Global Corporate Governance Report Q2 2021

Global Corporate Governance Report

Quarter to 30 June 2021

PROFIT WITH PRINCIPLES Corporate Governance: Sustainable Development Goal 16

Goal #16 Peace, Justice and Strong Institutions Strong governance and accountable institutions is covered by SDG #16 Substantially reduce corruption and bribery in all their forms Develop effective, accountable and transparent institutions at all levels Broaden and strengthen the participation of developing countries in the institutions of global governance

We vote in all markets and at all meetings in respect of:

• Our active share ownership • Our obligations under the UK Stewardship Code • Our Corporate Governance ESG screen • Our SRI European Transparency Code accreditation • Our commitment to transparency under SDG #16

2 Corporate Governance Voting Policy: Our Approach

We publish our UK and International Corporate Governance Voting Policies at www.edentreeim.com Policies are reviewed annually. Our overarching Corporate Governance Policy is as follows:

● EdenTree Investment Management (EIM) supports the principle of considered voting believing that proxies have an economic and stewardship value, and that shareholders have a vital role to play in encouraging high standards of corporate governance from the perspective of being long-term investors. EIM will therefore seek to vote at all meetings in which it has a shareholding. In very exceptional cases, EIM may elect to abstain from voting where companies have provided insufficient information for us to take a view

● EIM has adopted a policy of voting in support of company management except where proposals are considered to be in breach of corporate governance best practice, or are viewed as not being in the economic interests of shareholders

For the purposes of SRDII1 we use IVIS2 as our UK research provider; IVIS does not provide vote recommendations – all decisions are taken by EIM. Glass Lewis & Co. votes our overseas proxies in accordance with an agreed policy template. All proxies voted in support of management (pages13-15 and 34-35) are voted in line with Policy.

For more information on our approach to proxy voting please contact [email protected]

1 2 SRDII – Shareholder Rights Directive II effective 2019; Institutional Voting Information Service 3 UK Corporate Governance Report Quarter to 30 June 2021

PROFIT WITH PRINCIPLES

3 UK Proxy Voting: Quarter to 30 June 2021

For Oppose Abstain Total

Resolutions 1,426 97 14 1,537 Equity Fixed % 93 6 1 100 87 5 Meetings 92

Reason for Action Oppose Abstain

Remuneration Report 47 7 Board Balance (Directors) 30 2 Individual Incentive Schemes 9 1 Auditors 6 2 Other 5 2 Total 97 14

5 Oppose Votes

Company Date No. Resolution Reason

Octopus Renewables Infrastructure Trust 08.04.21 12 Dis-apply Pre-emption Rights Material breach to dilution guidelines; authority over 20% of issued equity

Rio Tinto 09.04.21 2 Approve Remuneration Policy Excessive in aggregate; poor link to performance

3 Approve Remuneration Report UK Excessive LTIP and unjustified ‘good leaver’ status for former CEO

4 Approve Remuneration Report AU Excessive LTIP and unjustified ‘good leaver’ status for former CEO

8 Re-elect Mr S Laidlaw Chair Remuneration Committee; good leaver status for former CEO

12 Re-elect Mr S Thompson Chair; Poor handling of Juukan Gorge scandal

Smith & Nephew 14.04.21 2 Approve Remuneration Report Excessive LTIP grant; very significant vesting at threshold

Leeds Building Society 16.04.21 2 Re-appoint Auditors No tender since 2005; incumbent re-appointed no tender before 2025

3 Approve Remuneration Report Unjustified base salary increases to compensate for bonus reduction

13 Re-elect Ms L McManus Chair Remuneration Committee; ‘gaming’ remuneration

RELX 22.04.21 2 Approve Remuneration Report 579% salary paid; excessive; unwarranted manipulation of bonus metrics

9 Re-elect Mr W Hauser Chair Remuneration Committee; ‘gaming’ remuneration

Taylor Wimpey 22.04.21 20 Approve Political Expenditure Mandate of £250,000 sought; breaches EIM limit of £100,000

British American Tobacco 28.04.21 2 Approve Remuneration Report Highly excessive; over 650% salary awarded; unjustified benefits paid

5 Re-elect Ms L Jopel Chair; non-independent on appointment; time expired

11 Re-elect Ms H Keller-Koeppel Non-independent NED; insufficient independence on Audit Committee 12 Re-elect Mr D Panayotopoulos Chair Remuneration Committee; poor performance link; excessive

14 Re-elect Ms K Guerra Non-independent NED; insufficient independence on Audit Committee

Ballots voted may include companies not held in screened portfolios 6 Oppose Votes

Company Date No. Resolution Reason

Travis Perkins (EGM) 27.04.21 3 Approve Wickes Pay Plan Excessive and unjustified demerger transition awards

Travis Perkins 27.04.21 3 Approve Remuneration Policy Introduction of nil-performance Restricted Share Plan; excessive awards

7 Re-elect Ms C McConville Chair Remuneration Committee; poor performance link; excessive

21 Approve Restricted Share Plan Nil-performance Restricted Share Plan; excessive awards

Synthomer 29.04.21 2 Approve Remuneration Report Excessive; 350% salary awarded; poor performance link

ITV 29.04.21 2 Approve Remuneration Policy Introduction of nil-performance Restricted Share Plan; excessive awards

24 Approve Restricted Share Plan Nil-performance Restricted Share Plan; excessive awards

Rotork 30.04.21 3 Approve Remuneration Report Unjustified bonus award; undue discretion used to change performance

IMI 06.05.21 3 Approve Remuneration Report Excessive base salaries; excessive performance awards in aggregate

4 Approve Remuneration Policy Excessive base salaries; excessive performance awards in aggregate

GlaxoSmithKline 05.05.21 2 Approve Remuneration Report Over 670% awarded; significant vesting at threshold; excessive

13 Re-elect Mr U Rohner Chair Remuneration Committee; has presided over inflated remuneration

Pearson 30.04.21 4 Re-elect Mr E Corley Chair Remuneration Committee; has presided over inflated remuneration

9 Re-elect Mr T Scorer Chair Audit Committee; has constantly delayed audit tender

10 Re-elect Mr S Taurel Chair Nomination Committee; presided over lavish CEO pay arrangement

12 Approve Remuneration Report Golden Hello for CEO; unjustified structure and excessive in aggregate 13 Re-appoint Auditors Tender constantly postponed; no tender since 1996

