Update: Concerns raised over independence of Woodford trust's board

Celebrated anniversary on 21 April

Two board members of Woodford Patient Capital Trust work at firms held in the portfolio, The Times has reported, raising questions about its independence.

Susan Searle, chair of the board, is deputy chair of Mercia Technologies and a non-executive director at Benchmark Holdings, according to The Times. As at 31 March, Mercia represents 0.8% of the portfolio while Benchmark's weighting stands at 0.46%. Meanwhile, director Scott Brown is also chief executive of Nexeon Limited, which represents 0.41% of the trust. While investment trust boards do not manage or determine any stock choices, there is potential for a conflcit of interest as they are responsible for overseeing investment policies and strategies. A spokesperson at Woodford...