How decisions are made – and how we engage around votes

A crucial component of our stock selection process is the assessment of management's ambition and leadership in the context of our long-term investment thesis. We are unlikely to invest in the absence of such alignment and therefore often support management. This support is not automatic, however, and each resolution is assessed on a case-by-case basis:

• Our voting analysts review meeting materials and relevant information and then make a recommendation to the investment manager.
• The investment manager makes the final decision on behalf of the relevant strategy.
• Where we vote against management, we seek to notify the company and explain our rationale.

This frequently prompts constructive dialogue on strategic issues, including governance and sustainability matters. When we communicate with companies before or after votes, we are transparent about the size of our holding and our voting authority. Where no legal or regulatory restrictions apply, we will also provide investee companies with information about our holding on behalf of clients.

Breakdown of votes against management

Where we most often vote against management

As the chart below illustrates, votes against management's recommendation typically fall into five broad categories:

1. Director-related matters
2. Remuneration
3. Capital management
4. Auditor-related matters
5. Shareholder resolutions

This is explored in more detail later in this chapter.

More information about our approach is set out in our Proxy Voting Guidelines, and our full voting record is available on our website.

%

Data as at 31 December 2025. Figures may not sum due to rounding.