About us

 
 

Originally founded by Barry Dargan in 2013, Intermede Investment Partners formed a joint venture with National Australia Bank in April 2014 and began managing client money in October 2014. The firm is majority owned by the founding partners, with NAB as a minority investor.

Stewardship Code

At Intermede corporate governance and responsible ownership is an important aspect in our assessment of the companies we invest in.

FCA Rules require Intermede Investment Partners Limited (the "Firm") to include on this website a disclosure about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, its alternative investment strategy.  The Code is a voluntary code and sets out a number of principles relating to engagement by investors with UK equity issuers.  Investors that commit to the Code can either comply with it in full or choose not to comply with aspects of the Code, in which case they are required to explain their non-compliance.

The Firm pursues a long-only, buy and hold strategy that focusses on investing in global equities, including UK equities, on behalf of clients.  The Code is therefore relevant to some aspects of the Firm's investment activity.  While the Firm generally supports the objectives that underlie the Code, the Firm has chosen not to fully commit to the Code.  The Firm takes a consistent approach to engagement with issuers and their management in all of the jurisdictions in which it invests and, consequently, does not consider it appropriate to commit to any particular voluntary code of practice, including in relation to corporate governance, relating to any particular jurisdiction.

The following is an outline of how Intermede complies with each of the principles of the Code.

 
 
Principle 1 - Institutional Investors should publicly disclose their policy on how they will discharge their Stewardship Duties.

Intermede’s stewardship policy provides disclosure on how our stewardship activities are an integral part of our investment process.  Portfolio Manager and Analysts are responsible for the research and recommendation of the companies we invest in.  A large part of our research is to fully evaluate the effectiveness of a company’s management to create shareholder value which ultimately delivers investment performance for our clients.  We will assess each decision on the individual facts and circumstances for each issue to be voted on.  Every resolution is evaluated on its merits and considered in the context of the Portfolio Manager or Analyst’s knowledge of the company, its current management and its management’s past record.

Voting rights are a valuable asset of the investor and deserve to be managed with due care and diligence.  Consequently, unless onerous restrictions are imposed, we aim to vote on all shares held for all meetings.

Principle 2 - Institutional Investors should have a robust policy on managing conflicts of interest in relation to stewardship and this policy should be publicly disclosed.

Intermede has developed a Conflicts of Interest policy to seek to always act in the best interests of our clients and where possible avoid conflicts including those which may arise through voting.  It is Intermede’s fiduciary responsibility to always exercise it's right to vote in the client’s best interest.  A summary of Intermede’s Conflicts of Interest Policy is available to clients upon request.
Our proxy voting decisions are subject to review and oversight by, and regular reporting to, our clients.

All Intermede employees must adhere to the Code of Conduct and are responsible for maintaining the highest ethical standards when conducting business.  We impose an obligation on anyone involved in the decision making process to disclose to the Compliance Officer any potential conflict of interest including any contact they have had with any interested party regarding a proxy vote.  This information is reported and reviewed by the Risk and Compliance Committee on a quarterly basis.

Principle 3 - Institutional Investors should monitor their investee companies.

We recognise that companies with unethical or unsustainable practices do not meet our criteria for ownership and we will sell shares, or preferable not own shares in such companies from the outset.
Intermede utilises various methods of research to continuously monitor companies with which it invests in.  We engage and hold regular meetings with the management teams of the companies; we analyse and monitor company reports and financial statements, news and company announcements, we also obtain independent third party and broker research. 

Intermede maintains a register of all votes cast and will document the reasons for voting against or abstaining from a particular vote.

Principle 4 - Institutional Investors should establish clear guidelines on when and how they will escalate their stewardship activities.

Intermede will closely monitor a company’s management and governance structure, performance, remuneration and risk management strategies.  Should we feel that escalation be required, Intermede will attempt to raise the issue directly with senior management of the company concerned.  Performance related issues may be raised in one-on-one meetings.  Should the outcome of a meeting prove to be unsatisfactory, Intermede may consider further escalation with the Board, advisers or other shareholders who may have a similar opinion.  In addition, Intermede may also challenge the company’s management at the General Meeting or may exercise our right to vote against management.

Principle 5 - Institutional Investors should be willing to act collectively with other investors where appropriate.

Should Intermede believe it will result in a positive outcome for our clients, we may see benefit in collectively engaging with other shareholders to raise concerns over corporate issues, events or matters of governance with the company’s management.  However, Intermede will not enter into collective engagements that create ‘concert parties’ in order to obtain or consolidate control of a company.

Principle 6 - Institutional Investors should have a clear policy on voting and disclosure of voting activity.

Intermede has developed a proxy voting policy that we believe is designed to be in the best interests of the clients we serve.  We recognise the importance of voting proxies in a way that maximises long-term shareholder value whilst ensuring we strictly operate within the guidelines of the client mandate.

The key premise in making a proxy voting decision is to ensure the clients’ best interests are considered.  We have access to research to assist in our assessment of company resolutions and identification of contentious issues.  Intermede does not publicly disclose voting records as we consider such information belongs to our clients.

Intermede does not participate in stock lending.  However, some of our clients may have chosen to engage in stock lending through their custody arrangements.  We will carry out the client’s requirements as instructed and as per the process documented in the client agreement.

Principle 7 - Institutional Investors should report periodically on their stewardship and voting activities.

Intermede records stewardship activities including monitoring, engagement and voting outcomes.  On a quarterly basis, we include our voting activity on resolutions proposed by management in our reports to our institutional clients.

 


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