The Board is responsible for managing the Company on behalf of its shareholders. In order to create and deliver sustainable shareholder value, the Board must establish the objectives and policies of the Company, set the overall strategic direction and ensure it is delivered within an appropriate framework of reward, incentive and control.  The Board has four scheduled Board meetings each year, and uses a structured agenda to ensure all key areas are reviewed over the course of the year.

Certain responsibilities of the Board are delegated to Board Committees to assist the Board in carrying out its functions and to ensure independent oversight of internal control and risk management. Each Board Committee's terms of reference set out the specific matters for which delegated authority has been given.

The Board has delegated authority to three principal Board Committees:
•   Investment Committee: responsible for considering and approving investments that the Investment Manager feels are suitable for VNI.
•    Audit Committee: controls and monitors financial reporting practices and accounting policies of the Company, including ongoing operational expenses of the fund such as bank fees, regulatory fees, legal fees, letting fees, and acquisition and disposal fees.
•    Nomination and Remuneration Committee: controls, monitors, and makes recommendations to the Board with respect to fees payable to the Investment Manager and Directors.