UK Stewardship Code Disclosure Statement

Under COBS 2.2.3R of the FCA Handbook, Metage Capital Limited is required to make a public disclosure in relation to the nature of its commitment to the UK Stewardship Code, which was first published by the Financial Reporting Council (FRC) in July 2010 and revised in January 2020. The full text of the code can be found on the FRC website.

The Code aims to enhance the quality of engagement between institutional investors and the companies in which they invest so as to encourage the exercise of good governance with a view to promoting long-term shareholder value. It is, of course, legitimate for some asset managers to decide not to disclose how they choose to engage with companies, depending on their particular investment strategies. The UK Stewardship Code is applied on a "comply or explain" basis therefore Metage Capital Limited is required to explain why it does not consider it appropriate to comply.

Metage Capital Limited makes global investments in numerous different jurisdictions based on its fundamental analysis of opportunities and perceived pricing inefficiencies. Accordingly, its approach to stewardship is determined on a case by case basis, so as to maximise shareholder value in the best interest of its own investors but having regard, at all times, to local regulatory requirements and the high standards and ethics that are required of its investment activities.

Should any of the above factors change, Metage Capital Limited will review its commitment to the Code at that time and make appropriate disclosure.

Shareholder Engagement Disclosure Statement

The Shareholders Rights Directive II (SRD II) requires Metage Capital Limited to make a public disclosure in relation to the nature of its commitment to the directive. The SRD II aims to promote shareholder engagement and to improve stewardship practices across the European Union. This directive is applied on a "comply or explain" basis and so, Metage is required to explain why it does not consider it appropriate to comply.

Metage is a highly engaged investor, who always seeks to act in the interests of the funds it manages. Our approach to shareholder engagement is determined on a case by case basis and is integrated within each investment we make. On this basis, Metage believes it is inappropriate to specify how it will engage with investee companies within an overarching engagement policy.

Should this situation change, Metage Capital Limited will review its commitment to the SRD II and make appropriate disclosure.