Impax Environmental Markets (IEM) - part 1: the Board

IEM is a specialist investment company that provides investors with exposure to businesses delivering solutions to global environmental challenges, in particular those that enable the more sustainable use of resources including energy and water. Unlike trusts heavily invested in renewable infrastructure, IEM invests directly in equities around the world to tap into long-term structural growth trends driven by the global transition toward a more sustainable and resource-efficient economy.In the first of two interviews with the team behind the company, we speak to chairman Glen Suarez, a former investment banker who’s turned his attention to the investment company sector, and past chairman of trusts including Edinburgh Investment Trust (EDIN), Blackrock Throgmorton (THRG), and Bluefield Solar Income (BSIF). We discuss the important but often understated role of investment company boards in driving shareholder returns, the relationship between boards and the investment managers, and – in context of the recent actions of Saba Capital – the importance of dialogue with shareholders, and particularly retail shareholders.