Select your location

Asia Australia North America UK Europe Rest of the World

Select your investor type

Institutional investor

For consultants, pension schemes, insurers and professional investors

Important information

The information and material contained in this website are designed to provide information on Martin Currie and is only directed at Institutional Investors and Consultants.

By accepting where indicated, you hereby acknowledge, agree and represent to Martin Currie that you are eligible by confirming that you are based in the UK, you are an authorised to conduct regulated activities in the UK and that you have read and understood the "Legal & Regulatory Information", which applies to any investment in our products referred to in this website.

The information contained within this website does not constitute an offer of or an invitation to apply for securities:

In any jurisdiction where such offer or invitation is unlawful or
In which the person making such offer is not qualified to do so or
To whom it is unlawful to make such offer or solicitation.

Martin Currie Investment Management Limited is authorised and regulated in the UK by the Financial Conduct Authority.

The distribution of this information in written format is restricted to the UK. The information contained in this site has been compiled with considerable care to ensure its accuracy at the date of publication. But no representation or warranty, express or implied, is made to its accuracy or completeness. Any research or analysis contained in this website has been procured by Martin Currie for its own use. It is provided to you only incidentally, and any opinions expressed are subject to change without notice.
Accept and enter

Intermediary investor

For advisors, professional wealth managers and wholesale investors

Important information

The information and material contained in this website are designed to provide information on Martin Currie and is only directed at Institutional Investors and Consultants.

By accepting where indicated, you hereby acknowledge, agree and represent to Martin Currie that you are eligible by confirming that you are based in the UK, you are an authorised to conduct regulated activities in the UK and that you have read and understood the "Legal & Regulatory Information", which applies to any investment in our products referred to in this website.

The information contained within this website does not constitute an offer of or an invitation to apply for securities:

In any jurisdiction where such offer or invitation is unlawful or
In which the person making such offer is not qualified to do so or
To whom it is unlawful to make such offer or solicitation.

Martin Currie Investment Management Limited is authorised and regulated in the UK by the Financial Conduct Authority.

The distribution of this information in written format is restricted to the UK. The information contained in this site has been compiled with considerable care to ensure its accuracy at the date of publication. But no representation or warranty, express or implied, is made to its accuracy or completeness. Any research or analysis contained in this website has been procured by Martin Currie for its own use. It is provided to you only incidentally, and any opinions expressed are subject to change without notice.
Accept and enter

Select your investor type

Institutional investor

For consultants, pension schemes, insurers and professional investors

Please read this important information

Please read this important information. If you cannot make the representations below, please do not enter the website.

By clicking on this link, you agree and represent to Martin Currie that you are a resident of or incorporated in the United Kingdom have read and understood the "Important Information and Risk Factors", which apply to any investment in our products referred to in this website, and that you are categorised as a per se or elective Professional Client for the purposes of COBS 3 of the FCA Handbook or rules and guidance. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Fund Management Limited, registered in Scotland (no SC104896) is authorised and regulated by the UK Financial Conduct Authority as a full-scope UK AIFM.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Intermediary investor

For advisors, professional wealth managers and wholesale investors

Please read this important information

Please read this important information. If you cannot make the representations below, please do not enter the website.

By clicking on this link, you agree and represent to Martin Currie that you are a resident of or incorporated in the United Kingdom have read and understood the "Important Information and Risk Factors", which apply to any investment in our products referred to in this website, and that you are categorised as a per se or elective Professional Client for the purposes of COBS 3 of the FCA Handbook or rules and guidance. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Fund Management Limited, registered in Scotland (no SC104896) is authorised and regulated by the UK Financial Conduct Authority as a full-scope UK AIFM.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Private investor

For individuals

Please read this important information

This website is intended for, and is relevant to, UK residents only and should not be relied upon by persons of any other jurisdiction.

By accepting where indicated, you hereby acknowledge, agree and represent to Martin Currie that you are eligible by confirming that you are based in the UK and that you have read and understood the "Legal Regulatory Information" which applies to any investment in our products referred to in this website.

