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Sycomore Asset Management

PRI reporting framework 2017

Basic Information [OO 01 - 09] Gateway asset class implementation indicators [OO 10 - 12]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Implementation not in other modules [SG 12 - 16] Innovation [SG 17]

Direct - Listed Equity Incorporation

Overview [LEI 01 - 02] ESG incorporation in actively managed listed equities [LEI 03 - 12] Implementation processes [LEI 03 - 12] (A) Implementation: Screening [LEI 06 - 08] (B) Implementation: Thematic [LEI 09] (C) Implementation: Integration of ESG issues [LEI 10 - 12] Outputs and outcomes [LEI 14 - 16] Communication [LEI 17]

Direct - Listed Equity Active Ownership

Engagement [LEA 01 - 16] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 15] Communication [LEA 16] (Proxy) voting and shareholder resolutions [LEA 17 - 27] Overview [LEA 17] Process [LEA 18 - 22] Communication [LEA 27]

Direct - Fixed Income

Overview [FI 01 - 03] ESG incorporation in actively managed fixed income [FI 04 - 16] Implementation processes [FI 04 - 06] (A) Implementation: Screening [FI 07 - 10] (C) Implementation: Integration [FI 14 - 16] Fixed income - Engagement [FI 18 - 20] Outputs and outcomes [FI 21 - 22] Communication [FI 23]

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Outputs and outcomes

LEA 23. Percentage of (proxy) votes cast

23.1. For listed equities where you and/or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

We do track or collect this information

Votes cast (to the nearest 1%)

95 %

Specify the basis on which this percentage is calculated

of the total number of ballot items on which you could have issued instructions

of the total number of company meetings at which you could have voted

of the total value of your listed equity holdings on which you could have voted

23.2. Explain your reason(s) for not voting certain holdings

Shares were blocked

Notice, ballots or materials not received in time

Missed deadline

Geographical restrictions (non-home market)

Cost

Conflicts of interest

Holdings deemed too small

Administrative impediments (e.g., power of attorney requirements, ineligibility due to participation in share placement)

We do not vote on environmental resolutions

We do not vote on social resolutions

On request by clients

Other

We do not track or collect this information

23.3. Additional information. [Optional]

LEA 24. Proportion of ballot items that were for/against/abstentions

24.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

Yes, we track this information

24.2. Of the voting instructions that you and/or third parties on your behalf issued, indicate the proportion of ballot items that were:

Voting instructions	Breakdown as percentage of votes cast
For (supporting) management recommendations	73 %
Against (opposing) management recommendations	27 %
Abstentions	0 %

100%

24.3. Describe the actions you take after voting against management recommendations.

          For companies in which we have a significant holding or companies for which we participate in the pre-AGM consultation, we communicate our vote intentions against management recommendations and explain the rationales ahead of the meeting.

No, we do not track this information

24.4. Additional information. [Optional]

LEA 25. Shareholder resolutions

New selection options have been added to this indicator. Please review your prefilled responses carefully.

25.1. Indicate if your organisation directly or via a service provider filed or co-filed any ESG shareholder resolutions during the reporting year.

Yes

25.6. Additional information. [Optional]

LEA 26. Examples of (proxy) voting activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

26.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

Add Example 1

Topic or ESG issue	Board gender diversity
Decision made by
Objectives	Encourage companies to increase board gender diversity and engage dialogue on this issue.
Scope and Process	The same principe was applied to all AGMs: for all companies with less than 30% women on board, our policy is to vote against new male directors or against the Chairperson/the members of the nomination committee standing for reelection. We applied the same policy with a 40% threshold in France, considering that it was to become a legal obligation in 2017.
Outcomes	This voting policy trigerred a number of exchanges on this issue with companies as we explained the rationale. This was an opportunity for us to draw companies' attention to board gender diversity, understand the challenges that some companies are facing in increasing female representation at board level and explain why it matters to us as shareholders.

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26.2. Additional information. [Optional]

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