During another busy year for our business, your Board has continued to focus on supporting ICG’s growth and evolution. The financial results for the year continue to demonstrate considerable progress, and the firm remains on a long-term trajectory of profitable growth (see page 17). Looking to the future, we have supported the executive team as it has continued to reinforce the depth of the firm’s senior management, and evolved our own membership as we plan for the future. In addition, the Board has held a detailed strategy review to ensure the continued success of the firm in the years ahead (see page 65). From May 2025, a Management Committee is being formed to work with the Executive Directors in considering and executing the operation of the Group’s business. The Committee is comprised of the three Executive Directors and a number of senior executives who head business divisions.
Once again, the Board has benefited from hearing shareholder views. I have held a number of meetings with current and potential shareholders during the year and look forward to more in the coming years ─ transparency and communication are important attributes of a well-governed firm. It is clear to me that our business model and position within the global alternative asset management landscape leaves us well positioned for further success; that this sector is likely to continue to attract more interest from the public markets; and that we enjoy strong support from our shareholders to continue to scale up and out.
We remain aware of the regulatory and governance requirements that are incumbent on UK boards. Although your Board is performing well, we are aware that standards evolve and boards must rise to meet new challenges. Our Board review process concluded that your Board continues to operate cohesively and effectively; however we continue to evolve our membership and practices in the light of these standards. The Board has a diverse membership in terms of gender, experience and background; and that diversity of thought contributes to the Board’s effectiveness. A culture of open discussion and listening to different perspectives has been an important component of ICG’s success to date, and will continue to be a priority for your Board.
Your Board will continue to seek growth across our business, overseen by a high quality governance process.
Your Board believes that the Group should act as a responsible participant in society and that our strategy should reflect this. The impacts of our decisions on different stakeholder groups are uppermost in our minds and you can read more detail on how various stakeholders were considered as part of the Board’s decision-making process on page 35.
Over the course of the year, we have engaged in discussions about the sustainability framework within which our Group operates, carefully considering the most effective ways to address them and ensuring proper Board oversight. In addition, we have placed continued emphasis on our broader stakeholder base, dedicating resources to employee growth through advanced training and development programs, contributing to the community through charitable contributions, and driving forward a variety of inclusion initiatives, including a detailed focus on gender diversity amongst investment staff (explained in detail on page 83). Looking ahead, we remain committed to focusing on our wider societal contributions and the impact of our public presence.
Sonia Baxendale joined the Board during the year and has already begun to be a valued contributor at our meetings. We also look forward to welcoming Robin Lawther to the Board. She will join the Company as a Non-Executive Director on 1 November 2025.
Throughout the year, the Board and its Committees carefully considered the revised Corporate Governance Code and continued to comply with those requirements for the year ended 31 March 2025.
The Board remains grateful for your support throughout the year, and we look forward to continuing our constructive dialogue.
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