Login Stewardship As a steward of client capital, Sands Capital has a fiduciary responsibility to consider the full range of risks and opportunities that can potentially influence investment outcomes.1 We believe that environmental, social, and governance (ESG) factors can play a material role in determining investment risk and return. Therefore, we seek to own exceptional businesses that meet our six criteria as well as recognize and thoughtfully manage potential ESG impacts. We aim to maximize shareowner value creation over the long term. Our Guiding Principles Business-focused Research Materiality Objectivity Engagement Transparency The purpose of our proprietary research is to identify high‐quality, leading growth franchises with sustainable business models, operating in attractive areas of growth and innovation. We place significant value on companies that embrace a long‐term perspective and that are thoughtful stewards of financial and non‐financial resources, which can include environmental and social aspects of the business. In particular, we believe effective governance and responsible corporate strategy are critical components of long‐term growth investing. ESG Principles ESG Policy Engagement Engagement is integral to our deep, business-focused research. It enables us to better understand management’s long-term vision and to discuss how they manage ESG risks and opportunities, among other issues. Because our portfolio businesses recognize our long-term investment orientation and focus on value creation, they typically welcome our engagement. We engage with businesses to advance the following primary objectives: (1) to inform our investment cases, enabling us to build conviction in great businesses and add value for our clients; (2) to exchange perspectives on matters that are relevant to the interests of long-term shareholders; and (3) to discuss ballot proposals and inform our voting decisions. Engagement Policy Voting Voting is an important part of our commitment to being an active, long-term business owner and to fulfilling our fiduciary duty to act in the best interests of our clients. Decisions are made by members of our investment research team. The process is typically directed by the lead analyst on the business, who will often consult with other members of the research team and Stewardship Committee. Our evaluation of each meeting agenda typically considers company proxy documents, our own research on the business, recent discussions with management, and third-party analysis. While we do consider independent proxy advisers’ guidance, we do not delegate our voting or rely on their guidance in our voting decisions. Proxy Voting Policy Voting Record Collaborations We build relationships with select organizations that enable us to understand stakeholders’ perspectives on sustainability issues, apply learnings to our research analysis and engagements with portfolio businesses, and collaborate with stakeholders to enhance corporate disclosure practices. Impact of Our Portfolio Businesses Impact Charter Communications Is Bringing Broadband Access to Rural Communities The pandemic has underscored the extent of the digital divide in the United States, where only 65 percent of the rural population have fixed, high-speed internet access, according to the Federal Communications Commission (FCC). Learn more Learn more Impact On Guard Against Cyberthreats Cloudflare makes its web security and reliability services free to organizations that serve vital public interests. Learn more Learn more 1 All statements, opinions, and policies set forth on this page pertain solely to Sands Capital Management, LLC. Sands Capital Management is the investment adviser that provides Sands Capital’s Public Growth investment strategies. Sands Capital Management is a signatory to the Principles of Responsible Investment (PRI). Private Growth and Venture Capital strategies executed by Sands Capital Ventures, LLC, an affiliate of Sands Capital Management, LLC, are not subject to the statements, opinions, and policies set forth on this page. Sands Capital Ventures is not a PRI signatory. Sands Capital 1000 Wilson Boulevard, Suite 3000 Arlington, Virginia 22209 USA 1.703.562.4000 Contact Us Staff Resources | Careers | Terms & Conditions | Cookies | UCITS Document Library | Disclosures Sands Capital is an active, long-term investor in leading innovative businesses globally. Our approach combines analytical rigor and creative thinking to identify high-quality growth businesses that are creating the future. Through an integrated investment platform spanning venture capital, growth equity and public equity, we provide growth capital solutions to institutions and fund sponsors in more than 40 countries. An independent, staff-owned firm founded in 1992 with offices in the Washington, D.C. area and Singapore, Sands Capital managed more than USD $80 billion in client assets as of September 30, 2021. © 2021 Sands Capital Management. All Rights Reserved. For institutional and professional investors only.