Impax Environmental Markets (IEM) Appoints Caroline Bault as Chair and Confirms New Board Committee Structure

Caroline Bault Confirmed as Chair of Impax Environmental Markets Board

The most significant governance development disclosed in the 24 June 2026 announcement is the formal confirmation of Caroline Bault as Chair of the Board of Impax Environmental Markets plc. Bault brings three decades of experience in financial services and Capital Markets to the role, spanning Equity research, Investment Banking, and asset allocation. Her appointment follows the broader election of a new Board, which was itself confirmed in a separate company announcement dated 17 June 2026.

In a statement included in the announcement, Bault commented: "I am delighted to have been chosen to chair the board of directors of Impax Environmental Markets plc. We are completing our induction process and look forward to meeting shareholders, gaining a deeper understanding of the Company's portfolio, and improving governance and decision-making as we look to the Company's future." The announcement notes that prior roles held by Bault include Managing Director of Global Business Development at CAIA, Head of European Research at Commerzbank, and Executive Director at Goldman Sachs International. She currently serves as a Non-executive Director and Remuneration Committee Chair of FidBank UK and as a Non-executive Director of the social impact investment platform Ethex.

Committee Leadership Assignments Across the Refreshed IEM Board

The announcement provides a clear breakdown of committee chair assignments across the Company's five standing committees. Steven Grey has been appointed to chair the Audit Committee, bringing legal and investment risk oversight experience to the role. Aaron Morris will chair the Management and Engagement Committee and has also been appointed as Senior Independent Director, a position of particular importance for shareholders wishing to raise governance concerns outside of the formal Chair relationship. Jason Chen has been assigned to chair three committees simultaneously: the Nominations Committee, the Remuneration Committee, and the Sustainability Reporting Committee.

The Company has stated its intention to maintain its existing committee structure for the time being, indicating that no immediate structural overhaul of the governance framework is planned. Notably, the announcement confirms that each committee will be comprised of all members of the Board, meaning the four directors will collectively serve across all five committees. This approach ensures broad director engagement with governance, sustainability, and remuneration matters, though investors may wish to assess in due course whether more differentiated committee membership emerges as the Board matures in its role.

Steven Grey's Background and His Role Chairing the Audit Committee

Steven Grey, who will chair the Audit Committee, is described in the announcement as the founder and managing principal of Grey Value Management, LLC, which oversees the Grey Value Opportunity Fund. His prior roles include serving as Chief Investment Officer of a private, family-controlled investment entity and as Managing Director of Risk at Albright Capital Management, a firm launched with former US Secretary of State Madeleine Albright. Grey holds an MBA from Columbia University's Graduate School of Business, a JD from Tulane University School of Law, and a BA from the University of Texas at Austin.

The announcement further notes that Grey has testified as an expert witness in commercial securities litigation and at the request of the US Department of Justice and the US Securities and Exchange Commission in criminal securities proceedings. He is also a member of the Investor Advisory Group of the Public Company Accounting Oversight Board (PCAOB), which oversees audits of US-listed public companies. Grey Value Management is described as a member of the International Corporate Governance Network (ICGN). These credentials suggest a robust background in investment risk oversight and regulatory engagement, qualities that may be considered directly relevant to chairing an audit committee at a listed investment trust.

Jason Chen to Lead Three Governance Committees Including Sustainability Reporting

Jason Chen has been assigned a particularly broad governance portfolio, taking the chair of the Nominations Committee, the Remuneration Committee, and the Sustainability Reporting Committee. The announcement describes him as a private investor with over 20 years of experience in Portfolio Management and securities selection. He was most recently Chief Investment Officer of Bromma Asset Management, an alternative asset manager based in Toronto, Canada, and previously held roles at Sprott Asset Management and Cormark Securities.

Chen holds a CFA Charter, an MBA from the Rotman School of Management at the University of Toronto, a Master of Science in Electrical Engineering from Stanford University, and a Bachelor of Applied Science in Electrical Engineering from the University of Waterloo. His chairing of the Sustainability Reporting Committee may carry particular significance for an investment trust whose mandate is explicitly focused on environmental markets, as shareholders in IEM are likely to pay close attention to the quality and transparency of sustainability-related disclosures going forward.

