| UK Stewardship Code Principle | Reference |
|---|
| Policy and Context Disclosure | Full details of our adherence to disclosure areas A–E can be found in Our Stewardship Principles and Guidelines available on our website. |
| Principles |
| 01. Integrate stewardship and investment to deliver long-term sustainable value for clients and beneficiaries. | Our approach to stewardship is articulated through our stewardship principles set out on pages 05–08
Details of the issues we prioritise for assessing investments can be found in our ESG Integration Approach. We explain how the integration of stewardship and investment has differed for funds, asset classes and geographies on page 08 of this report.
The ‘Our year in stewardship’ section of this report (pages 09–57) includes case studies evidencing how we have integrated stewardship and investment to align with the investment time horizons of clients and/or beneficiaries, and the outcome(s) of this. |
| 02. Identify and respond to market-wide and systemic risks to promote well-functioning financial markets. | Full details of our adherence to principle 2 can be found on pages 51–54 of this report. |
| 03. Engage to maintain or enhance the value of assets. | Full details of our adherence to principle 3 can be found on pages pages 19–48 of this report, and with reference to Our Stewardship Principles & Guidelines. |
| 04. Exercising rights and responsibilities | Details evidencing how we adhere to principle 4 can be found on pages 12–18, 45–48, and 56–57 of this report, with voting and engagement examples from throughout the year included on pages 15–48. |
| 05. Selection and oversight of managers | Our primary business is the direct investment management of our clients' assets; therefore, we have not provided disclosure against principle 5. |
| 06. Monitoring service providers | Page 57 of this report provides an overview of our adherence to principle 6. We include the list of service providers we worked with in 2025 on page 60 of the appendix. |