Aviva 06.05.21 3 Approve Remuneration Policy Excessive in aggregate; significant vesting at threshold

7 Oppose Votes

Company Date No. Resolution Reason

Aviva 06.05.21 25 Renew LTIP 350% available; excessive and significant vesting at threshold

Unilever 04.05.21 2 Approve Remuneration Report Excessive inflation in base salary; variable pay is excessive

3 Approve Remuneration Policy 625% available; excessive in aggregate; poor performance link

9 Re-elect Ms A Jung Chair Remuneration Committee; has presided over rapid pay inflation

Intercontinental Hotels Group 07.05.21 2 Approve Remuneration Report LTIP grant of 350% restored despite redundancies; poor judgement

Barclays 02.05.21 2 Approve Remuneration Report Fixed pay allowance; excessive and circumventing prudence rules

25 Approve LTIP Excessive LTIP; quantum includes fixed pay allowance

AstraZeneca 11.05.21 5F Re-elect Mr M Demare Chair Remuneration Committee; has presided over pay inflation

6 Approve Remuneration Report Grossly excessive; over £15.4m paid to CEO; 730% salary paid

7 Approve Remuneration Policy Increase of quantum from 750% to 900%; grossly excessive in aggregate

8 Approve Political Expenditure Mandate of £250,000 sought; exceeds EIM limit

14 Approve PSP Unjustified increase in scheme to 650% salary

Centrica 10.05.21 2 Approve Remuneration Report 250% LTIP grant awarded despite furlough aid; unjustified share award

3 Approve Remuneration Policy 500% available; excessive; significant vesting at threshold

14 Approve Political Expenditure Mandate of £125,000 sought; exceeds EIM limit

Direct Line Insurance Group 13.05.21 11 Re-elect Mr G Stewart Chair Audit Committee; has constantly delayed audit tender 14 Re-appoint Auditors Tender constantly postponed; no tender since 2000

Prudential 13.05.21 2 Approve Remuneration Report Close to 500% salary awarded; excessive in aggregate

8 Oppose Votes

Company Date No. Resolution Reason

Prudential 13.05.21 10 Re-elect Mr A Nightingale Chair Remuneration Committee; has presided over excessive pay

Rentokil Initial 12.05.21 3 Approve Remuneration Policy Significant ratcheting of maximum opportunity to 550% salary

4 Approve PSP Increase in scheme maximum to 375%; excessive in aggregate

Standard Chartered 12.05.21 3 Approve Remuneration Report Fixed allowance; poor performance link; excessive in aggregate

8 Re-elect Ms C Hodgson Chair Remuneration Committee; unjustified near maximum bonuses

BP 12.05.21 2 Approve Remuneration Report Over 500% salary awarded; excessive in aggregate

National Express Group 12.05.21 2 Approve Remuneration Policy 400% salary now available; excessive; significant vesting at threshold

Elementis 13.05.21 2 Approve Remuneration Policy 400% salary now available; excessive; significant vesting at threshold

Phoenix Group Holdings 14.05.21 2 Approve Remuneration Report Close to 400% awarded; ratcheting of overall aggregate pay excessive

Sabre Insurance Group 14.05.21 15 Re-appoint Auditors No tender since 2001; no tender in prospect before 2023

Spectris 14.05.21 2 Approve Remuneration Report Maximum LTIP grant awarded despite Government support sought

John Menzies 14.05.21 2 Approve Remuneration Report Maximum LTIP grant awarded despite Government support sought

8 Re-elect Mr C Kappelhoff-Wulff Non independent non-executive; insufficient Board independence

Royal Dutch Shell 21.05.21 2 Approve Remuneration Report 600% salary awarded in long-term incentives; excessive

6 Re-elect Mr N Carson Chair Remuneration Committee; poor structure & performance link

Legal & General 20.05.21 15 Approve Remuneration Report Bonuses awarded despite no financial performance hurdles being met Standard Life Aberdeen 18.05.21 5 Approve Remuneration Report Unjustified base salary increases; role based pay; excessive in aggregate

Fevertree Drinks 20.05.21 3 Approve Remuneration Report Poor structure and pay transparency; 373% salary paid; excessive

9 Oppose Votes

Company Date No. Resolution Reason

Fevertree Drinks 20.05.21 4 Re-elect Mr B Ronald Chair; has overseen poor governance, diversity and transparency

7 Re-elect Ms C McConville Chair Remuneration Committee; has overseen inflated compensation

16 Approve LTIP Increased maximum opportunity to 450%; unjustified and excessive

Lloyds Banking Group 20.05.21 11 Approve Remuneration Report Role based pay; Restricted Share Plan with no performance hurdles

Marlowe (EGM) 25.05.21 1 Approve Executive Incentive Plan Share price escalator; poor performance structure; potentially excessive

M&G 26.05.21 2 Approve Remuneration Report Unjustified benefits; excessive in aggregate; bonus paid poor performance

Reckitt Benckiser 28.05.21 2 Approve Remuneration Report Close to 2000% awarded in variable pay; grossly excessive in aggregate

6 Re-elect Mr N Durante Chair Remuneration Committee; has overseen excessive compensation

7 Re-elect Ms M Harris Member Remuneration Committee; has overseen excessive compensation

HSBC Holdings 28.05.21 2 Approve Remuneration Report Fixed pay allowances; excessive in aggregate; over £4m received by CEO

3K Re-elect Mrs P Van Der Meer Mohr Chair Remuneration Committee; presided over executive excess

6 Approve Political Expenditure Mandate of £200,000 sought; breaches EIM limit

Informa 03.06.21 2 Approve Remuneration Report Bonus performance period rolled forward; unjustified discretion exercised

3 Re-elect Mr S Davidson Chair Remuneration Committee; has presided over gaming the system

5 Re-elect Ms M McDowell Member Remuneration Committee; has presided over gaming the system

7 Re-elect Ms H Owers Member Remuneration Committee; has presided over gaming the system

12 Re-appoint Auditors Incumbent re-appointed; no expected change in auditor for over 20 years IP Group 09.06.21 2 Approve Remuneration Report Poor structure and performance link; excessive vesting at threshold

10 Oppose Votes

Company Date No. Resolution Reason

WPP 09.06.21 2 Approve Remuneration Report Poor structure and performance link; excessive vesting at threshold

17 Re-elect Ms J Whitbread Chair Remuneration Committee; excessive discretion used; 350% awarded

18 Re-appoint Auditors No tender since 2002; no tender in prospect before 2023

Morrison (WM) Supermarkets 10.06.21 2 Approve Remuneration Report 500% salary awarded; excessive in aggregate; poor performance link

