Frere Hall Capital Management Limited (“Frere Hall” or the “Firm”)
Stewardship Code Disclosure

Under the Financial Conduct Authority’s (“FCA”) Conduct of Business Rules, Frere Hall is required to make a public disclosure on its website in relation to the nature of its commitment to the Financial Reporting Council’s (“FRC”) Stewardship Code.

The Code was first published by the FRC in July 2010 and was updated in September 2012. Subsequently, the FRC published the new UK Stewardship Code 2020 (“2020 Code”), which took effect from 1 January 2020, and consists of 12 Principles for asset managers and asset owners.

The Code applies on a ‘comply or explain’ basis and is voluntary, aiming at enhancing the quality of engagement between institutional investors and companies, to help improve long-term returns to shareholders and provide for the efficient exercise of governance responsibilities by setting out good practice on engagement with investee companies that institutional investors should aspire to.

The FRC defines ‘stewardship’ as ‘the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.’

The 2020 Code Principles are:

Frere Hall is an investment manager implementing a commodities strategy. Whilst supporting the objectives underlying the Code and adhering to high standards of corporate governance and due diligence in respect of its investments, Frere Hall has decided not to become a signatory to the Code at this time. Frere Hall will review its commitment to the Code and update this disclosure accordingly should this position change. This disclosure will be reviewed at least annually, please contact for any questions.


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