Paul Fincham and Nick Stewart joined the board on 30 October 2026. The trust is now controlled by Saba Capital Management following a vote at its annual general meeting in April this year. As part of its plans to comply with the Association of Investment Companies Code, the trust said Mr Fincham and Mr Stewart were “considered to be independent”.

The vote in April saw chairman Jonathan Simpson-Dent, Mary Gunn, Jane McCracken, Caroline Roxburgh and Gregory Eckersley voted out of the Baillie Gifford-managed company, while a sixth director, Mungo Wilson, was already retiring.

Mr Fincham qualified as a solicitor in 1987, joined the Barings closed-ended funds team as a corporate financier in 1995 and spent the remainder of his City career working in that role, latterly as joint head of investment funds at Panmure Gordon.

He specialised in fund launches and reconstructions throughout his time in the City. He retired from the City in 2018 and has since worked freelance in the music industry.

Mr Stewart has more than 25 years’ experience in financial services, investment banking and strategic advisory roles. He has held senior positions at Barclays, Deutsche Bank, EY and Baringa Partners, advising financial institutions and their boards on strategy, governance, risk management and organisational effectiveness.

He has extensive experience working with boards and senior executives, including undertaking independent board effectiveness and governance reviews for major financial institutions. Mr Stewart is also an entrepreneur and investor, bringing a commercial perspective on capital allocation, business growth and long-term value creation.

Saba Capital Management’s three nominees to the board, chair Gabriel Gliksberg, Jassen Trenkow and Michael Joseph, were approved by just under 63% of votes cast.

The new directors are understood to be deciding whether to retain Baillie Gifford as manager, as they eye a huge windfall from the trust’s 20% holding in SpaceX, which is seeking to list in New York with a valuation of more than $1.75 trillion.

Mr Gliksberg said: “I am delighted to welcome Paul and Nick to the board of directors. I am confident that their experience and skills will add tremendous value to the Company and shareholders.”