4 Re-elect Mr A Higginson Chair Nomination Committee; poor Board diversity at just 22%

Tesco 25.06.21 3 Approve Remuneration Policy Significant increase in CEO base pay; significant vesting at threshold

26 Approve LTIP Unjustified increase in scheme maximum; excessive in aggregate

11 Abstain Votes

Company Date No. Resolution Reason

Leeds Building Society 16.04.21 4 Approve Remuneration Policy Significant unjustified base salary increase to compensate for bonus fall

Synectics 27.04.21 9 Approve Remuneration Report Poor disclosure; rolling forward of vesting performance period

Aviva 06.05.21 2 Approve Remuneration Report Significant vesting at threshold; sizeable bonus paid for six months work

24 Approve Annual Bonus Scheme Significant vesting at threshold

Prudential 13.05.21 18 Re-appoint Auditors Tender completed and new auditor announced but not in place until 2023

Rentokil Initial 12.05.21 2 Approve Remuneration Report Maximum PSP award granted despite Government support; unjustified

Sabre Insurance Group 14.05.21 2 Approve Remuneration Policy Introduction of Restricted Share Plan; poor performance link; not excessive

John Menzies 14.05.21 7 Re-elect Mr P Joeinig Combined Chair/CEO; breach of best practice; no prospect of separation

Royal Dutch Shell 21.05.21 21 Shareholder Resolution Follow This Climate Resolution; appears to duplicate Shell’s own strategy

Mortgage Advice Bureau 25.05.21 3 Approve Remuneration Report Excessive discretion exercised by Remuneration Committee

M&G 26.05.21 10 Re-appoint Auditors KPMG in place since 1999; successor auditor announced for 2023

HSBC Holdings 28.05.21 16 Shareholder Resolution Pensioner discontent over Midland Bank DB Scheme; insufficient detail

Middlefield Canadian Income (GM) 17.06.21 3 Re-elect Mr P Bisson Non-independent NED; insufficient Board & Committee independence

Mears Group 29.06.21 2 Approve Remuneration Report Bonus paid despite furlough; reasonable explanation but with reservations

12 Votes Registered in Support of Management

Company Date Resolutions Action

SSP (EGM) 06.04.21 2 For All Resolutions

GlobalData 20.04.21 18 For All Resolutions

Porvair 20.04.21 17 For All Resolutions

Nottingham Building Society 20.04.21 12 For All Resolutions

Coventry Building Society 22.04.21 12 For All Resolutions

Skipton Building Society 26.04.21 15 For All Resolutions

National Grid (EGM) 22.04.21 2 For All Resolutions

Aquis Exchange 27.04.21 17 For All Resolutions

Newcastle Building Society 28.04.21 18 For All Resolutions

Greencoat UK Wind 28.04.21 13 For All Resolutions

James Fisher 29.04.21 19 For All Resolutions

The Renewables Infrastructure Group 05.05.21 15 For All Resolutions

John Laing Group 06.05.21 21 For All Resolutions

Johnson Service Group 05.05.21 13 For All Resolutions

Kier Group (EGM) 07.05.21 1 For Resolution Rightmove 07.05.21 20 For All Resolutions

AstraZeneca (EGM) 11.05.21 1 For Resolution

Marshalls 12.05.21 15 For All Resolutions

All proxies voted in support of management are voted in line with our corporate governance policy 13 Votes Registered in Support of Management

Company Date Resolutions Action

St James’s Place 14.05.21 18 For All Resolutions

Keller 19.05.21 19 For All Resolutions

4ImprintGroup 18.05.21 17 For All Resolutions

Next 20.05.21 20 For All Resolutions

Diaceutics 19.05.21 9 For All Resolutions

Smart Metering Systems 20.05.21 15 For All Resolutions

Impax Environmental Markets 20.05.21 15 For All Resolutions

JTC 26.05.21 17 For All Resolutions

International Public Partnerships 27.05.21 16 For All Resolutions

Instem 27.05.21 8 For All Resolutions

Strix 27.05.21 10 For All Resolutions

NCC Group (EGM) 28.05.21 1 For Resolution

Octopus Renewables Infrastructure Trust 04.06.21 1 For Resolution

S4Capital 07.06.21 27 For All Resolutions

Advanced Medical Solutions 08.06.21 12 For All Resolutions REA Holdings 10.06.21 18 For All Resolutions

Arix Bioscience 14.06.21 14 For All Resolutions

Kier Group (EGM) 16.06.21 2 For All Resolutions

14 Votes Registered in Support of Management

Company Date Resolutions Action

Mattioli Woods (EGM) 16.06.21 2 For All Resolutions

Middlefield Canadian Income (AGM) 17.06.21 7 For All Resolutions

Sumo Group 17.06.21 16 For All Resolutions

RSA Insurance Group 21.06.21 3 For All Resolutions

Morses Club 22.06.21 18 For All Resolutions

Pennon Group (OGM) 28.06.21 7 For All Resolutions

15 FTSE100 Board Diversity

Company Rank % Comment

Rio Tinto 4 44% Comfortably ahead of Hampton-Alexander diversity target of 33%

Smith & Nephew 39 27% Company has so far failed to meet Hampton-Alexander target; modest fall on 2019 (30%)

RELX 16 45% Comfortably ahead of Hampton-Alexander diversity target of 33%

Taylor Wimpey 80 50% Comfortably ahead of Hampton-Alexander diversity target of 33%

British American Tobacco 9 40% Comfortably ahead of Hampton-Alexander diversity target of 33%

GlaxoSmithKline 8 42% Comfortably ahead of Hampton-Alexander diversity target of 33%

Pearson 87 44% Comfortably ahead of Hampton-Alexander diversity target of 33%

Aviva 40 40% Comfortably ahead of Hampton-Alexander diversity target of 33%

Unilever 3 45% Comfortably ahead of Hampton-Alexander diversity target of 33%

Intercontinental Hotels Group 53 36% Marginally ahead of Hampton-Alexander diversity target of 33%

Barclays 21 33% Meets Hampton-Alexander diversity target

Rightmove 93 50% Comfortably ahead of Hampton-Alexander diversity target of 33%

AstraZeneca 5 33% Meets Hampton-Alexander diversity target

Prudential 17 40% Comfortably ahead of Hampton-Alexander diversity target of 33%

Rentokil Initial 48 38% Comfortably ahead of Hampton-Alexander diversity target of 33%

