The UK Stewardship Code - Compliance and Contacts

Standard Life Investments is a strong supporter of the principles of good stewardship that are set out in the Stewardship Code published by the Financial Reporting Council in July 2010, and updated in September 2012. We believe that it is mutually beneficial for companies and long-term investors such as Standard Life Investments to have a relationship based on accountability, engagement and trust. Such a relationship helps to ensure that each has a good understanding of the other's views and expectations and it enables us to exercise constructive influence as and when appropriate. We believe that this serves to enhance the long-term value of our clients' investments and to protect their interests when necessary.

Likewise, it is very important that we are accountable to our clients for our stewardship of their assets. Accordingly, we seek to have a transparent and open dialogue with them about how we engage with the companies in their portfolios. Their feedback helps to shape our views and approach.

We are signatories to the Stewardship Code. We comply fully with all the Code's principles in respect of our UK equity investments, as described in the links below. We shall continue to take steps to strengthen our stewardship capabilities in line with the Code in respect of our European equity investments. We shall also use our best endeavours to apply the spirit of the Code's principles in respect of our other global equity investments on a case-by-case basis.

• Principle 1 – How we discharge our stewardship responsibilities
• Principle 2 – Our policy for managing conflicts of interests
• Principle 3 – How we monitor our investee companies
• Principle 4 – Our guidelines for escalating engagement
• Principle 5 – Our willingness to act collectively with other investors
• Principle 6 – Our policy on voting and voting disclosure
• Principle 7 – How we report on stewardship to our clients

Contacts

If you want to contact us about any matters relating to stewardship please get in touch with Guy Jubb or Alison Kennedy: