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.

  • Majedie Investment PLC (the Company) is a listed public limited company whose shares trade on the London Stock Exchange.

  • The Company's objective is to maximise total shareholder return, whilst increasing dividends by more than the rate of inflation over the long term.

  • The Company’s investment portfolio is managed by Majedie Asset Management Limited (MAM) who manage the portfolio across a range of equity strategies.

  • The Company has a material shareholding in MAM, an independent investment boutique that manages £8.0bn specialising in equities (as at 31 March 2021).

  • There is no overall benchmark, rather each fund that the Company invests in has its own specific benchmark.

  • The Company offers the opportunity to invest in a diversified, global growth equity portfolio.


William Barlow

Mr Barlow was appointed Chief Executive Officer of the Company from 1 April 2014, before which he was a member and Chief Operating Officer at Javelin Capital LLP. Prior to Javelin Capital LLP, he was at Newedge Group (part of the Societe Generale Group). He joined Skandia Asset Management Limited as an equity portfolio manager in 1991. He was Managing Director of DnB Asset Management (UK) Limited in 2002. Mr Barlow was appointed a Non Executive Director of the Company in July 1999 and was made an executive director in June 2011. He is a Non Executive Director of Majedie Asset Management Limited. He is also Chairman of Racing Welfare and a Non Executive Director of Strategic Equity Capital PLC.

R David C Henderson* FCA

Mr Henderson, a Chartered Accountant, is currently Chairman of Alder Investment Management and Ecclesiastical Insurance Office plc and is also a Non Executive Director of MM&K Limited. Previously he was Senior Advisor to Kleinwort Hambros, Non Executive Director of Edentree Investments Management, and Chairman of Kleinwort Benson Private Bank from 2004 to 2008 having held various senior roles in the Kleinwort Benson Group since 1995. Prior to that he spent 11 years at Russell Reynolds Associates, which followed 10 years at Morgan Grenfell & Co and 6 years at what is now RSM. He was appointed as a Director of the Company on 22 September 2011 and is Chairman of the Board and Nomination Committee and a member of the Audit, Remuneration and Management Engagement Committees.

Jane M Lewis*

Ms Lewis was appointed as a Director of Majedie on 1 January 2019. She was, until 2013, a director of corporate finance and broking at Winterflood Investment Trusts. She is Chairman of Invesco Perpetual UK Smaller Companies Investment Trust PLC and Non Executive Director of BMO Capital and Income Investment Trust PLC, The Scottish Investment Trust PLC and BlackRock World Mining Trust PLC. Ms Lewis is a member of the Remuneration, Management Engagement, Nomination and Audit Committees.

Mark Little*

Mr Little, a Chartered Accountant, was appointed as a Director of Majedie on 23 May 2019. He was previously a Managing Director of Barclays Wealth (Scotland and Northern Ireland). He is currently an Investment Director at Seven Investment Management and a Non Executive Director of Sanditon Investment Trust plc and Securities Trust of Scotland plc. Mr Little is Chairman of the Audit Committee and a member of the Remuneration, Management Engagement and Nomination Committees.

Christopher Getley*

Mr Getley was appointed as a Director of Majedie on 1 July 2020. He has extensive knowledge of the investment industry as a Partner and Fund Manager at Cazenove and as a Director at Deutsche Asset Management. Subsequently, he was CEO of Westhouse Securities, an institutional stock broker. He is currently Executive Chairman of AgPlus Diagnostics Limited and Non-Executive Chairman of Masawara PLC, a Southern Africa focussed investment company.

Richard Killingbeck*

Mr Killingbeck was appointed as a Director of Majedie on 1 July 2020. He has over 35 years’ experience in the financial services sector, initially as a fund manager and latterly in a number of senior management roles within the wealth management sector. He was previously Chief Executive officer of WH Ireland PLC and is currently Managing Director of Harris Allday, a division of EFG Private Bank. He retired as the Non-Executive Chairman of Bankers Investment Trust PLC in 2019 and is currently a trustee of the London Stock Exchange Benevolent Fund.

* Independent non-executive




  • MAM is a fund management company specialising in equities with £8.0bn assets under management as at 31 March 2021.

  • MAM has over 60 employees of which 17 are in the investment team.

  • The business was launched in 2002 with capital backing and financial and administrative assistance from Majedie Investments PLC.

  • The founders had all previously worked together at Mercury Asset Management.

  • The Company retains a 17.2% shareholding in the company.

  • MAM is included in the Company accounts at its fair value. The basis for valuation annualises the most recent quarterly earnings of MAM, applies a median of a peer group price earnings multiple with an unlisted liquidity discount of 20% (although the Directors may adjust the discount depending on market conditions). Performance fee earnings multiples are further discounted by 50%. Surplus net assets are then added, having deducted 200% of Regulatory Capital. The valuation is updated each quarter and will be announced to the market.

  • The most recent assessment of the fair value in MAM resulted in a value of £24.8m (cum dividend) as at 30 June 2021.

  • Further information on MAM is available on their website here.

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. 


Corporate Governance


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


Audit Committee


Remuneration Committee


Nomination Committee


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) Regulations 2008, 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​

Remuneration Disclosures