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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. 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Stewardship

Stewardship

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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.



Quarterly





Northern Trust UCITS Common Contractual Fund - QTR





Annual









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.

 

Related Content

Multi-Class Equity Structure

Thermal Coal in Investor Portfolios

Stewardship Process

Guidance on Executive Compensation

Executive Compensation Scorecard Methodology

Guidance on Climate-Related Disclosures


ABOUT SUSTAINABLE INVESTING

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.