First Sentier Investors(FSI)
disclosure under
FSC standard 23:
Principles of Internal
Governance and AssetStewardship
These include:Ownership structurePrinciples of Internal Governance and Asset StewardshipPrinciples of Internal Governance and Asset Stewardship6.

Ethical conduct and professional practice7.

Personal trading

8.

Management of conflicts of interest to ensure clientinterests take priority (including gifts and entertainment)

https://www.firstsentierinvestors.com.au/content/
dam/web/australia/responsible-investment/auconflicts-of-interest-statement.pdf
9.

Risk management and compliance

Principles of Internal Governance and Asset StewardshipTrade Error Policies and Incident Management
Equitable asset valuation and pricing

Brokerage and commissions
Best execution and trade allocation

Remuneration policy

Principles of Internal Governance and Asset StewardshipPrinciples of Internal Governance and Asset StewardshipTraining and development

Complaints and dispute resolution

Whistleblower protection policy

Principles of Internal Governance and Asset StewardshipAsset stewardship
Monitoring of company performance on financial and nonfinancial matters

Engagement with company management andthe Board (where appropriate), and escalation of issues ininstances where initial engagements have not been adequately
responded toPrinciples of Internal Governance and Asset Stewardship1Unlisted infrastructure

1.1.2
Fixed income
Approach to considering environmental, social andgovernance factors (risks and opportunities);
whether these considerations influence investment
decision- making and company engagement

Unlisted infrastructure

Listed equities

Principles of Internal Governance and Asset Stewardship

Proxy voting (see FSC Standard 13)

Collaborative engagement with other investors,
including involvement with industry groups andassociations

https://www.firstsentierinvestors.com.au/au/en/institutional/responsibleinvestment/responsible-investment-proxyvoting.html

Principles of Internal Governance and Asset StewardshipGlobalHong Kong Green Finance Association• MemberEMEA

Asia PacificPrinciples of Internal Governance and Asset StewardshipPrinciples used for policy advocacy, including
participation with industry groups and associations

https://www.firstsentierinvestors.com.au/au/
en/institutional/responsibleinvestment/responsible-investment-reportsand-policies.html

The approach to client engagement, education andcommunication regarding asset stewardship.

Principles of Internal Governance and Asset StewardshipIMPORTANT INFORMATIONThis material has been prepared and issued by First Sentier Investors (Australia) IM Ltd (ABN 89 114 194
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financial group. A copy of the Financial Services Guide for FSI AIM is available from First Sentier Investors onits website.
This material contains general information only. It is not intended to provide you with financial product adviceand does not take into account your objectives, financial situation or needs. Before making an investment
decision you should consider, with a financial advisor, whether this information is appropriate in light of yourinvestment needs, objectives and financial situation.
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and are subject to change without notice. Such opinions: (i) are not a recommendation to hold, purchase orsell a particular financial product; (ii) may not include all of the information needed to make an investment
decision in relation to such a financial product; and (iii) may substantially differ from other individual authors
within First Sentier Investors.
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intended purpose and audience as at the date of publication. No part of this material may be reproduced ortransmitted in any form or by any means without the prior written consent of FSI AIM.
Any performance information has been calculated using exit prices after taking into account all ongoing feesand assuming reinvestment of distributions. No allowance has been made for taxation. Past performance is
not indicative of future performance.
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Principles of Internal Governance and Asset Stewardship