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A SUMMARY OF THE FUND'S VOTING ACTIVITY IN 2008

The majority of UK and European company meetings, where shareholders’ voting rights may be exercised, take place between March and July. In accordance with the Statement of Investment Principles, the Fund voted on all of its internally managed UK and European equity holdings, in accordance with the recommendations provided by our consultant, PIRC Ltd.
 
Taking account of the resolutions voted on in the UK in this period, approximately 15% of these were voted against company management (i.e. voting either to oppose or abstain on the resolution). These dissenting votes were against corporate behavior judged to be below the best practice guidelines outlined by PIRC (with reference to the Combined Code, UK company law and the UN Principles for Responsible Investment). The three most common types of resolution voted against were concerning directors’ remuneration & emoluments (41%), the reappointment of the auditors (20%) and the election of directors (24%).
 
 
Summary of voting in Top UK Equity holdings
 
BP PLC Opposed approval of the Remuneration Report.
Vodafone Group PLC Opposed approval of the Remuneration Report;
Abstained on appointment of auditor & re-election of one non-executive director.
HSBC Opposed approval of the Remuneration Report;
Abstained on appointment of auditor & re-election of one non-executive director.
Royal Dutch Shell PLC Opposed approval of the Remuneration Report.
GlaxoSmithKline PLC Opposed approval of the Remuneration Report;
Abstained on appointment of auditor & election of three directors (including the Chairman & CEO).
Bramdean Alternatives Voted with management.
BG Group Opposed approval of the Remuneration Report;
Abstained on appointment of auditor.
Anglo American Opposed approval of the Remuneration Report;
Abstained on appointment of auditor.

Tesco PLC

 Opposed approval of the Remuneration Report & re-election of two non-executive directors; Abstained on appointment of auditor & re-election of two executive directors (including the CEO). Supported a shareholder resolution on standards of poultry welfare.