Directors

The Directors have overall responsibility for determining the Company’s investment objective and strategy and for implementing the Company’s investment policies. The Board is also responsible for supervising and reviewing the activities of the Investment Manager. The Board intends to meet at least four times a year. Details of the Directors, all of whom are non-executive, are set out below.

Aly Mahmoud El-Tahry, aged 53, Non-executive Chairman

Aly El-Tahry is a director and co-founder of Beltone Financial, a regional financial services group operating in the fields of investment banking and asset management, with offices in Cairo, Dubai, Riyadh and Jeddah. In 1991, he co-founded Kidder, Peabody & Co.’s Middle-East regional office in Cairo where he was co-manager and was involved primarily in corporate finance activities such as privatisations. Aly co-founded Hermes in 1993, the largest investment bank in the Middle-East and up to the time of his departure as an executive in 1999, he managed, during two different periods, its sales and trading as well as the corporate finance divisions. In 2002, Aly co-founded Beltone Financial, which has assets under management of over 16.8 billion Egyptian pounds. Currently, Aly serves as director of two international investment funds and historically he served on the board of EFG-Hermes and the Cairo Stock Exchange. The October 1997 and September 1998 issues of Global Finance magazine named Aly as one of the 600 'World’s Most Powerful People in Finance.' Aly received his MBA from the Krannert Graduate School of Management at Purdue University, West Lafayette, Indiana, USA, in 1987. He also holds Bachelor of Science degrees in both Physics-Engineering and Mechanical Engineering from Washington & Lee University, Lexington, Virginia, USA, and Rensselaer Polytechnic Institute, Troy, New York, USA, respectively.

Helen Foster Green, aged 44, Non-executive Director

Helen Green is a chartered accountant. She has been employed by Saffery Champness, a UK top 20 firm of chartered accountants since 1984. She qualified as a chartered accountant in 1988 and became a partner in the London office in 1997. Since 2000 she has been based in the Guernsey office where she is client liaison director responsible for trust and company administration. Helen serves on the boards of a number of companies in various jurisdictions and she is currently a non-executive director of Landore Resources Limited, Advance AIM Value Realisation Company Limited, Puma Brandenburg Limited (all of which are traded on AIM) and Trio Finance Limited, Kenmore European Industrial Fund Limited and Acorn Income Fund Limited (which are listed on the Official List of the London Stock Exchange).

(James) Grant Wilson, aged 45, Non-executive Director

Grant Wilson is the co-founder of Prudent Wealth Management Ltd, an FSA registered fund management company. He is also the founder and a partner of Eland Mar LLP, a director of China Development Capital (GP) Limited and GMS (Recordings) Limited. He is a trustee of several charities including The Church of Scotland Investors Trust. From 1992 to 2003 he was a director of Martin Currie Investment Management Limited. Formerly he was a director of Gartmore Investment Trust Management Limited and worked as a fund manager at Ivory & Sime plc. He is a member of the Chartered Financial Analyst Institute, The Institute of Chartered Secretaries and Administrators and the UK Society of Investment Professionals. He was awarded a degree in Business Studies & Administration while studying under a bursary scholarship from the Royal Navy. Following the 25th November 2009 meeting of Advance Frontier Markets Fund, Mr Hotchkis stepped down from his role as Director and Grant was appointed in his place.

The Board has established three committees.

Management Engagement Committee

The Management Engagement Committee meets formally at least on an annual basis to consider the appointment and remuneration of the Investment Manager. The management engagement committee will also consider the appointment and remuneration of other suppliers of services to the Company. The management engagement committee will be composed of all the members of the Board. Richard Hotchkis has been appointed the Chairman of this committee.

Audit Committee

The Audit Committee comprises all the members of the Board other than the Chairman. The audit committee’s main functions include, inter alia, reviewing and monitoring internal financial control systems and risk management systems on which the Company is reliant, considering annual and interim accounts and audit reports, making recommendations to the Board in relation to the appointment and remuneration of the Company’s auditors and monitoring and reviewing annually their independence, objectivity, effectiveness and qualifications. Helen Green has been appointed the Chairman of this committee.

Nominations Committee

The Nominations Committee comprises all the members of the Board. The nominations committee’s main function is to identify and put forward candidates for the office of director of the Company. Grant Wilson has been appointed the Chairman of this committee.