Important Information:

We do not give investment advice so you need to decide if an investment is suitable for you. If you are unsure whether to invest, you should contact a financial adviser.

Accept and enter

Select your investor type

Institutional investor

For consultants, pension schemes, insurers and professional investors

Please read this important information

By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are incorporated in a country listed below and that you are either an institutional investor, a corporate professional investor or a consultant business. The information on this section of the website is not intended for use by any other person in any other jurisdiction, including members of the public. If you cannot make these representations, please do not enter the website.

All residents of Hong Kong: Neither Martin Currie Investment Management Limited nor Martin Currie Inc. carries on a business in a regulated activity in Hong Kong or is licensed by the Securities and Futures Commission. The content of this section of the website is intended for Professional Investors only.

All residents of Singapore: The information in this section of the website is intended for institutional investors (as defined in the Securities and Futures Act, Chapter 289 of Singapore, as amended) and consultants in Singapore only.

All residents of China: Neither Martin Currie Investment Management Limited nor Martin Currie Inc. is authorised by the China Securities Regulatory Commission to market its strategies in China. By clicking on this link, you warrant and represent that you are entering this website on your own initiative and without being influenced or induced by any third party to do so.

All residents of South Korea: The information in this section of the website is intended only for qualified professional investors and consultants based in South Korea.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Intermediary investor

For advisors, professional wealth managers and wholesale investors

Please read this important information

By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are incorporated in a country listed below and that you are either an institutional investor, a corporate professional investor or a consultant business. The information on this section of the website is not intended for use by any other person in any other jurisdiction, including members of the public. If you cannot make these representations, please do not enter the website.

All residents of Hong Kong: Neither Martin Currie Investment Management Limited nor Martin Currie Inc. carries on a business in a regulated activity in Hong Kong or is licensed by the Securities and Futures Commission. The content of this section of the website is intended for Professional Investors only.

All residents of Singapore: The information in this section of the website is intended for institutional investors (as defined in the Securities and Futures Act, Chapter 289 of Singapore, as amended) and consultants in Singapore only.

All residents of China: Neither Martin Currie Investment Management Limited nor Martin Currie Inc. is authorised by the China Securities Regulatory Commission to market its strategies in China. By clicking on this link, you warrant and represent that you are entering this website on your own initiative and without being influenced or induced by any third party to do so.

All residents of South Korea: The information in this section of the website is intended only for qualified professional investors and consultants based in South Korea.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Select your investor type

Institutional investor

For consultants, Superannuation, insurers and professional investors

Please read this important information

By clicking on this link, you agree and represent to Martin Currie that you are an Australian wholesale client for the purposes of section 761G of the Corporations Act 2001 (Cth) and have read and understood the "Legal and Regulatory Information”", which apply to any investment in our products referred to in this website. The information on this section of the website is not intended for use by any other person, including members of the public. If you cannot make these representations, please do not enter the website.

Important Information:

Martin Currie Australia is a division of Legg Mason Asset Management Australia Limited (ABN 76 004 835 849). Legg Mason Asset Management Australia Limited is a wholly owned subsidiary of Franklin Resources, Inc., and holds an Australian Financial Services Licence (AFSL No. 240827) issued pursuant to the Corporations Act 2001.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority.

The FCA's regulatory regime differs from the Australian regulatory regime.
This material is provided on the basis that you are a wholesale client within the definition of ASIC Class Order 03/1099. Martin Currie is registered as a foreign company under the Corporations Act 2001 (ARBN 131 134 613). It is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect of financial services provided to Australian wholesale clients by virtue of the application of ASIC Class Order 03/1099.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Intermediary investor

For advisors, professional wealth managers and wholesale investors

Please read this important information

By clicking on this link, you agree and represent to Martin Currie that you are an Australian wholesale client for the purposes of section 761G of the Corporations Act 2001 (Cth) and have read and understood the "Legal and Regulatory Information”", which apply to any investment in our products referred to in this website. The information on this section of the website is not intended for use by any other person, including members of the public. If you cannot make these representations, please do not enter the website.