Aaron Morris Appointed Senior Independent Director at Impax Environmental Markets

Aaron Morris has been confirmed as both chair of the Management and Engagement Committee and as the new Senior Independent Director (SID) of Impax Environmental Markets plc. The SID role is considered a critical governance safeguard under the UK Corporate Governance framework, providing shareholders with an alternative point of contact to the Chair when normal Board channels may be insufficient or inappropriate. Morris's legal background, with a practice spanning investment companies, fund directors, public companies, and special purpose Acquisition companies, may be seen as directly relevant to a complex listed investment trust environment.

The announcement notes that Morris is an attorney and co-founder of Morris Kandinov LLP, a litigation boutique focused on the financial markets. Prior to establishing the firm, he practised at the Boston office of Skadden, Arps, Slate, Meagher & Flom LLP, one of the most prominent law firms in the United States. He holds a BA from Indiana University and a JD from Boston College Law School. The appointment of a litigation-experienced attorney as SID may be noteworthy given the governance context in which the new Board has assumed its role.

Board Independence Confirmed Relative to Saba Capital

A notable element of the announcement is the Board's explicit confirmation that each of the four directors is considered independent not only under the AIC Corporate Governance Code, but also independent of Saba Capital, which is identified as the Company's largest shareholder. This dual independence confirmation is likely to be of significant interest to investors, given the prominent role that Saba Capital has played in the governance backdrop of a number of UK investment trusts in recent periods.

The announcement does not disclose the precise size of Saba Capital's shareholding in Impax Environmental Markets, nor does it provide detail on the events or circumstances that led to the election of an entirely new Board. However, the explicit reference to independence from the largest shareholder, combined with the statement in the Chair's comment about "improving governance and decision-making", may prompt investors to examine the recent governance history of the Company more closely. The disclosure fulfils requirements under UKLR 6.4.8R, the UK Listing Rules provision that mandates certain director information be made publicly available.

Regulatory Disclosure Requirements and UKLR 6.4.8R Compliance

The announcement explicitly states that it has been published in part to fulfil obligations under UKLR 6.4.8R, a provision of the UK Listing Rules that requires listed companies to disclose certain information about directors, including their biographical details and any other material disclosures required by the regulator. The Company confirms that there is no further information required to be disclosed in relation to the directors beyond what has been set out in the announcement, providing investors with confirmation that no undisclosed material matters exist in relation to any Board member.

Compliance with UKLR 6.4.8R is a standard requirement following any change in board composition at a UK-listed entity, and the Company's prompt disclosure, issued within one week of the initial Board election announcement on 17 June 2026, indicates a timely approach to regulatory obligations. Investors and compliance-focused analysts may view this as a positive signal of the new Board's intent to maintain clear and transparent communication with the market.

Caroline Bault's Broader Non-Executive Career and ESG Credentials

Beyond her role at Impax Environmental Markets, the announcement provides additional detail on Caroline Bault's wider non-executive portfolio and professional credentials. Former board roles listed include British Business Investments and the British Business Bank, the Natural Environment Research Council (NERC-UKRI), Tribe Technology plc, and healthcare consultancy Lexica. Her current non-executive directorships, at FidBank UK and Ethex, a social impact investment platform, suggest a sustained engagement with governance, impact, and alternative finance themes.

Bault is noted as a Chartered Alternative Investment Analyst (CAIA) and a member of the CFA Institute. Her combination of capital markets experience, including equity research at a senior level and business development within the alternative investment sector, alongside board-level engagement across impact-oriented organisations, may be considered well-suited to the Chair role at an investment trust whose core mandate centres on environmental markets. Investors may be particularly interested in how her background in asset allocation and alternative investments informs the Board's engagement with the Company's investment manager going forward.

Shareholder Engagement and Next Steps for the New IEM Board

In her statement, Chair Caroline Bault indicated that the new Board is currently completing its induction process and expressed a desire to meet with shareholders and deepen understanding of the Company's portfolio. This suggests that formal shareholder engagement activity is likely to follow in the coming weeks and months, though the announcement does not disclose any specific dates, meetings, or consultation processes that have been scheduled.

Investors may be watching for further announcements relating to any strategic review of the Company's investment mandate, any changes to the investment management arrangements, or any updates on the relationship with the investment manager, Impax Asset Management. The announcement makes no reference to such matters, and no guidance, financial targets, or portfolio commentary are provided. The immediate share price impact was not clear from available public information. Enquiries relating to the Company may be directed to Winterflood Securities Limited or to Juniper Partners Limited in its capacity as Company Secretary, as noted in the announcement.