Following her formal appointment as Chair of Foresight Environmental Infrastructure Limited (FGEN) at the 2026 Annual General Meeting, we sat down with Stephanie Coxon to discuss her background, the evolution of FGEN during her time on the Board, her strategic priorities, and what she's bringing to the Company at this new chapter.

 

You've recently stepped into the role of Chair at FGEN. Can you tell us about your background and what drew you to the Company?

I spent 15 years at PwC, starting out in audit in alternative assets and working across the Channel Islands, London and Sydney. I went on to lead the PwC UK investment trust team, where I worked on more than 60 listings, IPOs and follow-on capital raises. The benefit of that experience was working closely with boards, understanding how they operate, what good governance looks like, and advising boards on corporate matters.

What drew me to FGEN was that the assets are real assets, doing real things. When I met the Foresight team and saw how diligent they were as a class operator, that was one of the real attractions of joining the Board.

 

How has FGEN evolved during your time on the Board?

When I joined the Board, FGEN was predominantly solar and wind, having just moved into anaerobic digestion. What I liked was that the Company was already thinking about the future - asking how we would continue to secure assets to support a progressive dividend. That forward-looking mindset is what led us into other areas, and then into what we now call the growth assets.

 

What are your strategic priorities as Chair?

There's been a lot of volatility in investment trusts in recent years, and Ed has done a fantastic job of setting a clear strategy. So for me, coming in as Chair, this is about continuity. I want it to be evolution, not revolution.

First and foremost, my focus is on the performance of our assets - making sure they continue to deliver that progressive dividend, and increasingly, that we see growth coming through from the growth assets.

The second priority is about building on momentum. We're at a point where I'm asking: how do we start taking the FGEN message out to new audiences? That could be different demographics of retail investors, or pension funds looking to allocate into private assets.

 

You mentioned FGEN's broad investment mandate. Why do you see that as a strength?

Our mandate touches supply chains, fleet transport and waste management, as well as the renewable generation most people associate with the sector. Because FGEN has a broad mandate, we have the flexibility to deploy capital where the commercial opportunity is most attractive and complementary to our existing portfolio, rather than being trapped in a single crowded asset class.

But a broad mandate doesn't mean investing in just anything. Rigorous assessment of any infrastructure sector we invest in is paramount, along with robust financial discipline. As our growth assets continue to ramp up, our self-sustaining model allows us to generate cash, recycle capital, and pay down debt — driving organic NAV growth without needing to rely on new capital issuance.

 

You've spoken about regulatory tailwinds supporting the investment trust sector. What do you see as the opportunity?

Regulatory tailwinds are swinging in our favour. Cost disclosure reform is progressing, and the Mansion House reforms are encouraging pension funds to allocate more into private markets. The landscape is shifting.

Investment trusts provide the ideal ready-made vehicle for institutional and pension capital to access real unquoted infrastructure, with daily liquidity and full governance. As Chair, I want to actively champion FGEN and the wider investment company sector directly to that audience, ensuring we capture those substantial new pools of capital.

 

And finally, outside of work, what keeps you grounded?

My life really revolves around my family and staying active. Living in Guernsey, I love running and getting out by the sea whenever I can. With two lively young children and a dog, life is always active and always on the move.

Walking the dog is often my best tonic. He's a fantastic listener, and I have to say, his advice on capital allocation over the last couple of years has been surprisingly good. Jokes aside, that time outdoors keeps me grounded, clears my head, and ensures I bring fresh energy, stamina and real focus into the boardroom.