Company board is increasingly entrenched with 7/9 directors having served on the board for 8-10 years (since spin-off) and the latest new director was appointed 4 years ago. The average tenure is not that high (as the directors have mostly worked together since the spin-off 10 years ago), but we would much rather see a spread of a few new directors, some who have served ~ 5-10 years and a few who have been longer (not possible here). We also note that 5/9 directors today, also still serve at the previous parent’s board, which seems “clubby” and not dynamic for a company that has been independent for 10 years. While age and experience is valuable, many companies have policies in place for tenure/age. Here all directors who have served for 8-10 years are in their 70s and 80s, adding to the sense of entrenchment. We believe that the most effective boards have a variety and diversity of tenure, experience, gender and even age. To express this view we have therefore withheld our vote on the two directors most directly responsible for the development of the board structure, i.e. the Chair of the Board and the Chair of the Nominations committee.