comprising special investments, allocations to third-party specialist funds and a focused portfolio of listed equities. These investments are sourced through a global network, which its principals have built over nearly three decades at industry leading firms.
CORPORATE GOVERNANCE
The directors are mindful of the importance of corporate governance matters. The following statement sets out in detail how the Company addresses the requirements of the AIC and UK Corporate Governance Code.
The four Board Committees form an important part of the Company’s corporate governance structure. The relevant terms of reference for each committee are provided below, as well as the roles and responsibilities of the Chairman and Senior Independent Director:
Roles and Responsibilities of the Chairman and Senior Independent Director
Management Engagement Committee
Each year the annual report contains a report on Corporate Governance which deals with issues similar to those covered in the above Corporate Governance Statement including details of any specific issues relevant to the year in question.
Directors’ Remuneration Policy
In accordance with the requirements of Schedule 8 of the Large and Medium Sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, as amended, the Company’s approved directors’ remuneration policy is shown below. This was approved by shareholders at the Company’s Annual General Meeting on 20 January 2021 and it is proposed it will remain in force until the Annual General Meeting in 2024 at which time a further resolution will be proposed. Any changes prior to that date are required to be approved by shareholders by ordinary resolution.
Directors’ Remuneration Policy