# Directors’ report for the financial year ended 31 July 2022 (continued)
## Significant Events During the Financial Year (continued)

## Other events (continued)

## On 7 June 2022 Rowena Mallaghan was appointed director of the Company.

## There were no other significant events during the financial year.

## Significant Events After the Financial Year End

## Management Company
On 1 August 2022 MSIM Fund Management (Ireland) Limited was appointed as Management Company of the Company. This appointment followed the Board’s decision to change the legal structure and management model of the Company, from self-managed to employing a separate management company.

## United Kingdom (UK) financial stability
The UK mini-Budget announced on 23 September 2022 has led to heightened market volatility and uncertainty in the UK Government Bond market, and resulted in a number of calming market interventions from the Bank of England. This uncertainty may mean that the returns of the Sub-Funds’ investments are affected by market movements, the potential decline in the value of Sterling, and the potential downgrading of the United Kingdom’s sovereign credit rating.
There were no other significant events subsequent to 31 July 2022 to the date the financial statements were approved by the Directors which require adjustment or disclosure in the financial statements.

## Auditors

## Ernst & Young, Chartered Accountants, were appointed to act as Auditors on 26 November 2010 and have indicated their

## willingness to continue in office in accordance with Section 383 (2) of the Companies Act 2014.

## Statement of Corporate Governance
The European Communities (2006/46 EC) Regulations 2009 requires the directors of all companies with securities admitted to trading on a regulated market to make an annual statement on corporate governance. The statement is required to include commentary on compliance with applicable codes of governance, systems of risk management and internal controls together with other details, including the operation of the Board of Directors and arrangements for shareholder meetings. Relevant information on the Company's governance arrangements for the financial year ended 31 July 2022 are set out below.

## The Company is subject to corporate governance practices imposed by:
- the Companies Act 2014, which can be obtained from the Office of the Attorney General's website at www.irishstatutebook.ie and is also available for inspection at the registered office of the Company;
- the Central Bank in their Central Bank UCITS Regulations, which can be obtained from the Central Bank's websiteand is available for inspection at the registered office of the Company; and
- the Euronext Dublin (“XDUB”) through their Code of Listing Requirements and Procedures, which can be obtained from the Euronext Dublin's website at //www.euronext.com/en/markets/dublin.


## Corporate Governance Code
The Board has adopted the Corporate Governance Code for Collective Investment Schemes and Management Companies as published by Irish Funds (the “CGC”), as the Company's corporate governance code, practices and procedures. The Board has assessed the measures included in the CGC as being consistent with its corporate governance practices and procedures for the financial year.

## Internal Control and Risk Management Systems in Relation to Financial Reporting
The Board is responsible for ensuring that adequate internal control and risk management systems of the Company in relation to the financial reporting process are in place. Such systems are designed to manage, rather than eliminate, risks and can provide only reasonable, not absolute, assurance against material misstatement or loss.

Translation (ENFR, 2022-07-31):
# Rapport des Administrateurs pour l’exercice clos le 31 juillet 2022 (suite)
## Principales activités
La Société a été constituée le 28 avril 2010 et autorisée sous la forme d’un Organisme de placement collectif en valeurs mobilières (« OPCVM ») par la Banque centrale d’Irlande. La Société est structurée sous la forme d’une société d’investissement à capital variable à compartiments multiples avec séparation des engagements entre les Compartiments en vertu du Règlement OPCVM.

## Au cours de l’exercice clos le 31 juillet 2022, la Société comptait 23 Compartiments, repris en détail à la note 1 avec leurs

## dates de lancement respectives.

## Les Compartiments suivants ont été admis à la négociation sur la liste principale de l’Euronext Dublin et sur la liste principale du London Stock Exchange (le « LSE »).

