R E S P O N S I B L E I N V E S T M E N T R E P O RT

April 2020 - June 2020

DATA CLASSIFICATION:PUBLIC

V O T I N G A C T I V I T I E S

V O T I N G A C T I V I T I E S F O R Q 2 2 0 2 0 - S U M M A R Y

  • Our Stock Pickers exercise the voting rights in respect of the stocks in which they have invested for the Company.
  • Between 1 April 2020 and 30 June 2020, the Stock Pickers cast 2220 votes at 125 company meetings.
  • Our Stock Pickers voted on all of the 2220 proposals that could be voted on in the quarter.
  • The Company's Stock Pickers voted against management on 197 proposals and abstained on 15.
  • Of the votes exercised against management, the key topics voted on were director related and non-salary compensation related.
  • In addition to providing this quarterly update on voting activities by its Stock Pickers, the Company reports on its responsible investment strategy to its shareholders in its Annual and Interim Reports. This reporting includes details of how the Company has engaged with its investee companies as well as how its Stock Pickers have exercised its voting rights.

Source: WTW

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V O T I N G A C T I V I T I E S F O R Q 2 2 0 2 0

Voting Summary

0.7% 8.9%

Votes exercised against

Management

Votes exercised with management

Votes that were abstentions

90.5%

Source: WTW, ISS. Data as of 30 June 2020

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V O T I N G A C T I V I T I E S F O R Q 2 2 0 2 0

2.0% 1.0% 3.0%

Votes Against Management

2.5%

6.6%

1.0% 0.5%

13.7%

6.1%

27.9%

Source: WTW, ISS. Data as of 30 June 2020

29.9%

5.6%

Directors Related

Routine/Business

Non-Salary Compensation

Shareholder - Other/Miscellaneous

Capitalisation

Shareholder - Directors Related

Shareholder - Routine/Business

Shareholder - Compensation

Shareholder - Corporate Governance

Shareholder - Health/Environment

Social Proposal

Shareholder - Social/Human Rights

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E N G A G E M E N T A C T I V I T I E S

E N G A G E M E N T A C T I V I T I E S F O R Q 2 2 0 2 0 - S U M M A R Y

  • The Company strengthened its approach to responsible investment in 2019 through the appointment by Willis Towers Watson of EOS at Federated Hermes. EOS at Federated Hermes provides voting recommendations to our Stock Pickers. It also engages with companies that the Company holds and on public policy.
  • Details of the engagement activities undertaken with companies held within the portfolio are shown on the following pages.
  • The full detailed report by EOS at Federated Hermes which provides a summary of their engagement activity over the quarter can be found on the website:https://www.hermes-investment.com/wp-content/uploads/2020/07/public-engagement-report-q2-2020.pdf

Source: WTW , EOS at Federated Hermes

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© 2020 Willis Towers Watson. All rights reserved. Proprietary and confidential.

E N G A G E M E N T A C T I V I T I E S F O R Q 2 2 0 2 0

Over Q2 EOS at Federated Hermes engaged with 79 companies within the Company's portfolio on a range of 217 issues and objectives

17.1% 14.3%

Environmental

Social and Ethical

22.1%

Governance

46.5%

Strategy, Risk and

Communication

Source: WTW, EOS at Federated Hermes. Data as of 30 June 2020

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© 2020 Willis Towers Watson. All rights reserved. Proprietary and confidential.

E N G A G E M E N T A C T I V I T I E S F O R Q 2 2 0 2 0

ENVIRONMENTAL

SOCIAL AND ETHICAL

9.7%

Climate Change

2.1%

2.1%

18.8%

3.2%

35.4%

9.7%

Forestry and Land

Use

6.5%

Pollution and

14.6%

Waste

Management

Supply Chain

Management

Water

71.0%

27.1%

Source: WTW, EOS at Federated Hermes. Data as at 30 June 2020

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© 2020 Willis Towers Watson. All rights reserved. Proprietary and confidential.

Conduct and Culture

Diversity

Human Capital

Management

Human Rights

Labour Rights

Tax

E N G A G E M E N T A C T I V I T I E S

F O R Q 2 2 0 2 0

GOVERNANCE

4.0%

7.9%

21.8%

Board Diversity,

Skills and

Experience

STRATEGY, RISK AND COMMUNICATION

2.7%

Audit and

40.5%

Accounting

10.9%

55.4%

Board Independence

Executive

Remuneration

Shareholder

Protection and

Rights

Succession Planning

29.7%

10.8% 16.2%

Business Strategy

Cyber Security

Intergrated

Reporting and

Other Disclosure

Risk Management

Source: WTW, EOS at Federated Hermes. Data as at 30 June 2020.

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© 2020 Willis Towers Watson. All rights reserved. Proprietary and confidential.

I M P O R T A N T I N F O R M A T I O N

  • Alliance Trust PLC has prepared this material for general information purposes and must not be relied upon in connection with any investment decision. Under no circumstances should this presentation or any of the information contained within it be considered a substitute for specific professional advice. Potential investors should seek independent financial advice from a financial adviser who is authorised under the Financial Services and Markets Act 2000 before making any investment decision.
  • This material is based on information available to Alliance Trust PLC at the date of this material and takes no account of subsequent developments after that date.
  • In preparing this report Alliance Trust PLC has relied upon information supplied to it by third parties. Whilst these sources are believed to be reliable, the information has not been independently verified and therefore no representation or warranty, express or implied, is made as to its accuracy or completeness.
  • In the absence of express written agreement to the contrary, Alliance Trust PLC and its respective directors, officers and employees accept no responsibility and will not be liable for any consequences howsoever arising from any third party's use of or reliance on this material or the opinions expressed.
  • Alliance Trust PLC is listed on the London Stock Exchange and is registered in Scotland No SC1731. Registered office, River Court, 5 West Victoria Dock Road, Dundee, DD1 3JT. Alliance Trust PLC gives no financial or investment advice.

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Alliance Trust plc published this content on 12 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2020 14:57:02 UTC