Shareholder Rights Directive & UK Stewardship Code

Shareholder Rights Directive

HBK Europe Management LLP is currently considering whether it will adopt an engagement policy pursuant to Article 3g of the amended EU Shareholder Rights Directive (Directive 2007/36/EC), and the terms of any such policy, if adopted. This webpage will be updated in due course.

UK Financial Reporting Council’s Stewardship Code

Under Rule 2.2.3R of the FCA's Conduct of Business Sourcebook, HBK Europe Management LLP (“HBKE”) is required to include on its website or in another accessible form a disclosure about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code and sets out a number of principles relating to engagement by investors with UK equity issuers. Investors that commit to the Code can either comply with it in full or choose not to comply with aspects of the Code, in which case they are required to explain their non-compliance.

HBKE pursues a market neutral investment strategy investing primarily in European credit and equities, including UK equities. The Code is therefore relevant to some aspects of HBKE’s trading. While HBKE generally supports the objectives that underlie the Code, it has chosen not to commit to the Code. HBKE invests in a variety of asset classes and in a variety of jurisdictions across Europe, and globally. The approach of HBKE in relation to engagement with issuers and their management is determined globally, at HBK group level. The HBK group takes a consistent global approach to engagement with issuers and their management in all of the jurisdictions in which it invests and, consequently, does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction.