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International Legal Information Please read this important legal information before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Please note that when you confirm you have read this important information we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this site on future occasions. The cookie will expire after six months or sooner should there be a change to this important information. A cookie is a small data file. Such cookies do not retrieve information about you stored on your hard drive and do not corrupt or damage your computer or computer files. You are not obliged to accept a cookie that we send to you, and you can in fact modify your browser so that it will not accept cookies. For more information about cookies including how to set your internet browser to reject cookies please go to By confirming that you have read this important information, you also: Agree that such information will apply to any subsequent access to the Asset Management section of this website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein; and warrant that no other person will access the Asset Management section of this website from the same computer and logon as you are currently using. The funds described in the following pages are administered and managed by companies within the Northern Trust Group (“Northern Trust”) and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund. The contents of this site have been prepared solely for informational purposes. None of the information contained in this site constitutes an offer to buy or sell or is a solicitation to buy or sell any security, product, service or investment, nor does any opinion expressed on this site constitute a recommendation or investment advice. The funds described are not available for distribution to or investment by US investors. The shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person. By accessing this part of the site you confirm that you are not a "US Person" (within the meaning of Regulation S under the Securities Act) and are located outside the US. The following describes important information about Northern Trust's Irish-domiciled funds (the "Irish Funds") and should be read carefully before investing. If you have questions or concerns about the contents of the Prospectus of an Irish Fund or the suitability of an investment for your particular situation you should consult your bank manager, solicitor, accountant or other financial adviser. The Irish Funds have been authorised by the Central Bank of Ireland (the “Central Bank”) as Undertakings for Collective Investment in Transferable Securities. This authorisation however, does not constitute a warranty by the Central Bank as to the performance of the Irish Funds and the Central Bank shall not be liable for the performance or default of an Irish Fund. Authorisation of an Irish Fund is not an endorsement or guarantee of the Irish Fund by the Central Bank nor is the Central Bank responsible for the contents of this website. Potential subscribers and purchasers of shares in an Irish Fund should inform themselves as to (a) the possible tax consequences, (b) the legal requirements, (c) any foreign exchange restrictions or exchange control requirements, and (d) any other requisite governmental regulatory or other consents or formalities which they might encounter under the laws of the countries of their incorporation, citizenship, residence or domicile and which might be relevant to the subscription, purchase, holding or disposal of such shares. The distribution of the Prospectus of each Irish Fund and the offering or purchase of its shares may be restricted in certain jurisdictions. No person receiving a copy of the Prospectus or subscription form of an Irish Fund in any such jurisdiction may treat the Prospectus or the subscription form as constituting an invitation to that person to subscribe for shares, nor should that person in any event use the subscription form, unless in the relevant jurisdiction such an invitation could lawfully be made to that person and the subscription form could lawfully be used without requiring compliance with any registration or other legal obligations. Accordingly, the Prospectus of an Irish Fund does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. The Central Bank has neither reviewed nor in any way commented upon the fund documentation of Northern Trust's non-Irish-domiciled funds. No public offer is made of such funds within the meaning of applicable Irish law. The documentation of such funds has not been prepared in accordance with the laws of Ireland. The documents have not been reviewed, approved or authorised by any regulatory authority or exchange in Ireland and therefore may not contain all the information required where a document is prepared pursuant to applicable Irish laws. The Irish Funds have not been registered with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen), pursuant to Chapter 1 Section 7 of the Swedish Investment Funds Act 2004 (Sw. lag (2004:46) om investeringsfonder). Accordingly, the Irish Funds may not be marketed or sold in Sweden for the purposes of the Investment Funds Act and applications to subscribe or redeem Shares in the Irish Funds will only be considered if sent directly to the Irish Funds outside Sweden. The Irish Funds are not available for distribution through this website to any type of investors in the Netherlands. Applications to invest in any fund referred to on this site, must only be made on the basis of the offer document relating to the specific investment (e.g. Prospectus or other applicable terms and conditions). Our products and services are subject to the terms and conditions and disclaimers of the applicable agreement governing their use. As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Application Form, Prospectus or other constitutional document. Northern Trust has not considered the suitability and appropriateness of any investment you may make with us in the context of your personal circumstances. If you are unsure about the meaning of any information provided please consult your financial or other professional adviser. The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part. Where a claim is brought against Northern Trust by a third party in relation to your use of this website, you hereby agree to fully reimburse Northern Trust for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by Northern Trust as a consequence of your improper use of this website. Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount you invested. Rates of exchange may cause the value of the investments to go up or down. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. For your protection, telephone calls are usually recorded. The information herein is not intended for private clients or other individuals and such individuals should not rely upon it. By accessing these pages, you agree to be bound by the terms and conditions set out below. Before proceeding, you should carefully read these terms and conditions.



At Northern Trust Asset Management, we believe that by serving as an active owner we help portfolio companies produce sustainable value over the long term. Our active ownership approach involves engaging in regular dialogue with portfolio companies to confirm that they are delivering positive long-term investment outcomes for the benefit of our clients.

The fundamental precept followed by Northern Trust in voting proxies is to confirm that the manner in which shares are voted is in the best interest of clients/beneficiaries and will aim to maximize shareholder value. Northern Trust's proxy voting framework, as outlined in our proxy voting policies, procedures and guidelines, provide that the Northern Trust proxy committee will generally vote for or against various proxy proposals, usually based upon certain special criteria.

Encouraging Meaningful Information for Shareholders to Evaluate Impact

Stewardship Codes

The UK Stewardship Code

In August 2023, Northern Trust Asset Management (NTAM) was informed by the FRC that has maintained signatory status of the UK Stewardship Code 2020, a global best-practice in investment stewardship. This achievement demonstrates our deep commitment to the principles and purpose of the Code. The revised UK Stewardship Code 2020 comprises a set of 12 ‘apply and explain’ Principles for asset managers and asset owners designed to ensure the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries. We applaud the FRC’s leadership in continuing to advance the disclosure and application of the standards and we continue to enhance our approach intending to remain aligned with the Code, client expectations and our commitments.

The Dutch Stewardship Code

The Dutch Stewardship Code provides a set of principles for stewardship by asset owners and asset managers towards Dutch listed investee companies. The Code sets out how institutional investors can meet their responsibilities regarding engaged and responsible stewardship in a way that contributes to the long-term value creation by Dutch listed companies. Northern Trust is committed to effective stewardship and complies with the Dutch Stewardship Code for all principles that apply.

De Nederlandse Stewardship Code bevat een reeks beginselen voor rentmeesterschap door vermogensbezitters en vermogensbeheerders ten aanzien van Nederlandse beursgenoteerde ondernemingen waarin zij beleggen. In de code wordt uiteengezet hoe institutionele beleggers kunnen voldoen aan hun verantwoordelijkheden ten aanzien van betrokken en verantwoord rentmeesterschap op een wijze die bijdraagt aan de waardecreatie op lange termijn door Nederlandse beursgenoteerde ondernemingen. Northern Trust zet zich in voor effectief rentmeesterschap en voldoet aan de Nederlandse Stewardship Code voor alle principes die van toepassing zijn.

The New Zealand Stewardship Code

Northern Trust Asset Management has become founding signatory to the Aotearoa New Zealand Stewardship Code as of December 2022. This demonstrates our deep commitment to the principles and purpose of the Code.

The Code is based on an industry-led framework developed which aims to (1) create and preserve long-term value for current and future generations; (2) ensure the efficient management of capital whilst considering the best interests of clients and beneficiaries, and (3) contribute towards achieving sustainable outcomes for our environment, society, and economy.

Engagement Policies

NTAM Engagement Policy [PDF]

Since 2015 Northern Trust has incorporated an engagement program into our UCITS funds with Hermes EOS, providing an opportunity to engage with companies, to seek ways to improve their sustainability performance.

EMEA and APAC Pooled Funds Engagement Policy [PDF]

List of funds to which the APAC and EMEA Pooled Funds Policy applies [PDF]



Stewardship Reports

NTAM 2022 U.K. Stewardship Code Report

NTAM 2022 Annual Stewardship Report

Hermes EOS Engagement Reports

EOS Annual Engagement Statistics 2022 - Northern Trust Asset Management [PDF]

EOS 2022 Engagement List of Northern Trust Asset Management Companies, by Theme [PDF]

Hermes EOS Quarterly Engagement Report [PDF]

Hermes EOS Annual Engagement Review [PDF]

Use the links below to view the full suite of Hermes EOS Quarterly and Annual Engagement Reports on all applicable Northern Trust Funds.



Proxy Voting

Our approach to voting proxies is to ensure that the manner in which shares are voted is in the best interests of clients and the value of the investment.

Visit our proxy voting page to review our proxy voting policy and how we have voted.



At Northern Trust Asset Management (“NTAM”), we define Sustainable Investing as encompassing all of NTAM’s investment strategies and accounts that utilize values based and norms based screens, best-in-class and ESG integration, or thematic investing that may focus on a specific ESG issue such as climate risk. NTAM’s Sustainable Investing includes portfolios designed by NTAM as well as those portfolios managed to client-defined methodologies or screens. As the data, analytical models and aforementioned portfolio construction tools available in the marketplace have evolved over time, so too has NTAM. NTAM’s Sustainable Investing encompasses strategies and client assets managed in accordance with client specified responsible investing terms (historically referred to as Socially Responsible), as well as portfolios that leverage contemporary approaches and datasets, including ESG analytics and ESG thematic investing.

Important Information

Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For more information, read our legal and regulatory information about individual market offices.

Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

Our approach to voting proxies is to ensure that the manner in which shares are voted is in the best interests of clients and the value of the investment.

Visit our proxy voting page to review our proxy voting policy and how we have voted.

This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.

Issued by Northern Trust Global Investments Limited.