Cryder Capital Partners LLP

                                                                                           (“Cryder” or “the Firm”)

                                                                                   Stewardship Code Disclosure 

Under the Financial Conduct Authority’s (“FCA”) Conduct of Business Rules 2.2A.5, Cryder 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 it 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, and six Principles for service providers. 

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: 

1. Signatories’ purpose, investment beliefs, strategy, and culture enable stewardship that creates long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.
2. Signatories’ governance, resources and incentives support stewardship. 
3. Signatories manage conflicts of interest to put the best interests of clients and beneficiaries first
4. Signatories identify and respond to market-wide and systemic risks to promote a well-functioning financial system.
5. Signatories review their policies, assure their processes and assess the effectiveness of their activities.
6. Signatories take account of client and beneficiary needs and communicate the activities and outcomes of their stewardship and investment to them.
7. Signatories systematically integrate stewardship and investment, including material environmental, social and governance issues, and climate change, to fulfil their responsibilities.
8. Signatories monitor and hold to account managers and/or service providers.
9. Signatories engage with issuers to maintain or enhance the value of assets.
10. Signatories, where necessary, participate in collaborative engagement to influence issuers.
11. Signatories, where necessary, escalate stewardship activities to influence issuers.
12. Signatories actively exercise their rights and responsibilities.

Cryder Capital Partners LLP does not, in the normal course of business, take an activist shareholder approach. As such, while Cryder Capital Partners LLP is generally supportive of the principles underlying the Code, we have determined it would not currently be appropriate to commit to the Code.

For further information on the Firm’s approach contact: IR@crydercapital.com

Disclosure last updated: 22/08/2023

                                                                                            General Disclaimer 

This website is not an offer of securities.

This Website does not constitute an offer to sell or a solicitation to buy any securities in any vehicle or any pooled investment vehicle (a "Fund") advised by Cryder Capital Partners LLP (the "Investment Adviser") or a recommendation to enter into any transaction, and may not be relied upon in connection with any offer or sale of securities.  Any such offer or solicitation may only be made pursuant to a Confidential Private Offering Memorandum (or similar document) for the applicable Fund, which will be provided only to qualified offerees and which should be carefully reviewed prior to investing. This Website does not create any obligation on the Investment Manager or the Funds to consider any offer.

This communication is provided for information purposes only. This communication does not contain any material terms pertinent to an investment decision, including important disclosures of conflicts and risk factors associated with an investment in any Fund.  This Website in and of itself should not form the basis for any investment decision.