The Board of Scottish American Investment Company PLC announced that Rachel Lomax has decided not to offer herself for re-election as a director of the company at the AGM on 3 April 2014. Ms Lomax is obliged to step down as a result of the imminent introduction (July 2014) of European rules under the Capital Requirements Directive. The directive limits the number of board appointments held by those who serve on the boards of significant credit institutions.

Rachel Lomax also serves, and will continue to serve, as a Director of HSBC Holdings which is deemed to be a significant credit institution.