Long-term value creation Alignment in vision and practice Continuously held since: 2019 Holding as at end 2025: 1.60 percent
argenx is a European immunology company developing antibody based therapies for severe autoimmune diseases. As the business has scaled from research and development (R&D) into a global commercial operation, it now competes for executive and scientific talent across both Europe and the US. We have been a long term, aligned shareholder since 2019, including providing primary capital.
In May 2025, argenx sought shareholder approval at its AGM for a remuneration policy that blended European and US characteristics. Our view was that the proposed remuneration policy aligned with our Executive Remuneration Principles, which favour radically simple, long-duration equity structures that align reward with long-term value creation. Through this lens, we assessed argenx's proposed, transatlantic-calibrated remuneration policy as fit for purpose for a European issuer competing in US healthcare talent markets, and as strongly aligned with long-term shareholder outcomes.
Under Dutch law, the vote was binding and required 75 percent support to pass, so implementing the proposed policy depended on clearing a high support threshold. In recognition of this, ahead of the AGM, we publicly signalled our support and voted for the policy, explaining why a design that is unusual in Europe could nonetheless promote long-term shareholder outcomes when coupled with robust alignment and ownership expectations.
voted for the policy, explaining why a design that is unusual in Europe could nonetheless promote long-term shareholder outcomes when coupled with robust alignment and ownership expectations
Following a result of only 73 percent support, the company engaged further with shareholders and refined aspects of the policy. To reiterate our public support for the policy, we issued an additional statement ahead of the November EGM, noting the company's responsiveness to investor feedback and its need to remain competitive in a global market while sustaining alignment with long-term performance.
While the remuneration policy failed to secure sufficient support to pass at the AGM, it was subsequently approved with 95.7 percent support at the EGM following additional shareholder engagement and refinements to the policy. We will continue to monitor application, disclosure and long-term alignment as the company continues to scale and grow.