Standard Chartered 37 31% Close to meeting Hampton-Alexander diversity target of 33%

BP 10 40% Comfortably ahead of Hampton-Alexander diversity target of 33%

St James’s Place 78 33% Significant fall on 2019 levels but still meets Hampton-Alexander diversity target

Data correct at time of voting. 16 FTSE100 Board Diversity

Company Rank % Comment

Phoenix Group Holdings 74 31% Close to meeting Hampton-Alexander diversity target of 33%

Royal Dutch Shell 2 42% Comfortably ahead of Hampton-Alexander diversity target of 33%

Next 46 44% Comfortably ahead of Hampton-Alexander diversity target of 33%

Legal & General 34 30% Modest fall in diversity since 2020; now marginally behind diversity target of 33%

Standard Life Aberdeen 75 45% Comfortably ahead of Hampton-Alexander diversity target of 33%

Lloyds Banking Group 19 33% Meets Hampton-Alexander diversity target

M&G 98 60% Significantly ahead of Hampton-Alexander target; majority female Board

Reckitt Benckiser 12 41% Comfortably ahead of Hampton-Alexander diversity target of 33%

HSBC Holdings 6 27% Board churn has reduced diversity however two women are to be appointed later in 2021

Informa 64 33% Meets Hampton-Alexander diversity target

WPP 47 43% Comfortably ahead of Hampton-Alexander diversity target of 33%

Tesco 24 31% Close to meeting Hampton-Alexander diversity target of 33%; significant board churn

17 FTSE250 Board Diversity

Company Rank % Comment

Rotork 139 29% Board churn has reduced diversity from historic highs (38%) to below 30% - MONITOR

Spectris 118 25% Board churn has reduced diversity from adequate levels (33%) to below 30% - MONITOR

4ImprintGroup 338 17% Diversity remains poor overall and has not been close to meeting Davies diversity target (25%) - ENGAGE

Morrison (WM) Supermarkets 108 22% Diversity remains poor overall and has not been close to meeting Davies diversity target (25%) - OPPOSE

Data correct at time of voting. 18 UK Shareholder & Climate Resolutions Supported

Company Date Resolution

Barclays 05.05.21 Requisitioned by Market Forces: Climate resolution: phase out financing fossil fuels and report annually

Unilever 05.05.21 Requisitioned by Unilever: Approve Climate Transition Action Plan

BP 12.05.21 Requisitioned by Follow This: Climate resolution; publish targets consistent with Paris Agreement and report on progress

Royal Dutch Shell 21.05.21 Requisitioned by Shell; Approve Shell climate strategy and targets; will provide annual vote on progress and milestones

HSBC Holdings 28.05.21 Requisitioned by HSBC Holdings: Approve the Bank’s climate strategy, targets and roadmap to Net Zero

It is EdenTree Investment Management’s policy to support Shareholder Resolutions where these appear reasonable and proportionate and in keeping with our general stance on ESG (environmental, social and governance) positives. Where they appear to mandate an unreasonable financial charge or represent narrow lobby interests we may exercise discretion to oppose or abstain 19 International Corporate Governance Report Quarter to 30 June 2021

PROFIT WITH PRINCIPLES International Proxy Voting: Quarter to 30 June 2021

For Oppose Abstain Total Meeting Region No.

Resolutions 1,403 191 8 1,602 Europe1 54

% 88 12 0 100 USA/Canada 42

Meetings 111 HK/Singapore 9

Markets Voted 22 Japan 4

Shareblocking 5 Asia – Other2 1

Australia/NZ 0 Reason for Action Oppose Abstain Emerging3 1 Executive Compensation 78 3 Total 111 Board Balance (Directors) 43 -

1 Ex-UK (see separate report) Shareholder Capital Issues 22 - 2 Malaysia, Thailand, Vietnam, South Korea 3 Latin America/India/Africa/Israel/Offshore Other 48 5

Total 191 8

Proxy voting statistics relate to all EdenTree Funds under management, institutional and retail, and therefore may include companies excluded on ethical grounds in the screened Funds, but allowed in other Funds. At companies where shareblocking is exercised, such as in Switzerland and Norway, it is our policy to take no action rather than waive our shareholder rights. 21 Oppose Votes

Company Date No. Resolution Reason

Adobe Inc. 20.04.21 4 Elect Mr J Daley Member of the Audit Committee; very poor overall Board independence

11 Elect Mr J Warnock Non-independent director on Board since 1983; poor independence

13 Ratify Auditors Excessive auditor tenure; no tender for 38 years

14 Executive Compensation Grossly excessive compensation; CEO received over $45m

Aptiv Plc 30.04.21 14 Executive Compensation Poor alignment between pay and performance; excessive in aggregate

AT&T Inc. 30.04.21 13 Ratify Auditors Excessive auditor tenure; no tender for 22 years

14 Executive Compensation Grossly excessive compensation; CEO received over $22m

15 Shareholder Resolution Shareholders able to act by written consent; provision already exists

BBGI Global Infrastructure SA 30.04.21 13 Amend Long Term Incentive Plan Increase in quantum is unjustified and excessive

Danone 29.04.21 18 2020 CEO Remuneration Compensation is excessive in aggregate

35 2021 CEO Remuneration Compensation is excessive in aggregate

Federal Signal 27.04.21 1.2 Elect Mr D Martin Board Chair; poor overall independence and director refreshment

Healthpeak Properties Inc. 28.04.21 9 Executive Compensation Poor alignment between pay and performance; excessive in aggregate

KPN NV 14.04.21 7 Executive Compensation Poor alignment between pay and performance; excessive in aggregate

Marvell Technology Group Ltd. 15.04.21 1 Abolish Supermajority Supermajority provisions may be beneficial in some circumstances

Mercialys 22.04.21 13 2020 CEO Remuneration Compensation is excessive in aggregate

14 2021 Deputy CEO Remuneration Compensation is excessive in aggregate 27 Issue Shares W/O Pre-emption Potential dilution is not in shareholder interests

22 Oppose Votes

Company Date No. Resolution Reason

Mercialys 22.04.21 28 Issue Shares Private Placement Potential dilution is not in shareholder interests; anti-takeover device

