The Board has adopted the Hermes Responsible Ownership Principles as its comprehensive policy on corporate governance issues. The Principles apply to its investments. The Board also subscribes to the Institutional Shareholders’ Committee’s Statement of Principles on the Responsibilities of Institutional Shareholders and Agents and welcomes the development of these principles into the UK Stewardship Code. It has decided that the most effective way to implement its policies is to appoint Hermes Equity Ownership Services to act on its behalf over all its equity investments in the UK and overseas. Their role will be to vote in accordance with the policy (or exceptionally, as directed by the relevant investment manager or the Board); where appropriate to engage with management to improve shareholder value and to report on their activities. Management engagement will be supported by BAPFIM’s fund management team.