Disclaimer

This material has been issued by Timberland Investment Resources Europe LLP (TIR) which is authorised and regulated by the Financial Conduct Authority. Our Registered office address is 130 Jermyn Street, London SW1Y 4UR.

This material is provided for information purposes, is intended for your use only and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. This material is approved by TIR for the use of professional clients or eligible counterparties or to persons who meet the exemptions and no other person who receives the material should rely on it.

Potential investors should note that investments can involve significant risks and the value of an investment may go down as well as up. No assurance can be given that the investment objective of any product will be achieved or that substantial losses will not be suffered. Potential investors should read the terms and conditions contained in the relevant Information Memorandum carefully before any investment decision is made. There is no guarantee of trading performance and past or projected performance is not a guide to future results.”

Information and opinions presented in this material have been obtained or derived from sources believed by TIR to be reliable, but we make no representation as to their accuracy or completeness.

This material should not to be relied upon as investment, legal, tax, or financial advice. Readers should consult with their own independent professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment based on information contained in this material.

Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested.

You acknowledge that your use of this website and any requests for information are unsolicited.

Privacy Policy

Maintaining and protecting the privacy of those who visit our website is a priority for Timberland Investment Resources.  The purpose of this privacy policy is to inform visitors to our site about the types of information we may gather when they access the publicly available content of the site.  TIR does not collect any personally identifiable information about those who visit our website.  This includes names, home addresses and e-mail addresses.  Nor is the information-gathering technology referred to as “cookies” used in connection with the publicly accessible portion of this web site.  TIR’s site is designed to gather certain usage statistics automatically, such as the number and frequency of visitors and the areas they visit most and least frequently.  This information is utilized only in the aggregate.  We collect data of this kind to help us determine which sections of our website are most and least helpful to visitors.  This information is used to make improvements to the site and its contents.

Stewardship Code

Stewardship is defined as “the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.” Under COBS 2.2.3 of the FCA Handbook, we are required to make a public disclosure in relation to the nature of our commitment to the Stewardship Code, which was published by the Financial Reporting Council (‘FRC’) in July 2010 and amended in September 2012 and January 2020. Where we do not commit to the Code we are required to disclose our alternative investment strategy.

The Code aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities. It sets out good practice on engagement with investee companies. The FRC recognises that not all parts of the Code will be relevant to all institutional investors and that smaller institutions may judge some of the principles and guidance to be disproportionate. It is of course legitimate for some asset managers not to engage with companies, depending on their investment strategy.

The Code does not prescribe a single approach to effective stewardship. Instead, it allows organisations to meet the expectations in a manner that is aligned with their own business model and strategy. The investment market has changed significantly since the publication of the first UK Stewardship Code. There has been significant growth in investment in assets other than listed equity, such as fixed income bonds, real estate and infrastructure. These investments have different terms, investment periods, rights and responsibilities and signatories will need to consider how to exercise stewardship effectively in these circumstances. Environmental, particularly climate change, and social factors, in addition to governance, have become material issues for investors to consider when making investment decisions and undertaking stewardship. The Code also recognises that asset owners and asset managers play an important role as guardians of market integrity and in working to minimise systemic risks as well as being stewards of the investments in their portfolios.

There are twelve “Apply or Explain” principles for asset owners and asset managers:

• Purpose, strategy and culture
• Governance, resources and incentives
• Conflicts of interest
• Promoting well-functioning markets
• Review and assurance
• Client and beneficiary needs
• Stewardship, investment and ESG integration
• Monitoring managers and service providers
• Engagement
• Collaboration
• Escalation
• Exercising rights and responsibilities

Whilst the Firm supports the principles underlying the Code it does not currently comply with the Code for the following reasons:

Timberland Investment Resources Europe LLP does not currently comply with the Code because its investment focus involves direct investment in the natural resource of forestry, and as such, it does not currently invest in UK listed companies. Therefore, although the firm supports the objectives set out within the Code, the provisions are not deemed to be relevant to the type of investment strategy currently undertaken by the firm. Should any material changes occur to our strategies which would make the Code relevant, we will review our commitment to the Code at that time and make appropriate disclosure.