29 Set Offering Price of Shares Potential dilution is not in shareholder interests; anti-takeover device

30 Greenshoe Potential dilution is not in shareholder interests; anti-takeover device

32 Increase Capital; Exchange Offers Potential dilution is not in shareholder interests; anti-takeover device

Merck KGAA 23.04.21 10 Appointment of Auditor Excessive auditor tenure; no tender for 26 years

Nestlé SA 15.04.21 32 Additional Shareholder Proposals Insufficient information to take a view; unfettered Board discretion

Nokia Corp. 08.04.21 13 Remuneration Report Excessive in aggregate; poor performance link

PetroBras SA 14.04.21 2 Instructions for recalled Meeting Request to use voting instructions at second meeting if recalled

Pfizer Inc. 22.04.21 10 Elect Ms S Johnson Chair, Audit Committee; Insufficient Audit Committee Independence

13 Ratify Auditors Excessive auditor tenure; no tender for 79 years

14 Executive Compensation Grossly excessive compensation; CEO received over $22m 17 Shareholder Resolution Access to COVID-19 product information; announcement made to market

Prysmian S.p.A 28.04.21 16 Remuneration Report Excessive in aggregate; poor performance link

Rexel SA 22.04.21 16 2020 CEO Remuneration Compensation is excessive in aggregate

Rockwool International 07.04.21 9 Remuneration Report Exceptional award of shares made; not justified

Sanofi 30.04.21 17 2020 CEO Remuneration Compensation is excessive in aggregate Schneider Electric SE 28.04.21 17 Elect Mr T Jaquet Proposed employee director; Board nominated an alternative candidate 18 Elect Ms Z Csiskos Proposed employee director; Board nominated an alternative candidate

23 Oppose Votes

Company Date No. Resolution Reason

Schneider Electric SE 28.04.21 20 Elect Ms M Kristensen Proposed employee director; Board nominated an alternative candidate

Smurfit Kappa Group 30.04.21 3 Remuneration Report Excessive in aggregate; poor performance link

Telefonica SA 22.04.21 23 Remuneration Report Excessive in aggregate; poor performance link

Valmont Industries Inc. 27.04.21 1.1 Elect Mr D Neary Chair Compensation Committee; poor overall Board independence

2 Executive Compensation Excessive in aggregate; poor performance link

3 Ratify Auditors Excessive auditor tenure; no tender for 25 years

Wolters Kluwer NV 22.04.21 8 Remuneration Report Excessive in aggregate; poor performance link

Abbvie Inc. 07.05.21 1.4 Elect Mr G Tilton Poor overall governance; directors retire by rotation

3 Executive Compensation Excessive in aggregate; poor performance link

4 Amend 2013 Stock Incentive Plan Issued stock options are already excessive and dilutive; poor value add

Adidas AG 12.05.21 20 Appoint Auditors Excessive auditor tenure; no tender for 26 years Advanced Micro Devices 19.05.21 1 Elect Mr J Caldwell Non independent Audit Committee Chair; insufficient independence 9 Ratify Auditors Excessive auditor tenure; no tender for 51 years

10 Executive Compensation Excessive in aggregate; poor performance link Amazon.com Inc. 26.05.21 9 Elect Ms P Stonesifer Non independent NED on all three committees; insufficient independence

11 Ratify Auditors Excessive auditor tenure; no tender for 25 years

12 Executive Compensation Excessive in aggregate; poor performance link

American Express Co. 04.05.21 1 Elect Mr T Baltimore Jr Serves on too many Boards; time constraints; potential over-boarding

24 Oppose Votes

Company Date No. Resolution Reason

American Express Co. 04.05.21 14 Elect Mr R Williams Lead independent director; time expired; poor overall independence

16 Ratify Auditors Excessive auditor tenure; no tender for 16 years

17 Executive Compensation Excessive in aggregate; poor performance link

Autoliv Inc. 12.05.21 3 Elect Mr J Carlson Serves on too many Boards; time constraints; potential over-boarding

12 Executive Compensation Excessive in aggregate; poor performance link; one off Golden Hellos

13 Ratify Auditors Excessive auditor tenure; no tender for 37 years

Boston Scientific Corp. 06.05.21 10 Executive Compensation Excessive in aggregate; poor performance link; one off Golden Hellos

11 Ratify Auditors Excessive auditor tenure; no tender for 29 years

Bristol-Myers Squibb Co. 04.05.21 11 Executive Compensation Excessive in aggregate; poor performance link

12 Approve Stock Incentive Plan Issued stock options are already excessive and dilutive; poor value add

16 Shareholder Resolution Proposal right to act by written consent – protocol in place; no value add

17 Shareholder Resolution Proposal right to call special meetings - protocol in place; no value add

Carrefour 21.05.21 16 Elect Mr N Bazire Non-independent NED; insufficient Board and Committee independence

24 2020 CEO Remuneration Variable pay is excessive; poor overall performance link

25 2020 CEO Remuneration Policy Variable pay is excessive; poor overall performance link

36 Issue Performance Shares Insufficient disclosure on performance hurdles and dilution limits

Cerner Corp. 19.05.21 1 Elect Mr M Daniels Jr Chair Nomination Committee; poor overall Board & Committee diversity

5 Ratify Auditors Excessive auditor tenure; no tender for 38 years

25 Oppose Votes

Company Date No. Resolution Reason

Cerner Corp. 19.05.21 6 Executive Compensation Excessive in aggregate; poor performance link

7 Shareholder Proposal Proposal to eliminate supermajority – can be useful in some situations

Commerzbank 18.05.21 7 Ratify Supervisory Board Acts Bundled consent required; significant Board conflict and turnover;

Crescent Point Energy Corp. 20.05.21 13 Ratify Auditors Excessive auditor tenure; no tender for 18 years

14 Executive Compensation Excessive in aggregate; poor performance link

Enel SpA 20.05.21 8 Executive Compensation Excessive in aggregate; poor performance link

Engie 20.05.21 13 Elect Ms J Delage Employee representative; alternative candidate has stronger skill set

21 2021 CEO Remuneration Policy Excessive variable pay and in aggregate; poor performance link

27 Shareholder Resolution Proposal to amend company dividend policy; not in shareholder interests

Everbridge Inc. 20.05.21 3 Executive Compensation Excessive in aggregate; poor performance link

General Electric Co. 04.05.21 6 Elect Mr T Horton Chair Compensation Committee; grossly excessive award made 12 Executive Compensation Award of over $75m made; grossly excessive; poor performance link 13 Ratify Auditors Excessive auditor tenure; no tender for 112 years 15 Shareholder Resolution Proposal to submit two candidates for each Board seat; no value add

