UK Stewardship code

Due to the large number of securities held, and consequent many thousands of actionable items (many being routine issues) each year, Thesis has exercised its option not to comply with the FRC’s Stewardship Code. In respect of assets held by us under our Discretionary Service then, as a general policy, we will only complete proxy voting – and then usually on core buy, hold or sell securities – where we consider that there is a material potential financial implication for shareholders. Where there is a matter which involves the exercise of rights (including voting, conversion and subscription rights), we may choose to deal with these matters at our absolute discretion, though we are under no obligation to do so. In respect of assets held under our Advisory or Execution Only services, we do not usually ask for client instructions in respect of any voting rights, nor would we seek to exercise such voting rights. If there is a mandatory vote and we have not received instructions, we will take whatever action at our absolute discretion as we reasonably believe to be in the client’s best interests.