As announced on February 27, 2017 in the half yearly financial report for the six months ended December 31, 2016, David Woods intends to retire as a non-executive director of Standard Life UK Smaller Companies Trust plc at the next annual general meeting in October 2017. In accordance with the Listing Rules, following the merger of Standard Life plc and Aberdeen Asset Management PLC, Mr. Woods is no longer considered independent as he holds two non-executive directorships of investment trusts managed by the combined group. Mr. Woods has stepped down as Chairman but will remain a non-executive Director of the Company until his proposed retirement in October 2017. As planned and following Mr. Woods' retirement as Chairman, Allister Langlands has stepped down from his position as Chair of the Audit and Management Engagement Committee and has assumed the role of Chairman of the Company with effect from August 22, 2017. In addition, with effect from August 22, 2017, Caroline Ramsay has been appointed Chair of the Audit and Management Engagement Committee.