Board

The board is the collective term for all the directors of a company. The Board is there to protect shareholders’ interests as well as ensure that the company does well. Read our guide to Boards and Directors

Aquila Energy Efficiency Trust provides detail on tender offer proposal

Aquila Energy Efficiency Trust (AEET) has published details of a tender offer under which up to 18.6% of its issued share capital may be repurchased at 94.28p per […]

Electra to make anther distribution

Electra to make anther distribution – Electra has announced an agreement for the sale of its larger non-controlled assets, Photobox and Knight Square at 103% of adjusted 31 March 2018 […]

Jupiter European pays £13m performance fee

Jupiter European pays £13m performance fee – During the twelve months to 31 May 2018, the total return on Jupiter European Opportunities’ net asset value was 10.2%. This compares with a […]

Strategic Equity Capital NAV edges higher

Strategic Equity Capital NAV edges higher – Strategic Equity Capital has announced results for the year ended 30 June 2018. On a total return basis, the NAV per share increased by 1.8% […]

Dunedin Enterprise sells Pyroguard, plans cash return

Dunedin Enterprise sells Pyroguard, plans cash return – Dunedin Enterprise Investment Trust has announced the successful realisation of Pyroguard, the specialist fire resistant glass manufacturer. Total proceeds from the sale amounted […]

Invesco Income Growth trims fees

Invesco Income Growth trims fees – Following constructive discussions with the company’s manager, Invesco Fund Managers Limited, Invesco Income Growth‘s board has announced the agreement of amendments to the existing fee […]

SQN Asset Finance Income’s operational focus supports performance

SQN Asset Finance Income’s operational focus supports performance – SQN Asset Finance Income Fund (SQN) has published its annual report for the year ending 30 June 2018. Performance […]

board pack

A board pack is the collected paperwork provided to a board ahead of a board meeting from all the different outsourced service providers

Chairman of a Board

Chairman of a Board – Highest ranking officer in a firm’s board of directors who presides over the board’s meetings, but may or may not have actual executive authority. This title is often adapted from a diversity perspective. Versions include chairperson, chairwoman, chairman or just Chair. Read our guide to Boards and Directors

TCFD

TCFD is an acronym for the Taskforce on Climate-related Financial Disclosures. The Financial Stability Board established the TCFD to develop recommendations for more effective climate-related disclosures that could promote more informed investment, credit, and insurance underwriting decisions and, in turn, enable stakeholders to understand better the concentrations of carbon-related assets in the financial sector and the […]

SORP

SORP is the acronym for Statement of Recommended Practice and refers to Financial Statements of Investment Trust Companies and Venture Capital Trusts issued by the Association of Investment Trust Companies. SORP recommends that 75% of management fees and finance costs can come from capital and 25% to revenue. This can reflect the balance of the capital and […]

IFRS 9

IFRS 9 is an International Financial Reporting Standard (IFRS) of the the International Accounting Standards Board (IASB). It lays out the standard for investment companies for financial instruments for: Classification and measurement of financial instruments Impairment of financial assets, which lays out how losses after an event are valued and requires disclosure of full lifetime losses more quickly Hedge accounting All […]

TLAC or T-LAC

TLAC or T-LAC – TLAC is an abbreviation for total loss absorbing capacity used by the Financial Stability Board (FSB). It can also be referred to as T-LAC. It describes the debt or capital available to absorb losses in (mostly) banks. TLAC is closely related to (but different from) the term Minimum Requirement for Own Funds […]

International Financial Reporting Standards (IFRS)

IFRS is an abbreviation for International Financial reporting Standards. These are a set of accounting standards developed by the International Accounting Standards Board (IASB). The IASB is an independent not-for-profit organization.

DCM or discount control mechanism

A DCM or discount control mechanism is a policy put in place by a Board in an effort to control the discount on an investment company. Discount control mechanisms come in different forms. Many are promises to buy back shares if the discount exceeds a certain level in normal market conditions. Some measure the discount […]

PRIIPs

PRIIPs is an abbreviation for Packages Retail Investment and Insurance Products. It is a term created by EU legislators as a “catch-all” for investment and insurance products that bring together different investments. These “products” are then sold to retail investors. PRIIPs legislation is being implemented across the EU and requires that every “manufacturer” of a PRIIP […]

C share

Companies often classify different classes (=types) of shares using letters. C share is used most commonly to describe a new class of shares issued by an investment company. The C shares have their own portfolio while the money raised by issuing them is invested. When the Board judges that the C share portfolio is sufficiently […]

Glossary

Board