As a firm whose primary business is the provision of investment services to retail clients, we do not currently have a formal shareholder engagement policy in place. The majority of our investment activity is conducted on behalf of individual retail clients, and we do not manage assets on an institutional basis, e.g. on behalf of pensions or investment funds, that would typically involve exercising shareholder rights or engaging directly with the companies we invest in.
As such, the requirements under the Shareholder Rights Directive relating to engagement policies are not applicable to our business model. We continue to monitor our regulatory obligations thoroughly and will review our position should our activities change in the future.