RNS Number : 1789C
Utilico Emerging Markets Trust PLC
13 June 2019

13 June 2019


(LEI Number: 2138005TJMCWR2394O39)


Directorate Changes


Utilico Emerging Markets Trust plc ("UEM" or the "Company") announces that Garry Madeiros has informed the Company that he intends to retire from the Board following the conclusion of the Annual General Meeting on 17 September 2019.  Mr Madeiros has been a non-executive director of the Company since 2007.


The Company is pleased to announce that Eric Stobart has agreed to join the Board as a non-executive director and Chair of the Audit Committee.  Mr Stobart is currently a non-executive director and chair of the audit committee of UIL Limited and intends to step down from that company and join the Board of UEM in September 2019, following publication of UIL Limited's report and accounts for the year ending 30 June 2019. 


Mr Stobart brings to the Board many years of experience in financial services having spent most of his career in merchant and commercial banking, latterly as a senior executive at Lloyds Banking Group. He has extensive experience as a non-executive director and audit and risk committee chair in the financial services sector covering banking, investment management, insurance and pensions. He was for 12 years chair of the investment committee of the £25 billion Lloyds Bank Pension Scheme as well as having been chair of the audit and risk committee of a substantial investment management group. Currently he chairs a Lloyd's insurance business and chairs or is a member of the trustee board of four pension schemes with combined assets of some £3.6 billion.  Mr Stobart is a chartered accountant with an MBA from London Business School.


John Rennocks, Chairman of UEM, commented "On behalf of the Board I would like to thank Garry for his excellent contributions and experience he has brought to the Board discussions during his time as a director and wish him well for the future.  We look forward to welcoming Eric to the Board in September and benefitting from the extensive experience he will bring."


There are no further disclosures required to be made in accordance with LR 9.6.13R of the Listing Rules of the UK Listing Authority.



Name of contact and telephone number for enquiries:

ICM Investment Management Limited                                 +44(0)1372 271486

Charles Jillings / Alastair Moreton


Montfort Communications

Gay Collins, Mike Foster, Toto Reissland-Burghart              +44(0)203 770 7905 / 7907



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