Edinburgh Worldwide Investment Trust has begun searching for independent UK-based non-executive directors as its new Saba-backed board moves to expand its governance credentials, according to a report by Quoted data.

The board said it intends to appoint directors who will add "diversity of viewpoints and professional skills" after criticism from some shareholders over the current board's limited experience of the UK investment trust sector. The three existing directors were elected after activist investor Saba Capital secured sufficient shareholder support at the trust's April AGM.

Since taking office, the board said it has engaged with a broad cross-section of shareholders, with discussions centring on two priorities: reviewing historical decisions relating to the trust's SpaceX investment and providing investors with a liquidity event following the monetisation of the holding.

The trust reiterated its intention to offer shareholders an exit opportunity once proceeds from its SpaceX investment become available, a commitment first outlined after the board transition. The review of previous portfolio decisions, including Baillie Gifford's partial disposal of the SpaceX stake, also remains under way.

Interim results showed the trust generated an 8.4% NAV return over the six months to 30 April, supported by a sharp increase in the valuation of SpaceX. Shareholders benefited from a stronger total return as the discount to net asset value narrowed significantly ahead of the boardroom contest.

The governance changes mark the latest chapter in the long-running campaign by Saba Capital, which has argued that changes to the trust's management and strategy are necessary to unlock shareholder value. While the new board has yet to outline any broader strategic changes, investors will be watching closely for the outcome of its governance review and any future decisions regarding the trust's management arrangements.