Information concerning voting rights policy
Goal of voting rights policy
For us as an AIFM the highest priority is to preserve and handle the interests of our investors.
In this context, the AIFM considers it as its duty exercising the voting rights attached to the
managed assets.
The goal of our voting rights policy is to describe how and according to which principles the
AIFM exercises its voting rights associated with the investments of our managed AIFs at the
general meetings. Particular attention is paid to ensure that the exercise of voting rights is in
line with investors’ interests and the Fund’s investment policy.
Based on the low percentage of voting rights held an AIF has little influence to the target funds
and their management. Typically the quota is far from holding blocking minorities as well as
exceeding relevant thresholds (3 %, 5 %) for securities markets. Moreover in general meetings
nearly all voting rights are present. The scope of decisions to be taken is anyhow limited. Instead
most relevant aspects are dealt within the target funds constitutional documents.
In very unusual cases, an AIF managed by us may hold shares in operating companies, in
particular after a “distribution in kind” from a target fund. It is not intended to hold such
investments for a longer term.
Principles of voting rights policy
The AIFM supports all sustainable measures of an active corporate governance policy which
increase the long-term value of our investments in the interest of our investors.
In general the AIFM exercises voting rights attached to the managed assets in particular if it
seems to be necessary to preserve investors’ interests or to be in line with Fund’s investment
policy and always taking into account the resulting costs. Depending on the place of meeting
the AIFM exercises voting rights itself or through a representative.
In the event that voting rights are exercised, the AIFM acts independently of the interests of
third parties and exclusively in the best interests of the AIF and its investors as well as in
consideration of the integrity of the market.
As part of its responsibility for managed client funds, the AIFM fulfills this obligation
according to the following criteria:
Investor interests
Each interest should basically have the same voting right.
Quality of management
Members of board (executive board, supervisory board, board of directors) should be competent
and largely independent and not subject to conflicts of interest.
Remuneration
The remuneration of members of board should be transparent and linked to the long-term
success of the company.
Impartiality of auditor
The auditor, which is engaged for the review of the annual financial statements, should be
independent and impartial. Remuneration should be in line with the market standard.
Reporting
Reporting should ensure the maximum transparency regarding business situation and
development.
Regarding equity investments
Dividend policy
The dividend policy should be in line with the financial result of the company, the long-term
corporate strategy and adequate to industry.
Capital measures and repurchase of shares
Capital measures should increase long-term value of the company. Each investor should have
the same right regarding share buybacks.