The People’s Trust, an investment trust due to be launched on the London Stock Exchange and Social Stock Exchange next month, has announced the first six members of its independent shareholders' committee and its chair, Catherine Howarth, chief executive of ShareAction.

The trust has been developed by Daniel Godfrey, the former chief executive of the Investment Association and is based on the belief that sustainable wealth creation is the true purpose of investment. It aims to achieve long-term, cumulative total returns, measured over rolling seven-year periods as well as producing a positive impact on society.

The shareholders’ committee has been formed to provide an additional and meaningful account of the chief executive and board to shareholders. The committee will:

• Consult with shareholders and be entitled to ask the Board for information and raise issues or concerns on any subject which they deem to be important to shareholders
• Be consulted on nominations to the board
• Be consulted on any executive remuneration proposals
• Write a report to be included in the annual report & accounts setting out the main issues discussed during the year, conclusions reached, and their assessment of the quality of the board and chief executive’s responses to any issues or concerns raised

In addition to Howarth the initial members of the committee are Iona Bain, journalist and advocate for young people's financial rights; Lydia Kan, master executive coach and former ultra high net worth private banker; Pooma Kimis, deputy managing director, Official Monetary and Financial Institutions Forum; Peter Parry, policy director of the UK Shareholders' Association; Julius Pursaill, independent investment and pension governance specialist and James Sullivan, Director, Senior Fund Manager, Coram Asset Management.

Howarth said: “I am delighted to play a part in the evolution of The People’s Trust. The People’s Trust has an innovative model that sits outside the conventional short-term drivers in the investment industry. I look forward to working with fellow members of the Shareholders Committee to ensure The People's Trust delivers on its promise and potential."

Following the launch of The People’s Trust, the initial members of the committee will organise a nomination process, open to all shareholders, to appoint a further six members. The trust was set up through funding from over 2,400 founders, who together raised over £100,000.

Five fund managers were appointed earlier this year. They are Artemis Investment Management, Comgest, First State Investments, J O Hambro Capital Management and Lansdowne Partners. Additionally, the fund will be investing in a portfolio of social impact investments managed by Big Issue Invest, the social investment arm of The Big Issue Group (initially 1% and potentially rising to up to 5% of the assets).

The fund published its prospectus earlier this month and has a target to raise £125 million when it lists on 17th October. The trust's board, including Godfrey who is its chief executive, has committed to investing over £1.5 million at its launch. The non-executive directors meanwhile have waived any fees in full while Godfrey will waive half his salary for two years or until the company reaches net assets of £250m if earlier.