Greatview Aseptic Packaging 25.05.21 6 Elect Mr H Gang Chair Nomination Committee; poor overall Board & Committee diversity

10 Issue Shares W/O Pre-emption Potential dilution is not in shareholder interests

12 Issue Repurchased Shares Issue price discount not disclosed; poor shareholder value

Hawaiian Electric Industries Inc. 07.05.21 4 Executive Compensation Excessive in aggregate; poor performance link

26 Oppose Votes

Company Date No. Resolution Reason

Imerys 10.05.21 13 CEO Compensation Excessive variable pay; poor performance link

Juniper Networks Inc. 13.05.21 10 Elect Mr W Stensrud Non independent Audit Committee Chair; overall poor independence

11 Ratify Auditors Excessive auditor tenure; no tender for 25 years

12 Executive Compensation Excessive in aggregate; poor performance link

Koninklijke Philips N.V. 06.05.21 10 Remuneration Report Excessive in aggregate; poor performance link

NV Bekaert SA 12.05.21 6 Remuneration Report Excessive in aggregate; poor performance link

16 Board Chair’s Fees Increase in Chair’s fees is excessive; unjustified ratcheting of fee

Merck & Co. Inc. 25.05.21 14 Executive Compensation Excessive in aggregate; poor performance link

15 Ratify Auditors Excessive auditor tenure; no tender for 19 years

17 Shareholder Resolution Publish report on access to COVID-19 products; disclosure is adequate

Mersen 18.05.21 18 Remuneration Policy (Executives) Poor overall structure and design; increase in variable pay; excessive

Mohawk Industries Inc. 20.05.21 1 Elect Mr B Bruckman Non independent NED; poor and insufficient Board independence

3 Ratify Auditors Excessive auditor tenure; no tender for 31 years

Orange 18.05.21 11 Appointment of Auditor Unjustified expense; company has appointed four auditors 13 Appointment of Auditor Excessive auditor tenure; no tender for 30 years

25 Issue Shares W/O Pre-emption May be used as an anti-takeover device

27 Issue Debt W/O Pre-emption May be used as an anti-takeover device

29 Issue Shares – Private Placement May be used as an anti-takeover device

27 Oppose Votes

Company Date No. Resolution Reason

Orange 18.05.21 32 Increase Capital (Takeover) May be used as an anti-takeover device

34 Increase Capital (Takeover) May be used as an anti-takeover device

PayPal Holdings Inc. 26.05.21 12 Executive Compensation Excessive in aggregate; poor performance link

13 Ratify Auditors Excessive auditor tenure; no tender for 21 years

15 Shareholder Resolution Prepare report on racism in company culture; poor and narrow rationale

Publicis Groupe SA 26.05.21 15 Remuneration Policy Chair Excessive and poorly structured; insufficient justification for pay creep

21 2020 Remuneration Chair Excessive and poorly structured; insufficient justification for pay creep

22 2020 Remuneration CEO Unjustified discretion exercised to allow performance related pay

SAP SE 12.05.21 9 Appointment of Auditor Excessive auditor tenure; no tender for 19 years Societe Generale S.A. 18.05.21 25 Elect Ms H Crinquant Employee representative; alternative candidate has stronger skill set

Solvay SA 11.05.21 5 Remuneration Report Awards excessive and unjustified in light of COVID-19 performance

Telefonica Deutschland Holding 20.05.21 17 Increase Authorised Capital Excessive dilution breaches recommended thresholds; poor value add

Trimble Inc. 12.05.21 1.3 Elect Mr B Ekholm Serves on too many Boards; time constraints; potential over-boarding

1.8 Elect Mr M Peek Non-independent Audit Committee Chair and Lead Director 2 Executive Compensation Excessive in aggregate; poor performance links 3 Ratify Auditors Excessive auditor tenure; no tender for 35 years Union Pacific Corp. 13.05.21 7 Elect Mr M McCarthy Chair Nomination Committee; poor overall diversity 11 Ratify Auditors Excessive auditor tenure; no tender for 54 years 12 Executive Compensation Excessive in aggregate; poor performance link 28 Oppose Votes

Company Date No. Resolution Reason

Union Pacific Corp. 13.05.21 13 Approve Stock Incentive Plan Issued stock options are already excessive and dilutive; poor value add

Xylem Inc. 12.05.21 5 Elect Ms V Harver Serves on too many Boards; time constraints; potential over-boarding

9 Elect Mr M Tambakeras Poor overall independence on Audit Committee; non-independent

13 Executive Compensation Excessive in aggregate; poor performance links

Zimmer Biomet Holdings Inc. 14.05.21 2 Elect Ms B Bernard Non independent NED; on three Committees; poor overall independence

4 Elect Mr R Hagerman Non independent Chair Audit Committee; poor committee independence 11 Ratify Auditors Excessive auditor tenure; no tender for 21 years 12 Executive Compensation Excessive in aggregate; poor performance link 15 Amend Executive Share Plan Excessive additional dilution; incentives are sufficiently generous Zoetis Inc. 20.05.21 5 Executive Compensation Excessive in aggregate; poor performance links 7 Shareholder Proposal Proposal to eliminate supermajority – can be useful in some situations Alphabet Inc. 02.06.21 6 Elect Mr J Doerr Connected director on Compensation Committee; poor independence 8 Elect Ms A Mather Time concerns; serves on too many Boards 12 Ratify Auditors Excessive auditor tenure; no tender for 22 years 13 Approve 2021 Stock Plan No annual remuneration vote; plan is excessive and dilutive 17 Shareholder Proposal Report on Government takedown requests; Alphabet is fully transparent 21 Shareholder Proposal Asks Alphabet to become a public benefit company; unreasonable cost Autodesk 16.06.21 11 Ratify Auditors Excessive auditor tenure; no tender for 38 years 12 Executive Compensation Excessive in aggregate; poor performance link 29 Oppose Votes

Company Date No. Resolution Reason

Compagnie de Saint Gobain SA 03.06.21 16 Remuneration Chair/CEO Remuneration in aggregate is excessive; poor performance link

17 Remuneration Deputy CEO Unjustified adjustments offsetting COVID performance

32 Employee Stock Plan Plan is highly dilutive and breaches recommended limits

Dah Sing Banking Group Ltd. 02.06.21 9 Issue Shares W/O Pre-emption May be used as an anti-takeover device