Important Information:

Martin Currie Australia is a division of Legg Mason Asset Management Australia Limited (ABN 76 004 835 849). Legg Mason Asset Management Australia Limited is a wholly owned subsidiary of Franklin Resources, Inc., and holds an Australian Financial Services Licence (AFSL No. 240827) issued pursuant to the Corporations Act 2001.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority.

The FCA's regulatory regime differs from the Australian regulatory regime.
This material is provided on the basis that you are a wholesale client within the definition of ASIC Class Order 03/1099. Martin Currie is registered as a foreign company under the Corporations Act 2001 (ARBN 131 134 613). It is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect of financial services provided to Australian wholesale clients by virtue of the application of ASIC Class Order 03/1099.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Select your investor type

Institutional investor

For consultants, pension schemes, insurers and professional investors

Please read this important information

Please read this important information. The information on this section of the website is not intended for use by any other person in any other jurisdiction, including members of the public. If you cannot make the following representations, please do not enter the website.

All residents of Luxembourg, Republic of Ireland, Netherlands, Germany, Sweden, Finland, Norway, Denmark, Italy, Belgium and France: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are categorised as a per se or elective Professional Client for the purposes of Directive 2014/65/EU (“MiFID II”). The information on this section of the website is not intended for use by any other person, including members of the public.

All residents of Switzerland: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that that you are resident in or incorporated in Switzerland and that you are a Qualified Investor for the purposes of Article 10 of the Collective Investment Schemes Act. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Investment Management Limited has a MiFID II passport to provide investment services to Professional Clients in the European Union.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Intermediary investor

For advisors, professional wealth managers and wholesale investors

Please read this important information

Please read this important information.

All residents of Luxembourg, Republic of Ireland, Netherlands, Germany, Sweden, Finland, Norway, Denmark, Italy, Belgium and France: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are categorised as a per se or elective Professional Client for the purposes of Directive 2014/65/EU (“MiFID II”). The information on this section of the website is not intended for use by any other person, including members of the public.

All residents of Switzerland: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that that you are resident in or incorporated in Switzerland and that you are a Qualified Investor for the purposes of Article 10 of the Collective Investment Schemes Act. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) is authorised and regulated by the UK Financial Conduct Authority. Martin Currie Investment Management Limited has a MiFID II passport to provide investment services to Professional Clients in the European Union.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000 or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Select your investor type

Institutional investor

For consultants, pension schemes, insurers and professional investors

Please read this important information. If you cannot make either of the representations below, please do not enter the website.

Investors resident in the Canada: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are resident in, or incorporated in, Canada and are a Permitted Client for the purposes of NI 31-103. The information on this section of the website is not intended for use by any other person, including members of the public.

Investors resident in the United States of America: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are either incorporated in, or a resident of, the United States of America and that you meet the definition of an Accredited Investor as defined in Rule 501 of the United States Securities Act of 1933, as amended (‘The 1933 Act’). The information on this section of the website is not intended for use by any other person in any other jurisdiction, including members of the public.

Martin Currie Inc, incorporated in New York with its registered office at 620 Eighth Avenue, 49th Floor New York, NY 10018 and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com, is registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940 and is also authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc. operates under the International Adviser Exemption with the Ontario Securities Commission (‘OSC’) and is therefore currently not required to be registered as a portfolio manager for the purposes of MI 31-103.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940, National Instruments or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Intermediary investor

For advisors, professional wealth managers and wholesale investors

Please read this important information

Investors resident in the Canada: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are resident in, or incorporated in, Canada and are a Permitted Client for the purposes of NI 31-103. The information on this section of the website is not intended for use by any other person, including members of the public.

Investors resident in the United States of America: By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that you are either incorporated in, or a resident of, the United States of America and that you meet the definition of an Accredited Investor as defined in Rule 501 of the United States Securities Act of 1933, as amended (‘The 1933 Act’). The information on this section of the website is not intended for use by any other person in any other jurisdiction, including members of the public.

Martin Currie Inc, incorporated in New York with its registered office at 620 Eighth Avenue, 49th Floor New York, NY 10018 and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com, is registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940 and is also authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc. operates under the International Adviser Exemption with the Ontario Securities Commission (‘OSC’) and is therefore currently not required to be registered as a portfolio manager for the purposes of MI 31-103.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940, National Instruments or any other applicable law or regulation.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Select your investor type

Institutional investor

For consultants, pension schemes, insurers and professional investors

Please read this important information

Please read this important information. If you cannot make the representations below, please do not enter the website.

By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that: (i) you are an institutional investor, an intermediary investor a consultant or other professional investor; and (ii) you are entering this website on your own initiative and without being influenced or induced by any third party to do so. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation. The information on this website has not been reviewed by any competent regulatory authority in any jurisdiction.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

Intermediary investor

For advisors, professional wealth managers and wholesale investors

Please read this important information

Please read this important information. If you cannot make the representations below, please do not enter the website.

By clicking on this link, you agree and represent to Martin Currie that you have read and understood the "Important information and risk factors", which apply to any investment in our products referred to in this website, and that: (i) you are an institutional investor, an intermediary investor a consultant or other professional investor; and (ii) you are entering this website on your own initiative and without being influenced or induced by any third party to do so. The information on this section of the website is not intended for use by any other person, including members of the public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107). Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com. Both companies are authorised and regulated by the UK Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission as an investment adviser for the purposes of the Investment Advisers Act 1940.

For the avoidance of doubt, nothing excludes, limits or restricts our obligations to you under the UK Financial Services and Market Act 2000, the Investment Advisers Act 1940 or any other applicable law or regulation. The information on this website has not been reviewed by any competent regulatory authority in any jurisdiction.

The opinions and views in this website do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This website does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You should consult with your professional advisers before undertaking any investment activity. The information provided on this website should not be treated as advice or a recommendation to buy or sell any particular security or other investment. The information on this website has not been reviewed by any competent regulatory authority.

Accept and enter

If none of the above applies to you, please go to our corporate site.

Webcast: ESG Q&A session

Kimon Kouryialas and our Stewardship & ESG experts answer the pertinent questions and challenges we are hearing from our clients on topics such as the SDGs, modern slavery and climate change.

Leading the Stewardship & ESG Evolution: Webcast home
Part 7: Q&A session on the key topics and challenges we are hearing from our clients

Do companies really understand their Sustainability obligations? How has the role of proxy voting change? How are we tackling climate change and the transition to a lower carbon future from an investment perspective? How do you engage with companies on SGDs and modern slavery? What is the next big trend in Sustainability, now and in 10 years’ time?

Read the full script below

Leading the Stewardship & ESG evolution series


This video is part of a multi-part webcast series where we welcome you to join Martin Currie’s panel of Stewardship & ESG experts, along with representatives from Australian companies that are leading on the Sustainability front


Webcast home page

We've all come together to share a cross team view on the Sustainability and ESG evolution

Script

Kimon: As part of our Stewardship & ESG webcast series, “Martin Currie, leading the Stewardship & ESG Evolution”, I've brought together a number of key individuals from Martin Currie.

With me today is David Sheasby, Head of Stewardship and ESG, Megan Scott, COO, Will Baylis, Portfolio Manager at Martin Currie Australia, and Alastair Reynolds, Portfolio Manager for our Global Emerging Market strategy.

We've all come together to share a cross team view on the Sustainability and ESG evolution, and answer some of the specific questions that we often get with clients over the past 6 to 12 months with regards to Sustainability.

Morning all

All: Morning Kimon

Kimon: Thank you. I thought I might direct this first question to maybe Will and Alastair. To both of you, do you find that when you meet with companies, do they actually really understand their Sustainability obligations?

Will: There is quite a degree of variance between companies that we meet, and that starts particularly with the board. So, the board, and competency of the board, whether the board has a director who is specifically involved for overseeing ESG and Sustainability is really important.

The second aspect is the chief executive officer, so whether the CEO as an executive that are really focused on implementing the boards ESG policies, within the group.

And then the third thing which is really difficult to measure is culture. So, do the staff, and even the suppliers, understand the obligations of the company in relation to Sustainability and ESG. They’d be my key reflections on that question

Ally: For me, I think almost every company that we speak to and emerging markets understands their obligations on ESG issues. Where we see differences maybe are in the SOEs, or else in companies where they have a high degree of national regulation. And in those companies their interests are very much more internal, nationalistic, dealing with their own either government or their own regulator rather than embracing external shareholders.

Kimon: And when we talk about boards and companies in general, I mean, what do you want to see more of from company management in terms of engagement? And I suppose what are some of the things that you would like to see less of?

Will: In terms of what we like to hear more from our companies in relation to engagement, and particularly relation to Sustainability and EGS, is a board and a CEO and executive team who are all totally focused on implementing a Sustainable future for their company.

Now what I mean by that is, do they all have a great knowledge about how they recycle waste? Do they really understand how they are reducing their energy consumption? Do they really understand what carbon offset is? And can they demonstrate that by giving examples?

And in the final point Kimon is, are members of their staff able to also talk in a very competent manner about what the company's purpose is from a Sustainability point of view.

So, in terms of what we need less of, we need less very wordy Sustainability reports which are generalised and don't have any evidence. What we need more of is Sustainability reports with lots of evidence, lots of examples, which speak loudly to those issues I've just mentioned.

Kimon: And David, what would be your comments in terms of some of the companies Sustainability reports that that you see?

David: So I think we see a range of reporting when we look at companies, and that goes from a nice marketing document, which really means nothing, to a company which is clearly evidenced that it's embedded Sustainability into how it's actually running the business, how it’s allocating capital and how it's making decisions.

Kimon: I might ask Megan the next question just regarding proxy voting. I mean we've certainly seen an influx on the importance of proxy voting over the last few years. Now I suppose in particular be interested to know, how does that change? How do we work with clients? But more importantly also we have external providers who just focus on proxy voting, and what's the relationship between all parties?

Megan: Yeah, I think proxy voting is a really interesting area. If you think about what proxy voting is actually trying to achieve, it's giving the voice to the shareholder. And I think you know, in terms of the asset owner, the shareholder, needs to have that voice so that they can make management and the board accountable on how they're running the company.

And in terms of, you know, particularly what we doing this sort of area, is we take on board the proxy voting advise, you know, from the provider, and then we really focus on from the investor’s point of view, and really focusing on the engagement, in terms of how their knowledge of the company.

And so, I think what we find more and more from clients then, is they wanting that knowledge. And even we have clients who don't give us the authority to vote on their behalf, they will do that, or they will as such outsource to these proxy advisors, but what we're finding more increasingly is that they want to know our knowledge in this area. And I think, you know, through the use of engagements and through what we do, we can assist them and bring up that knowledge for them as well.

Kimon: Let's move the discussion now to climate change, which is a hot topic for clients located globally. How are each of the teams tackling this in terms of its main thematic? And I suppose how does also that the work with David as part of Head of Stewardship help you, sort of you know, provide some sort of solution to our client base?

Will: So, climate change is clearly, as you rightly point at, affecting companies all around the globe. What is very useful from the point of view of having David as our global Head of Stewardship & ESG is David sits on committees within the UN PRI, who will look specifically as effective ways to mitigate the challenges of climate change. David provides us a really good framework in terms of how to think about effective ways of mitigating carbon emissions. And so when we bring those learnings back to our engagement here in Australia with companies, we delve into the issues around carbon offsets, so how genuine are carbon offsets, and we've actually we've had quite detailed conversation for the likes of Qantas and Woodside Petroleum, for example, on how effective their carbon offsets are.

The final point I’d say is using just offsets in our opinion is not enough. You need companies to seriously change the amount of energy they consume, the amount of renewable energy they lock up with purchasing power agreements, and you need to really see evidence that they're going to pursue a much lower resource usage in the future, to be genuinely convinced that they are concerned about climate and climate change

Ally: Climate change is very much a reality for every company that we look at. And as a result, we analyse the impacts of climate change in every company that we look at.

I think the move to decarbonize is an inevitable response to climate change, and what we're seeing in the energy space is that renewables are already highly competitive against fossil fuel, so the pressure really is coming on from a cost perspective in the fossil fuel sector. We were seeing gas prices coming down and displacing coal prices, and then the transport sector over oil has become the fuel of choice.  We're seeing real opportunities in electrification, battery-based power, coming in and displacing oil in many cases. So that we very much believe it's real.

Where David's work comes into its own is in bringing us a standard approach to such a big and complex issue, in how we embrace with companies and how we engage on some of the technical factors around disclosure and standards that they could be meeting.

Kimon: I mean you both talked about in those comments around decarbonization. I mean we're hearing a lot these days about the push to transitioning to a lower carbon future. I mean what does that mean in practical terms for the companies that we're looking at that are rising to the challenge, and more importantly you know what does it mean from an investment perspective point of view as investors? I'd be interested in your points on that Ally.

Ally: Yes, the most obvious evidence we have of decarbonization at the moment is in the auto sector, where we're seeing, right across the world, the requirement to move to a less polluting source of power. And that's coming in the form of electric vehicle batteries. And this year, we despite what we seeing with COVID, we're still seeing the rollout of mainstream electrified, fully-electrified, vehicles from all of the global auto brands. That’s the first sign that we're seeing of fossil fuel being displaced in the market.

Beyond that is going to become very evident in the power generation sector, but that's a sector where we are already backing away from in our portfolio because of its damage to the environment and lack of demand.

Kimon: And David, another certainly a big topic globally is Sustainable Development Goals.  Why is it significant for businesses to engage and align with SDGs?

David: So, I suppose one way of thinking about the Sustainable Development Goals is it is effectively a blueprint for a Sustainable future. So, there are 17 goals that kind of set out clear ambitions to be achieved by 2030, and they are ambitious. So, they were set back in only 2015, and one of the things that is inherent in that is that the private sector has to play a part in achieving those goals. And actually, in that it creates a huge opportunity, potentially, for some companies providing solutions to some of those potential issues. But also, the Sustainable development goals in aggregate also describe a Sustainable future and the behaviours that you would want from businesses overall. So, it's really the opportunity that is very exciting in that.

Kimon: And Will, a question around modern slavery. I mean, companies that you're engaging with, can they mitigate the risks of modern slavery in their supply chains? And what engagements are you having with clients on this particular topic?

Will: Yeah it's a really challenging issue. With every board and every management team that we engage with, we always ask them about one, their awareness of the new modern slavery legislation in Australia, and then two, we ask them to demonstrate how they actually gain assurance that their suppliers aren't engaging in malpractice in relation to modern slavery.

And then when we talked to other companies, like the retailers, some of them will use a third party, but the third party acts on behalf of all Australian retailers and does serious type kicking around factories that quite often supply not just one retailer but several retailers here in Australia. And again, those companies will send, not necessarily the CEO, but they'll send a senior executive to also be part of that auditing on a timely basis.

Ally: What we are seeing is that companies are very good at reporting their activities in relation to their own staff, their own organisation. So that could be there HSE policies, there training, their attitude towards ethics, and how that translates or extends out into their contractors and suppliers.

Actually, finding detailed information beyond that is proving to be quite difficult. In relationship to modern slavery, because it's an illegal activity, very few companies are able to find evidence to hand the that type of practises is taking place. A bit like corporate fraud, if it is present that the perpetrators but will do as much as possible to cover their tracks and to cover that up, so it is proving to be an area where we think it will be a long journey to really find a robust system for identifying and rooting out the evils that are modern slavery.

