Corporate governance

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INVESTMENT RISKS

Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested. Investment in unlisted securities is likely to carry more risks than investment in listed securities. An investment in HgT entails risks which are described in the annual report and KID.

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Hg and HgT seek to invest in companies that are well managed, with high standards of corporate governance.

The Directors believe this creates the proper conditions to enhance long-term shareholder value. In aiming to achieve a high level of corporate performance, HgT adopts a positive approach to corporate governance and engagement with the Manager and shareholders.

The exercise of voting rights attached to HgT’s portfolio has been delegated to Hg. As acknowledged by the Walker Review, the distance between owner and manager within the private equity model is relatively short and the link between the two is an important ingredient in investment performance.

Hg has a policy of active portfolio management and ensures that significant time and resource is dedicated to every investment, with Hg executives typically being appointed to investee company boards in order to ensure the application of active, results-orientated corporate governance.

BOARD OF DIRECTORS