10 Grant Shares Share Option Scheme Scheme includes a change in control provision to protect recipients

Exact Sciences Corp. 30.06.21 1.3 Elect Mr D Levangie Non-independent Audit Committee member; Committee has two people 3 Executive Compensation Excessive equity awards; excessive in aggregate Freeline Therapeutics Holdings 28.06.21 3 Remuneration Policy Long-term incentives have no cap; bonus has no deferral; excessive Hamburger Hafen Und Logistik 10.06.21 13 Remuneration Policy No long-term incentive plan; cash short term bonus only Hannon Armstrong Inc. 03.06.21 3 Ratify Auditors Excessive auditor tenure; no tender for 38 years Hop Fung Group Holdings 07.06.21 4 Elect Mr E Man Sang Chair Nomination Committee; poor overall diversity 9 Issue Shares W/O Pre-emption May be used as an anti-takeover device 10 Issue Repurchased Shares Issue price discount not disclosed Kowloon Development Co. Ltd 02.06.21 6 Elect Mr Y Kwong Non independent director; insufficient Audit Committee independence 10 Issue Shares W/O Pre-emption May be used as an anti-takeover device 12 Issue Repurchased Shares Issue price discount not disclosed Salesforce.Com Inc. 10.06.21 4 Elect Mr A Hassenfeld Non independent director; insufficient Audit Committee independence 7 Elect Mr S Robertson Oversaw Forum Selection Clause; not in shareholder interests 10 Elect Mr M Webb Non independent director; insufficient Audit Committee independence 30 Oppose Votes

Company Date No. Resolution Reason

Salesforce.Com Inc. 10.06.21 12 Amend 2013 Equity Incentive Plan Plan is already excessive; unjustified request to increase issuance 13 Ratify Auditors Excessive auditor tenure; no tender for 19 years

14 Executive Compensation Poor alignment with performance; highly excessive CEO awarded $25m 15 Shareholder Proposal Asks Salesforce to become a public benefit company; unreasonable cost

Sekisui Jushi Corporation 25.06.21 10 Elect Mr H Taketomo Beneficial owner on Audit Committee; insufficient independence Sumitomo Mitsui Financial Group 29.06.21 11 Elect Mr M Matsumoto Audit Committee Chair; non-independent; insufficient independence 15 Elect Mr Y Tsutsui Chair Nomination Committee; poor overall diversity United Health Group Inc. 07.06.21 1 Elect Mr R Burke Poor overall Board and committee independence; non independent NED 4 Elect Ms M Hooper Poor overall Board and committee independence; non independent NED 10 Executive Compensation Excessive in aggregate; poor performance links 11 Ratify Auditors Excessive auditor tenure; no tender for 19 years 13 Shareholder Proposal Right to call a Special Meeting; right already exists; unnecessary act Vivendi 22.06.21 12 Remuneration Report Poor overall design and structure; excessive in aggregate 13 Remuneration Mr Y Bolloré Poor overall design and structure; excessive in aggregate 14 Remuneration Mr Ade Puyfontaine Poor overall design and structure; excessive in aggregate 15 Remuneration Mr G Alix Poor overall design and structure; excessive in aggregate 16 Remuneration Mr C Baillencourt Poor overall design and structure; excessive in aggregate 17 Remuneration Mr F Crépin Poor overall design and structure; excessive in aggregate 18 Remuneration Mr S Gilham Poor overall design and structure; excessive in aggregate

31 Oppose Votes

Company Date No. Resolution Reason

Vivendi 22.06.21 19 Remuneration Mr H Philippe Poor overall design and structure; excessive in aggregate 20 Remuneration Mr Y S Roussel Poor overall design and structure; excessive in aggregate

21 Remuneration Policy (Supervisory) Poor overall design and structure; excessive in aggregate 22 Remuneration Policy (Chair) Poor overall design and structure; excessive in aggregate 23 Remuneration Policy (Members) Poor overall design and structure; excessive in aggregate 28 Authorise Share Buyback Offer Not in shareholder interests

32 Issue Performance/Restricted Shares Compensation is excessive; unjustified ratcheting of remuneration

32 Abstain Votes

Company Date No. Resolution Reason

Federal Signal Corp. 27.04.21 2 Executive Compensation Compensation is potentially excessive; poor performance link

Rockwool International 07.04.21 10 Director’s Fees Excessive payment to Chair; fees appear unnecessarily high

Abbvie Inc. 07.05.21 7 Shareholder Resolution Publish lobbying report; disclosure is already good but may have merit

Amazon Inc. 26.05.21 18 Shareholder Resolution Conduct Racial Equity Audit; disclosure seems adequate; may have merit

Merck & Co. Inc. 25.05.21 16 Shareholder Resolution Right to Act by Written Consent; proposal may have merit

Mohawk Industries Inc. 20.05.21 4 Executive Compensation Compensation is potentially excessive; poor performance link

Orange 18.05.21 41 Shareholder Resolution Proposed free allocation of shares to all personnel – Board has discretion

Union Pacific Corp. 13.05.21 13 Shareholder Resolution Vote on emission reduction plans; plan in place and SBT adopted

33 Votes Registered in Support of Management

Company Country Date Resolutions Action

ABN-Amro Bank NV Netherlands 21.04.21 9 For All Resolutions

Advanced Micro Devices Inc. USA 07.04.21 2 For All Resolutions

ARA LOGOS Logistics Trust Singapore 30.04.21 4 For All Resolutions

Axa France 29.04.21 28 For All Resolutions

BASF SE Germany 29.04.21 5 For All Resolutions

Bayer AG Germany 27.04.21 7 For All Resolutions

Covivio SA France 20.04.21 26 For All Resolutions

Greencoat Renewables Plc Ireland 29.04.21 12 For All Resolutions

Husqvarna AB Sweden 14.04.21 31 For All Resolutions

ING Groep NV Netherlands 26.04.21 15 For All Resolutions

Munich RE Germany 28.04.21 10 For All Resolutions

Post NL NV Netherlands 20.04.21 13 For All Resolutions

Spotify Technology SA USA 21.04.21 18 For All Resolutions

Suntec REIT Singapore 15.04.21 4 For All Resolutions

Veolia Environnment France 22.04.21 25 For All Resolutions

Allianz SE Germany 05.05.21 6 For All Resolutions

ASR Nederland NV Netherlands 19.05.21 10 For All Resolutions

Bank of Ireland Group Ireland 25.05.21 22 For All Resolutions

All proxies voted in support of management are voted in line with our corporate governance policy 34 Votes Registered in Support of Management