Kimon: And then one final question for the group, but I might start with you first Megan. What do you see in terms of Sustainability 10 years from now? What do you think is going to be sort of the next big trend, not only in Australia but globally as well?

Megan: You know obviously we're going through COVID at the moment, but you know, the Australian summer that we had here, we had horrific fires and there was really community sentiment, and a shift and I think that push and that shift really does continue.

I also think we touched on modern slavery. I think that's something that is where we're getting used to that in Australia I think, and you as Will mentioned were bringing in that law which will come into effect next year. And I think that the things that clients will demand will be more around specific data, and as Ally mentioned, having that evidence that, you know, we've delved deeper, we've looked at things, so that you could actually get into that crux and the data, I think of looking at things like modern slavery. So generally, I think those two things will continue for some time.

Ally: We expect that the continued focus on the decarbonization within climate change, water scarcity, again within climate change, but also on cyber security and data privacy as the world becomes more digitalized, we think they're going to be areas where investors will become increasingly focused to make sure that that practise meets their expectations.

Will: In 10 years’ time a good company is going to be one that actually cares, not just for their shareholders, who cares strongly for their communities in which they operate in. Its supplies will have very good coordination with the company in terms of what is expected from them, ala modern slavery etc. Its customers will have a strong sense of what is the brand really stand for, is the brand genuinely a Sustainable brand, is it focused on Sustainable practises?

David: And I think in 10 years’ time, I think Sustainability will be the norm in terms of how companies think about running their businesses, and what investors will expect of us asset managers to be incorporating Sustainability, but also of their companies that they will invest in, in terms of how those companies behave.

Kimon: Well, thank you everyone for your time

All: Thank you Kimon.

Kimon: I hope you have found this session, and the other videos in the series, interesting. Please feel free to reach out directly with any feedback or additional questions on these topics. Thank you very much for listening.


Regulatory information and risk warnings

Past performance is not a guide to future returns

This information is issued and approved by Martin Currie Investment Management Limited (‘MCIM’). It does not constitute investment advice. Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested.

The opinions contained in this recording are those of the named manager. They may not necessarily represent the views of other Martin Currie managers, strategies or funds. These opinions are not intended to be a forecast of future events, research, a guarantee of future results or investment advice.

The analysis of Environmental, Social and Governance (ESG) factors form an important part of the investment process and helps inform investment decisions. The strategy does not necessarily target particular sustainability outcomes.

The information contained has been complied with considerable care to ensure its accuracy. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Martin Currie has procured any research or analysis contained in this recording for its own use. It is provided to you only incidentally and any opinions expressed are subject to change without notice.

The information provided should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the security transactions discussed here were, or will prove to be, profitable. Tel: 44 (0) 131 229 5252  Fax: 44 (0) 131 228 5959 www.martincurrie.com. Authorised and regulated by the Financial Conduct Authority. Please note that calls to the above number may be recorded.

For wholesale investors in Australia: Any distribution of this material in Australia is by Martin Currie Australia (‘MCA’). Martin Currie Australia is a division of Legg Mason Asset Management Australia Limited (ABN 76 004 835 849). Legg Mason Asset Management Australia Limited, is a wholly owned subsidiary of Franklin Resources, Inc., and holds an Australian Financial Services Licence (AFSL No. 240827) issued pursuant to the Corporations Act 2001.

For institutional investors in the USA: The information contained within this presentation is for Institutional Investors only who meet the definition of Accredited Investor as defined in Rule 501 of the United States Securities Act of 1933, as amended (‘The 1933 Act’) and the definition of Qualified Purchasers as defined in section 2 (a) (51) (A) of the United States Investment Company Act of 1940, as amended (‘the 1940 Act’). It is not for intended for use by members of the general public.

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES Tel: (44) 131 229 5252 Fax: (44) 131 222 2532