Handelsbanken Wealth & Asset Management Limited is part of the Handelsbanken Group. Handelsbanken Wealth Management and Handelsbanken Asset Management are trading names of Handelsbanken Wealth & Asset Management Limited (HWAM).
The UK Stewardship Code
The UK Stewardship Code (the "Code") is published by the Financial Reporting Council (FRC), the UK body responsible for promoting high quality corporate governance. The Code sets out good practice standards for institutional investors, such as investment managers, for their dealings with the UK-listed companies in which they invest.
The FRC recognises that not all parts of the Code are relevant to all institutional investors and that small institutions (such as Handelsbanken Asset Management) may judge that some aspects are disproportionate to their business.
Please click here to view HWAM’s Stewardship Statement which sets out our commitment to the Code and how we’ve applied its seven principles.
Shareholder Rights Directive II
The revised Shareholder Rights Directive (“SRD II”) requires asset managers to adopt an engagement policy on a “comply or explain” basis. The engagement policy should describe how an asset manager integrates shareholder engagement into its investment strategy when it or its funds under management are shareholders in companies that have a registered office in the EU and are listed on EU regulated markets.
Holding significant direct equity positions in publicly listed individual companies does not currently form part of HWAM’s core investment strategy. There may be occasions when we do invest in shares of companies traded on a regulated market; however, the size of HWAM’s shareholding is typically much lower than those held by large institutional investors and, therefore, we are not able to engage with investee companies to the extent envisaged by SRD II. On this basis, while HWAM supports the aims of SRD II, we have determined that it is not necessary or appropriate to adopt an engagement policy for the purposes of SRD II. We shall review our investment strategy annually to determine whether our investment activities have changed to the extent that we should adopt an engagement policy under SRD II.
Please click here to view HWAM’s policy.
Pillar 3 Disclosures
It is a regulatory requirement that these documents are made available on an annual basis. They contain disclosure requirements regarding our risk management information and procedures.
To access HWAM’s Pillar 3 please email: email@example.com
Modern Slavery Act
HWAM is part of the Handelsbanken Group and therefore supports, and is included within, the Group statement which can be located on the Handelsbanken website here.
In addition to the main statement: Suppliers/Counterparties - HWAM has a Counterparty Due Diligence Policy and procedures in place which help to ensure that we only do business with selected counterparties after careful consideration in order to mitigate against potential reputation, regulatory and legal risks and protect both HWAM and our clients. The Group requirements are incorporated into this policy, as appropriate to our business.
HWAM exercises a risk-based approach to due diligence which drives the level of scrutiny required for different counterparties –the higher we deem their risk to HWAM and our clients, the broader the due diligence needs to be.
Employee remuneration arrangements
HWAM takes a long-term view of its staff’s employment. We reward our members of staff through salary and standard benefits such as pension contributions and medical insurance schemes. The main principle of our compensation policy and the majority of our employees are on fixed compensation.
Variable compensation is applied with great caution so to maintain HWAM’s risk profile. As well as identifying, monitoring, analysing and reporting material risks of the compensation system, our compensation policy and processes are reviewed annually by the Head of Compliance & Risk. The review will consider adherence to the provisions of the FCA’s Remuneration Code.
The Board of Handelsbanken Wealth & Asset Management is responsible for the high level supervision of the current and future regulated activities of Handelsbanken Wealth Management and Handelsbanken Asset Management.
The directors of the Board are:
Within our governance structure the day-to-day management of Handelsbanken Wealth Management and Handelsbanken Asset Management is delegated to the Management Group. Please click here to view the members of the management group.