LetterOne today announced that - subject to regulatory approval - it will appoint three new non-executive directors as part of the newly strengthened Board’s work to create a model for the business that is independent of its founders.

These will join include: Alex Gourlay (formerly Executive Vice President and Co-Chief Operating Officer of Walgreens Boots Alliance and President of Walgreens); Linda Wilding (non-executive director of BMO Commercial Property Trust and Wesleyan Assurance Society); and Annalisa Jenkins (formerly President and CEO of Dimension Therapeutics and Head of R&D Merck Serono).

This builds on the decisive changes made in March 2022 following Russia's illegal invasion of Ukraine: the firm’s principal shareholders have resigned all positions, no longer have any control or influence on L1 and no dividends, if any are due, will be paid to them.

L1 is an established, successful investor in critical sectors in Europe and other regions. It brings a long-term perspective to investment decisions and supports a workforce of over 100,000 employees. The new Board is committed to transparency and the highest standards of corporate governance. It is developing an approach to investment that ensures financial, social and environmental impacts are all the heart of L1’s decision making.

To further enhance its impact, the Board will allocate $250 million to good causes and impact investing, expanding the commitment made earlier this year. The new Board will assess where these funds could have the biggest impact and the right model for distributing them.

L1’s has already donated approaching $50m million to support those affected by the illegal war in Ukraine. Under this programme the company has committed donations to World Vision, ICMEC, UNICEF, UNHCR, Direct Relief, LUkraine, and IsraAID and other programmes focused on providing assistance to Ukrainians affected by the war.