15 August 2017

Mattioli Woods plc

("Mattioli Woods" or "the Company")

Changes to Governance

Mattioli Woods plc ("Mattioli Woods" or "the Company"), the wealth management and employee benefits specialist today announces changes to its board of directors, in order to underpin its governance and control standards.

Two directors have stepped down as part of a streamlining move designed to eliminate duplication and overlap between the Company's board and senior executive team.

Chief operating officer Mark Smith and employee benefits managing director Alan Fergusson have resigned from the board with immediate effect.

The move follows internal and external reviews of the effectiveness of the Company's board, its sub-committees and the group's senior executive management framework.

The board's reduction from eight members to six means it will in future consist of three independent non-executive directors and three executives.

Mark Smith and Alan Fergusson will remain as key figures on the senior executive management team, known as SET^GO.

Going forward the Company's board will comprise Joanne Lake, independent non-executive chairman; Ian Mattioli MBE, co-founder and chief executive officer; Murray Smith, group managing director; Nathan Imlach, chief finance officer; and Anne Gunther and Carol Duncumb, both independent non-executive directors.

It will focus on group strategy, risk and governance. SET^GO's agenda will be concentrated on delivery and control of the execution of the group's strategic and operational initiatives.

Ian Mattioli said:  "Mattioli Woods floated in November 2005 when our revenues were £6.4 million and, on behalf of our clients, looked after £728 million of assets. Today the business is very different, with revenues of more than £50 million and assets under management of £7.8 billion. Throughout this time, the group has always been committed to high governance and control standards.

The board and its senior management team, through internal and external examination, has been looking at how the needs of the group should be governed, led and managed so that it can continue to grow and develop as a listed financial services business under Joanne Lake as its independent non-executive chairman.

These changes will enable us to develop a stronger structure, with clearer definition between the Company's board and its senior management team".

SET^GO, which operates and manages the business, will continue to be made up of seven executives:

Ian Mattioli, Murray Smith, Nathan Imlach, Mark Smith, Alan Fergusson, chief business officer Sara Andrews and chief investment officer, Simon Gibson.

Mr Mattioli added:  "Rebalancing the board between non-executive directors and executives is more in line with the Quoted Companies Alliance governance guidelines.

We also believe this rebalancing sets the optimal business structure to compete successfully for the next phase of the Company's growth.

When Bob Woods and I formed the company we did so by instilling strong values and developing a long-term, sustainable vision for the business to operate within. The work of SET^GO and the reduction of the Company's board gives us the platform for strong governance, while enabling the group to further develop," said Mr Mattioli.

We could not have achieved what we have over the last 25 years without the talent and commitment of the Mattioli Woods team. Mark Smith and Alan Fergusson, who are stepping down to enable these changes to happen, have my full appreciation as they continue their senior roles within SET^GO and our business."

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