Stewardship

Hassium Asset Management LLP

UK Stewardship Code Disclosure Statement 31st March 2016

 

Under COBS 2.2.3R of the FCA Handbook, Hassium Asset Management LLP (“Hassium”) are required to make a public disclosure in relation to the nature of our commitment to the above Code, which was published by the Financial Reporting Council (‘FRC’) in July 2010 and revised in October 2012.

The Code aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities. It sets out good practice on engagement with investee companies and is to be applied by firms on a “comply or explain” basis.

The FRC recognises that not all parts of the Code will be relevant to all institutional investors and that smaller institutions may judge some of the principles and guidance to be disproportionate. It is of course legitimate for some asset managers not to engage with companies, depending on their investment strategy, and in such cases firms are required to explain why it is not appropriate to comply with a particular principle.

The seven principles of the Code are that institutional investors should:

  • Publicly disclose their policy on how they will discharge their stewardship responsibilities;
  • Have and publicly disclose a robust policy on managing conflicts of interest in relation to stewardship;
  • Monitor their investee companies;
  • Establish clear guidelines on when and how they will escalate their activities as a method of protecting and enhancing shareholder value;
  • Be willing to act collectively with other investors where appropriate;
  • Have a clear policy on voting and disclosure of voting activity; and
  • Report periodically on their stewardship and voting activities.

Hassium is an independent global wealth manager and provides personal investment management platform for a select group of private families across the UK and Europe. We do not manage funds or other control entities that directly own shares in any UK listed company.

Hassium has a written conflicts of interest policy covering the potential for conflicts to arise between Hassium and its clients and also, when relevant, between different clients; this policy is monitored and reviewed regularly.

Although Hassium supports the aims set out in the Code, we do not currently comply with the Code for the following reasons:

  • We do not currently invest in listed companies in the UK
  • We determine our approach to stewardship on a case by case basis, taking into account the actions that will lead to the most favourable outcome for the value of our investments.

Should any of the above factors change, we will review our commitment to the Code at that time and make appropriate disclosure.

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