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1 Oct 2018 15:00
To: RNS
From: Ediston Property Investment Company plc
LEI: 213800JRL87EGX9TUI28
Date: 01 October 2018
Director Declaration
In accordance with Listing Rule 9.6.14, Ediston Property Investment Company plc ('the Company') advises that Jamie Skinner, a non-executive Director of the Company, has notified the Board that he, in his former capacity as one of the lay trustees of the Martin Currie pension scheme, has been the subject of public criticism by The Pensions Regulator ('the Regulator') (albeit not personally named) pursuant to a Section 89 intervention report issued on 28 September 2018.
The report relates to the Regulator's investigation into the status of the scheme following the acquisition of the Martin Currie group by Legg Mason in 2014, and the management of the potential conflict of interest of the lay trustees as shareholders in the group being sold (which were addressed at the time by excluding them from the sale negotiations). As part of the Regulator's intervention, a new independent professional trustee was appointed and Mr Skinner, as a conflicted lay trustee, stepped down and agreed to refrain from taking on other occupational pension scheme trusteeships.
The Regulator has now granted final clearance to the improvements for scheme members agreed by the Martin Currie group since the Regulator's intervention.
For further information please contact:
Donald Cameron
Maitland Administration Services (Scotland) Limited
0131 550 3765
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