16 September, 2015

To our stakeholders:
I am pleased to confirm that Fideres Capital (Fideres) reaffirms its support of the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labour, Environment and Anti-Corruption.

In this annual Communication on Progress, we describe our actions to continually improve the integration of the Global Compact and its principles into our business strategy, culture and daily operations. We also commit to share this information with our stakeholders using our primary channels of communication.
Sincerely yours,

Alberto Thomas,
Partner

Fideres aims to ensure proper labour and working conditions, to safeguard the health and safety of the employees and to promote the social development of the communities in which operates.

Fideres is committed to implement a policy of support for the internationally recognized human rights contained within the Universal Declaration of Human Rights. Fideres is fully committed to equal opportunities and diversity and values its people for their skills, experience and potential regardless of gender, sexual orientation, age, race, colour, ethnic origin, religion or disability.

Fideres operates an open door policy wherein employees are free to access the senior management team for redressal of issues

We actively inform our partners, investors and employees of our commitment and encourage them to commit as well.

Our company culture encourages awareness on the topic of human rights. We maintain a flat management structure whereby employees are free to voice their opinions, and their input is valued.

We motivate our employees to learn more about the value of human rights and its importance in the sustainable development of a business

Fideres has created a harmonious working environment for its employees, and wishes to maintain the highest standards of integrity with everyone with whom it deals. Fideres continues to encourage a culture that values meritocracy, openness, fairness and transparency. All the managers and employees are responsible for the promotion and advancement of this policy and any behaviour that transgresses this policy is not tolerated. These values apply to all of Fideres’ processes relating to employment, training, development, performance management and rewards.

Within this reporting period, Fideres has not been subject to any investigation, legal cases or incidents involving the violation of human rights. The management team reviews the ESG policy annually to see where improvements can be made.

Fideres’ business model derives value from the knowledge and expertise of its employees.

Fideres is fully committed to equal opportunities and diversity. Fideres values its people for their skills, experience and potential regardless of gender, sexual orientation, age, race, colour, ethnic origin, religion or disability.

Each employee is issued with a contract of employment stating their terms and conditions of employment with clearly stated pay rates, length of annual leave, working hours etc. This we consider as fair, just and fully in accordance with English law.

Health and Safety Laws are clearly communicated to staff through our Health and Safety Policy book.

Fideres sponsors its employees for study material and examination fees to maintain a high level of competence in our field. We promote our employees personal growth and development.

Fideres believes in recruiting, developing and retaining the best talent from the widest pool in order to promote a stimulating, rewarding and inclusive environment where everyone’s contribution is recognized, valued and respected;

Periodic performance reviews, are formally conducted bi-annually, with informal reviews given after each project. This ensures employees understand how they are progressing and provides feedback to improve in the future.

During the reporting period, there have not been any Statutory Notices nor Prosecutions brought against Fideres, with regard to health and safety, or any legal cases to the contravention of Global Compact Labour principles.

In accordance with our goal of assisting our employee’s career development, we have introduced a policy of sponsoring employees working towards professional qualifications.

Fideres recognizes that its activities have an impact on the environment and its policy is to limit this impact as far as possible.

Fideres is committed to ensuring that its business is environmentally responsible, energy efficient and puts its best efforts to achieve continuous improvements.

Fideres recognizes that its key environmental impacts are:
-Generation of waste;
-Use of energy, water, manufactured products and natural resources.

To address key issues of environmental concern and minimize its environmental impact, Fideres is committed to:
- reduce the production of and recycle waste;
- efficiently use energy, water, manufactured products (e.g. paper) and natural resources;
- monitoring of the electricity usage of all offices to identify energy waste;
- increase use of videoconferencing to minimize air travel;
- increase use of rail travel as opposed to air/private cars when appropriate;
- source products that are made from sustainable sources or recycled materials or that are designed to be easy to reuse or recycle wherever practicable;
-eliminating, where possible, the use of products made from unsustainable natural resources (i.e. plastic bottles);

We make our best efforts to review our suppliers’ policy regarding the environment before engaging in business with them. We take into account sustainable environmental impact into our investment decisions.

No investigations, legal cases or fines have been made against Fideres to date regarding the environment. The management team reviews the ESG policy annually to see where improvements can be made.

It is our policy to conduct all of our business in an honest and ethical manner. We take a zero-tolerance approach to bribery and corruption and are committed to acting professionally, fairly and with integrity in all our business dealings and relationships wherever we operate and implementing and enforcing effective systems to counter bribery.

We will uphold all laws relevant to countering bribery and corruption. However, we remain bound by the laws of the UK, including the Bribery Act 2010, in respect of our conduct both at home and abroad.

All new employees are presented with our anti-corruption and bribery policy handbook. This handbook details the employee’s responsibilities and record-keeping which must take place. We ensure our employees are well aware of the applicable laws and regulation in place by sponsoring them to take the Chartered Institute of Securities and Investments qualification in Derivatives. Within this qualification, various sections test our employees on their knowledge of current UK Regulation including anti-corruption laws.

The management team takes part in annual anti-corruption courses to ensure compliance with current regulation. The board of directors has overall responsibility for ensuring this policy complies with our legal and ethical obligations, and that all those under our control comply with it. Senior management takes responsibility for ant-bribery and corruption compliance within the business and has produced a statement which illustrates senior management’s commitment to anti-brieby and corruption.

The compliance manager has primary and day-to-day responsibility for implementing this policy, and for monitoring its use and effectiveness [and dealing with any queries on its interpretation]. Management at all levels are responsible for ensuring those reporting to them are made aware of and understand this policy and are given adequate and regular training on it.

Internal control systems and procedures will be subject to regular audits to provide assurance that they are effective in countering bribery and corruption.

No investigations, legal cases or fines have been made against Fideres to date regarding corruption. The management team reviews the ESG policy annually to see where improvements can be made.