Company Country Date Resolutions Action

BillerudKorsnas AB Sweden 05.05.21 35 For All Resolutions

Dragerwerk AG Germany 07.05.21 2 For All Resolutions

Hugo Boss AG Germany 11.05.21 7 For All Resolutions

Indus Holding AG Germany 26.05.21 9 For All Resolutions

Insight Liquidity Funds Ireland 27.05.21 3 For All Resolutions

K-DSM NV Netherlands 06.05.21 16 For All Resolutions

Krones AG Germany 17.05.21 9 For All Resolutions

Michelin (CGDS)-B France 21.05.21 17 For All Resolutions

NXP Semiconductors NV Netherlands 26.05.21 20 For All Resolutions

Talanx AG Germany 06.05.21 6 For All Resolutions

Verra Mobility Corp. USA 25.05.21 4 For All Resolutions

Autolus Therapeutics Plc USA 18.06.21 6 For All Resolutions

Bruker Corp. USA 04.06.21 5 For All Resolutions

Chroma ATE Taiwan 10.06.21 2 For All Resolutions

Sony Group Corporation Japan 22.06.21 13 For All Resolutions

Sporton International Inc. Taiwan 11.06.21 17 For All Resolutions

Taiwan Semiconductor Manufacturing Taiwan 08.06.21 13 For All Resolutions

Welbe Inc. Japan 25.06.21 13 For All Resolutions

35 Global Shareholder Resolutions Supported

Company Date No. Resolution

Pfizer 22.04.21 15 Shareholder proposal to appoint an independent Chair – has strong merit

16 Shareholder proposal to publish a report on political expenditure and values alignment – has merit

Rockwool International 07.04.21 23 Publish an environmental impact report on manufacturing facilities; proposal would be welcome

24 Publish semi-annual reporting on political spending and activity; greater transparency is welcome

Abbvie Inc. 07.05.21 8 Shareholder proposal to appoint an independent Chair – has strong merit

Amazon.com Inc. 26.05.21 13 Publish report on customer due diligence; greater transparency is welcome

14 Shareholder proposal to appoint an independent Chair – has strong merit

15 Shareholder Proposal regarding Median Gender and Racial Pay Equity Report; transparency welcome

16 Shareholder Proposal to publish a report on promotion data; greater transparency welcome

17 Shareholder Proposal to publish a report on plastic packaging; proposal has strong merit

19 Shareholder Proposal to appoint an hourly paid worker to the Board; employee representation is welcome

20 Shareholder Proposal regarding anti-competitive practices; greater and more secure safeguards welcome

21 Shareholder Proposal regarding right to call special meetings; further enhances shareholder democracy

22 Shareholder Proposal to publish a report on lobbying; proposal has strong merit given Amazon dominance

23 Shareholder Proposal to publish a report on human rights safeguards from facial recognition technology

American Express Inc. 04.05.21 18 Shareholder proposal to allow shareholders to act by written consent – improves shareholder democracy

19 Shareholder proposal to publish a report on diversity & inclusion – has merit

Company Date No. Resolution

Boston Scientific Corp. 06.05.21 12 Shareholder proposal to publish a report on employee Board participation – has merit

Bristol Myers-Squibb Co. 04.05.21 15 Shareholder proposal to appoint an independent Chair – has strong merit

General Electric Co. 04.05.21 16 Shareholder proposal to appoint an independent Chair – has strong merit

17 Shareholder proposal from Climate 100+ to set net Zero target and reduce GHG emissions – strong merit

Orange 18.05.21 42 Shareholder proposal to limit the number of Board memberships – prevents over-boarding – strong merit

PayPal Holdings Inc. 26.05.21 14 Shareholder proposal regarding right to act by written consent; would enhance shareholder democracy

Union Pacific Corp. 13.05.21 15 Shareholder proposal to publish EEO-1 report on employee gender and racial diversity – has merit

16 Shareholder proposal to publish a report on diversity & inclusion – has merit

Xylem Inc. 12.05.21 14 Shareholder proposal to amend corporate bylaws to allow proxy access – improve shareholder democracy

Alphabet Inc. 02.06.21 14 Shareholder proposal seeking recapitalisation; has strong merit in improving shareholder democracy

15 Shareholder proposal seeking human and civil rights Board expertise - has strong merit

16 Shareholder proposal linking executive pay to sustainability and diversity – has strong merit

18 Shareholder proposal regarding third party review of whistle-blower policies – may have merit

19 Shareholder proposal regarding charitable contributions and donations disclosure – improves transparency

20 Shareholder proposal regarding a report into anti-competitive practices – has strong merit given dominance

Company Country Resolutions Date

Borregaard ASA Norway 18 14.04.21

Cambi ASA Norway 6 10.05.21

Vow ASA Norway 17 14.05.21

Yara International ASA Norway 11 06.05.21

Landis+Gyr Group AG Switzerland 21 24.06.21

It is EdenTree Investment Management’s policy not to waive our right to trade by voting at share-blocked meetings. 38 Our Corporate Governance Partnerships

Our global corporate governance proxy voting is supported by:

• IVIS – providing UK proxy voting research and advice www.ivis.co.uk

• Glass Lewis & Co. – providing overseas proxy voting execution www.glasslewis.com

• Proxy Insight – providing UK voting outcomes data www.proxyinsight.com

39 Your Corporate Governance Team

Neville White – Head of Corporate Governance Neville is Head of Corporate Governance and also responsible for RI policy and research. He leads on global corporate governance proxy voting and engagement with business with a focus on governance and business ethics. He has a wealth of experience in the field, having previously managed socially responsible investment and proxy voting for a number of church and charity investment managers. 24 years experience

Esmé Van Herwijnen – Deputy Corporate Governance Manager Esmé holds a Master’s degree in Sustainable Business from Toulouse Business School and gained experience in ESG research from Sustainalytics and PIRC. Having joined EdenTree in 2015, she leads on environmental issues and climate change, and is the deputy lead on proxy voting and corporate governance. Esmé has also completed the Investment Management Certificate (IMC). Seven years experience

40 Contact Us

EdenTree Investment Management Ltd. 24 Monument Street London EC3R 8AJ [email protected] Contact: 0800 011 3821

@EdenTreeIM www.edentreeim.com