BlackRock Smaller Companies Trust plc announced that Mr. Robertson, who has served on the Board for more than twelve years, has informed the Board of his intention to retire in the forthcoming year, subject to a suitable replacement being recruited. The Board has commenced the recruitment process and a further announcement will be made in due course. He joined the company in June 2016 as Senior Independent Director. Mr. Robertson will step down from his role as the Company’s Senior Independent Director at the Company’s next Annual General Meeting. Ms Platts-Martin will become the Senior Independent Director of the Company with effect from this date. Mindful of the desirability of a combination of continuity and renewal, the Board has decided to combine this, over time, with a policy of limiting directors’ tenure to nine years. Subject to the constraints of effective succession planning, it is the Board’s aim that no Director will serve on the Board for more than nine years, or twelve years in the case of the Chairman. The longer time limit for the Chairman’s tenure is to allow for continuity of leadership in circumstances where a Chairman is appointed from the ranks of existing Board members after having already served on the Board for a period of time. In setting this policy, the Board is mindful that several Board members have exceeded or are close to exceeding the proposed nine year limit. To ensure an orderly Board refreshment process, the implementation of the new policy on tenure will be phased in over a period of time. As well as Mr. Robertson, the tenure of both Mr. Peacock and Mrs. Burton will exceed nine years by July 2021, and it is envisaged that they will retire in due course as the new policy is implemented.