Fidelity Asian Values PLC announced that the Board has a succession plan in place. Grahame Stott will have completed his nine-year tenure in 2022 and will step down from the Board at the AGM in 2022. He will be replaced as Audit Committee Chair by Clare Brady. will have served four years as a Director and a further nine years as Chairman in 2023 and will step down from the Board at the AGM in 2023. The Board considers that continue to be independent. Following the announcement of the merger in March 2021 between Invesco Enhanced Income Limited (Chaired by me) and City Merchants High Yield Trust Limited (Chaired by Tim Scholefield), Tim Scholefield stood down as the Senior Independent Director of the Company and as Chairman of the Management Engagement Committee on 22 April 2021. He will not be standing for re-election at the AGM on 3 December 2021. Tim was succeeded by Clare Brady as Senior Independent Director from 22 April 2021 and by Michael Warren as Chairman of the Management Engagement Committee. As Tim’s replacement, the Board are pleased to announce that Sally Macdonald will be appointed to the Board on 1 January 2022. Sally has over 34 years’ experience in asset management, of which seven were in UK markets and 27 covered Asian markets, at houses including Sanwa International, Lazard Brothers Asset Management, Canada Life, Morley Fund Managers, Dalton Strategic Partnership and City of London Investment Management. She is currently Head of Asian Equities at Marlborough Fund Managers until 30 November 2021, a Director of JP Morgan Japanese Investment Trust and a Trustee of Helping the Burmese Delta. All Directors, with the exception of Tim, are subject to annual re-election at the forthcoming AGM. As Sally's appointment to the Board is not effective until 1 January 2022, she will not stand for election until the AGM in 2022. The Directors’ biographies are below, and between them, they have a wide range of appropriate skills and experience to form a balanced Board of the Company.