FORESIGHT 4 VCT PLC - Foresight Group

The Board of Directors
The Board of the Company will continue in its current form (Peter Dicks, a Director of the Company, is
also a director of Foresight 5 and Foresight Clearwater and, therefore, will bring recent knowledge and
experience of these Targets VCTs to the Enlarged Company). The composition of the Board will
continue to be kept under review.
Philip Henry Peter Stephens (69) (Chairman)
Philip Stephens retired from Williams de Broe plc in 2002 where he was joint head of corporate finance.
He was previously a managing director at UBS, which he joined in 1989. He was involved in corporate
finance and corporate broking for over thirty-five years. He is currently non-executive chairman of Egdon
Resources PLC and Neptune-Calculus Income & Growth VCT plc. Philip is a member of the Audit
Committee.
Peter Frederick Dicks (69)
Peter Dicks was a founder director of Abingworth plc in 1973, a successful venture capital company. He
is currently a director of a number of quoted and unquoted companies, including SportingBet plc and
Private Equity Investor plc where he is Chairman, Polar Capital Technology Trust plc, Graphite
Enterprise Trust plc and Standard Microsystems Inc, a US-NASDAQ quoted company. In addition, he
has been a Director of Foresight VCT plc, Foresight 2 VCT plc and Foresight Clearwater since their
respective launches in 1997, 2004 and 2010 and has been a director of Foresight 3 VCT plc and the
Company since July 2004. He is also chairman of Unicorn AIM VCT plc and is a director of Committed
Capital VCT plc.
Christopher Roger Ettrick Brooke (80)
Roger Brooke was, until May 1999, chairman of Candover Investments plc, an investment trust investing
mainly in buy-outs of unquoted companies, having been chief executive of that company since its
formation in 1980. From 1969 to 1971 he was managing director of Scienta SA, which was involved in
investing in small and medium-sized advanced technology companies in Europe. He was a director of
the Pearson Group for eight years and in 1979 became group managing director of EMI until its merger
with Thorn in 1980. He is a former non-executive director of Foresight 3 VCT plc. He is a director of IP
Group plc as well as several unquoted companies. Roger is chairman of the Audit Committee.
Corporate Governance
The Financial Services Authority requires all listed companies to disclose how they have applied the
principles and complied with the provisions of the UK Corporate Governance Code (formerly the
Combined Code) (‘‘the Code’’) issued by the Financial Reporting Council (‘‘FRC’’) in May 2010 for all
companies who are now operating in financial years on or after 29 June 2010.
The Board has also considered the principles and recommendations of the AIC Code of Corporate
Governance (‘‘AIC Code’’) by reference to the AIC Corporate Governance Guide for Investment
Companies (‘‘AIC Guide’’). The AIC Code, as explained by the AIC Guide, addresses all the principles
set out in the Code, as well as setting out additional principles and recommendations on issues that are
of specific relevance to the Company.
The Board considers that reporting against the principles and recommendations of the AIC Code, and by
reference to the AIC Guide (which incorporates the UK Corporate Governance Code), will provide better
information to shareholders.
For the 13 month period to 31 March 2011 and as at the date of this document, the Company has
complied with the recommendations of the AIC Code and the relevant provisions of the Code, except
where noted below. There are certain areas of the Code that the AIC does not consider relevant to
investment companies and with which the Company does not specifically comply, of which the AIC Code
provides dispensation. The area and reason for non-compliance is in light of the responsibilities retained
by the Board and its committees and of the responsibilities delegated to Foresight, SGH Martineau LLP,
and the Company Secretary, the Company has not appointed a chief executive officer, deputy chairman
or a senior independent non-executive director. The Company has not, therefore, reported further in
respect of these provisions.
Further details on the Company’s corporate governance including the constitution of the Board, various
committees and other internal controls are set out in Paragraph 7 of Part X of this document.
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