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Douglas McDougall, chairman of the trust, said it would seek the advice of Russell Napier, consultant at CLSA Asia Pacific Markets and author of Anatomy of the Bear, who will stand for election on 5 February 2010.

The announcement came independently to the trust's performance, which undershot the FTSE All-Share and the FTSE All-World over one year but outperformed over five years.

According to the annual report, the trust's share price increased 10.2 per cent over the 12 months to the end of October, but not enough to beat a rise in the All-Share of 18.4 per cent and 18.3 per cent in the All-World.

Total assets minus liabilities were £697m at the end of October.

The chairman said regional and sector weightings were positive contributors to performance, but added stock picking and the frailty of the pound had weighed down on returns.

He cited four main drivers of activity in the portfolio - an improvement in the sustainability of its dividends, a repositioning to "a more normal pro-growth stance", an increase in gearing and an increase in emerging markets exposure.

To help maintain its dividend, the trust bought a £25m position in short-dated corporate debt.

To boost its growth exposure, it also reduced defensives and added to financials, technology and other cyclicals, allocating an additional £35.5m to Latin America and £30.6m to Asia Pacific ex Japan.

Effective gearing increased £23.6m in March and £26.4m in April and May as markets rallied, but was reduced from 114 per cent to 105 per cent after the trust took profits in industrial cyclicals and financials.

The biggest sector contributor to performance was industrials. Although stock selection weighed down on performance, Tencent, Petrobras, Compal Electronics, Hengan International and Li & Fung performed strongly.