## Compartiment	Date de négociation

## sur l’ISE

## Date de négociation sur l’LSE

## MS Scientific Beta Global Equity Factors UCITS ETF	30 mai 2014	10 juin 2014
MS Scientific Beta US Equity Factors UCITS ETF			11 août 2015			19 août 2015 SciBeta HFE Europe Equity 6F EW UCITS ETF	14 décembre 2017	18 décembre 2017 SciBeta HFE EM Equity 6F EW UCITS ETF	14 décembre 2017	18 décembre 2017 SciBeta HFE US Equity 6F EW UCITS ETF	14 décembre 2017	18 décembre 2017 SciBeta HFE Japan Equity 6F EW UCITS ETF	14 décembre 2017	18 décembre 2017 SciBeta HFE Pacific ex-Jap Equity 6F EW UCITS ETF	14 décembre 2017	18 décembre 2017 SciBeta HFI US Equity 6F EW (USD) UCITS ETF		12 février 2020		19 février 2020

## Principaux risques
L’investissement dans la Société s’accompagne d’un certain degré de risque, y compris, mais sans s’y limiter, les risques visés à la note 13 des présents états financiers. Des informations relatives aux objectifs et politiques de gestion du risque financier de la Société sont également présentées dans la note 13.

## Informations relatives aux fonds indiciels
| Compartiment | Indice | Écart de suivi | Écart de suivi anticipé |
| --- | --- | --- | --- |
| Emerging Markets Equity Fund | MSCI Emerging Markets Index | 0,02 % | 0,10 % |
| MS Scientific Beta Global Equity Factors UCITS ETF | Scientific Beta Developed Beta Multi-Strategy Equal Weight Index | 0,03 % | 0,50 % |
| MSCI Emerging Markets ESG Equity Fund | MSCI Emerging Markets ESG Index | 0,02 % | 0,10 % |
| MS Scientific Beta US Equity Factors UCITS ETF | Scientific Beta United States Multi-Beta Multi-Strategy Equal- Weight Index | 0,02 % | 0,20 % |
| SciBeta HFE Europe Equity 6F EW UCITS ETF | Scientific Beta Developed Europe Europe HFI Multi-Beta Multi Strategy Six-Factor EW Market Beta Adjusted (Leverage) Net Return | 0,03 % | 0,20 % |
| SciBeta HFE EM Equity 6F EW UCITS ETF | Scientific Beta Emerging ex-India HFI Multi-Beta Multi-Strategy (Six-Factor) EW Market Beta Adjusted (Leverage) Index Net Return | 0,04 % | 0,20 % |
| SciBeta HFE US Equity 6F EW UCITS ETF | Scientific Beta United States HFI Multi Beta Multi Strategy Six Factor EW Market Beta Adjusted (Leverage) Net Return | 0,03 % | 0,20 % |
| SciBeta HFE Japan Equity 6F EW UCITS ETF | Scientific Beta Japan HFI Multi-Beta Multi-Strategy Six Factor EW Market Beta Adjusted (Leverage) (Six-Factor) Index Net Return | 0,04 % | 0,20 % |
| SciBeta HFE Pacific ex-Jap Equity 6F EW UCITS ETF | Scientific Beta Developed Asia-Pacific ex-Japan HFI Multi-Beta Multi-Strategy Six-Factor Equal Weight Market Beta Adjusted (Leverage) Index Net Return | 0,04 % | 0,20 % |
| SciBeta HFI US Equity 6F EW (USD) UCITS ETF | SciBeta United States High-Factor-Intensity Diversified Multi-Beta Multi-Strategy 6-Factor 4-Strategy EW Market Beta Adjusted (Leverage) Net Return | 0,03 % | 0,20 % |
| Morgan Stanley Alpha Tracker UCITS Fund | Morgan Stanley Alpha Tracker Index | 0,04 % | 1,00 % |

La divergence constatée par rapport au niveau anticipé d’écart de suivi est due à la qualité de la réplication synthétique de l’Indice. Au cours de la période, la réplication n’a pas été impactée par des actions d’entreprises et n’a été que très peu modifiée par les intérêts créditeurs ou débiteurs cumulés sur les soldes de trésorerie.