The UK Stewardship Code (the "Code") aims to enhance the quality of engagement between institutional investors and companies to help improve long-term risk adjusted returns to shareholders and the effective exercise of governance responsibilities. It sets out good practice on engagement with investee companies to be applied by firms on a "comply or explain" basis. The Code is directed in the first instance to institutional investors with equity holdings in UK listed companies; 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.
Aberdeen Standard Capital does not commit to the Code, due to the nature of its business primarily being retail based. We determine our approach to stewardship, taking into account our duties to the clients' investments that we manage and the actions that will lead to the most favourable beneficial impact for the client.
Furthermore, Aberdeen Standard Capital takes a consistent approach to engagement with issuers and their management in all of the jurisdictions in which it invests and, consequently, does not consider it appropriate to commit to any particular code relating to any individual jurisdiction.
However, Aberdeen Standard Capital clients benefit from the voting and engagement activities that Aberdeen Standard Investments take an active part in, please click on the link below in order to view our voting outcomes: