We seek to ensure that all companies in which our clients are invested comply with best market practice and act in the interest of shareholders. When considering our position on such matters as remuneration, incentives and board structure we recognise that a precise set of rules cannot be suitable for every company's circumstances and we wish to be flexible.

In deciding upon best practice, we follow closely the guidelines issued by the Association of British Insurers and the principles of the Combined Code but we do not feel bound to follow the recommendations of any particular body when we consider either a firmer or lighter touch is appropriate. We also subscribe to the Institutional Voting Information Service which highlights matters of contention and non-compliance with the Combined Code.

For more information please contact David Docherty on 020 3479 0210 or view and download our corporate governance policy (pdf).

In July 2010, the Financial Reporting Council published its UK Stewardship Code with the aim of enhancing "the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities". This document sets out how our corporate governance policy complies with the principles set out in the UK Stewardship Code (pdf).