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14.
Portfolio Turnover Costs
The Trustee acknowledges that portfolio turnover costs can impact on the performance of the investments. The Trustee expects the investment managers to change underlying holdings to an extent necessary to meet the objectives of their mandates. The reasonableness of such turnover will vary by each mandate and will change according to market conditions.
The Trustee has not set a specific portfolio turnover target for their overall strategy. Neither has the Trustee prescribed a target for the underlying mandates.
The investment managers provide information on portfolio turnover to the Trustees, so that this can be monitored as appropriate.
15.
Conflicts of Interest
The Trustee maintain a separate conflicts of interest policy and register. Subject to reasonable levels of materiality, these documents record any actual or potential conflicts of interest in relation to investee companies or the investment managers, while also setting out a process for their management.
16.
Review of this Statement
The Trustee will review this Statement annually and after any significant change in investment policy. Any change to this Statement will only be made after having obtained and considered the written advice of someone whom the Trustee reasonably believes to be qualified by their ability in and practical experience of financial matters and to have the appropriate knowledge and experience of the management of pension scheme investments.
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