Director talk: Elisabeth Stheeman

Elisabeth is chair of the board of Edinburgh Investment Trust.

Listing image

In the boardroom 

How would you explain your role to somebody who was new to investment trusts?

The core of the chair role is leading a skilled and diverse set of fellow non-executive directors to make the right collective decisions for the benefit of the company.

Even with a relatively straightforward investment trust like Edinburgh, there are usually several workstreams going on behind the scenes. For example, it might be board or annual report preparation, an investor query or a legal issue. This often means speaking to and delegating tasks to an appropriate board member.

What’s the number one skill you bring to the board?

Team management and experience on various boards over more than a decade in different industries and geographies, and different governance structures, leading through others.

I enjoy singing, especially in a choir, at home and at work. I sang in the Bank of England choir when I was a member of the Bank’s Financial Policy Committee.

Elisabeth Stheeman, chair of the board of Edinburgh Investment Trust

Elizabeth Steeman

What is the proudest moment of your career?

It has certainly been extremely rewarding to have been closely involved in the change of manager at Edinburgh in March 2020, and the transformation of the company’s performance since. The change in tone from shareholders makes us all very proud.

What’s the most challenging part of your job as a trust director?  

The share price discount to net asset value (NAV) is a tough nut to crack. It is frustrating given the strong investment returns. But we recognise that other factors, such as the trust’s lower dividend yield and a relatively new portfolio manager, are part of the explanation.


That said, we do take advantage of the discount to buy back shares at a discount if it enables us to meaningfully enhance NAV. Last year we added 0.8% to NAV through buybacks.

What advice would you offer to new directors?

I would encourage a new director to build a deep knowledge of their company, its underlying portfolio and its features. It’s also important to build relationships with the different stakeholders – including shareholders small and large, the main suppliers (investment manager, company secretary, broker, lawyers) – and keep knowledge of their activities and views up to date. And to be ready for conference calls at short notice on just about anything!

Away from work

What’s your number one desert island disc?

Schubert’s Arpeggione, Sonata in A minor D821, played by viola and piano.

Of all the places you have visited on your travels, which comes top of the list and why?

South Africa – for the scenery, wildlife, food and wine.

What food couldn’t you live without?

German bread.

What is a hidden talent that few people know you have?

I enjoy singing, especially in a choir, at home and at work. I sang in the Bank of England choir when I was a member of the Bank’s Financial Policy Committee.

What do you do for fun?

Walking, swimming, listening to music and spending time with my large four-generational family.

Elisabeth Stheeman was appointed to the Board of Edinburgh Investment Trust in 2019 and became chair in 2022. She has significant non-executive experience on a range of boards and organisations within the private and public sectors in the UK, Germany and France. Elisabeth was an external member of the Financial Policy Committee of the Bank of England and an external member of the Financial Market Infrastructure Board. Her career spans over 30 years across global blue-chip organisations in a range of different sectors, including banking, real estate, private equity and investment management. She was previously Global COO for LaSalle Investment Management and prior to that worked at Morgan Stanley.