City of London Investment Group plc (CLIG) strives to maintain high levels of transparency and ethical standards in the conduct of our business on behalf of shareholders, clients, and employees. CLIG maintains detailed policies to achieve this objective, which are overseen by the Group Board.
City of London Investment Group believes that it has a responsibility to care for and protect the environment in which we operate. While CLIG’s activities have a relatively modest direct environmental impact, we recognise that society’s collective challenge to minimise environmental risks necessitates a proactive stance to measure and, wherever commercially possible, improve the overall environmental performance. Of course, an additional benefit to these solutions is a reduction in costs due to decreased usage of energy and materials, which we are happy to pass on to shareholders. We have complied with the requirements of LR 9.8.6 during the financial year ended 30th June 2023, and our Annual Report & Accounts explain how we applied the 11 principles of the Task Force on Climate-Related Financial Disclosures (“TCFD”) recommendations.
City of London Investment Group recognises that it has responsibilities with respect to both the welfare and development of the group as well as the improvement of the communities in which all group offices are located.
In addition to the statutory obligations, CLIG is committed to maintaining transparent policies in respect of the following:
As an employer, CLIG is committed to equality and valuing diversity within its workforce. As noted above, we believe that people should be appointed to their roles based on skills, merit and performance. We recognise that diversity adds value, and our goal is to ensure that our commitments, reinforced by our values, are embedded in our day-to-day working practices.
Post retirement of George Karpus on 31st July 2023, the gender ratio at Board level as at 31st July 2023 was 33% female to 67% male (31st July 2022: 29% to 71%).
Of our 120 employees, excluding Non-Executive Directors, 35% are female (2022: 37%), including 25% of senior management including Executive Directors (2022: 35%), and 37% of the remaining employees (2022: 37%).
As the Group continues to adapt with advancements in technology, changes in culture, and the changing family circumstances of our employees, we try to be fair and flexible while retaining teamwork as one of our core values.
Our management team and the Board continued to engage, ensuring open discussion with the wider workforce. As a result of this, we implemented a new hybrid Work from Home (WFH) policy with effect from 1st July 2022 that better achieved the necessary balance of employee flexibility with respect to work/life balance along with the benefits of employees working together in the office. For the next financial year, effective 1st October 2023, we have increased our in-person days in the office to four per week, while providing more flexibility via a bank of optional WFH days for employees.
CLIG is committed to respecting all human rights. Our operations and practices relevant to the workplace and community are aligned with the United Nations (UN) Universal Declaration of Human Rights.
Learning and Development
Our employees are an asset to us. We recognise and support the importance of encouraging all employees to complete professional qualifications relevant to their role, in order to progress and realise their full potential. We partner with our employees and contribute towards their development by sponsoring their studies and providing study leave. This year we have sponsored employees for their CFA and CMT studies, as well as contributing towards an employee’s Masters Degree. This is in addition to the usual seminars and conferences our employees attend. Mandatory anti-money laundering and Code of Ethics training is provided annually to all employees. Employees also take responsibility for their own development via our annual appraisal process, where they are able to discuss further training where they feel it is necessary. Finally, we created a pilot “New Hire Mentor” programme at one Group office, as we attempt to find solutions to better integrate new hires into our subsidiaries, to hopefully reduce new hire turnover. If successful, we will extend this programme to the other offices within the Group.
We continue with the CLIG Security Education Programme (CSEP), which is a multi-faceted cyber security training programme that includes online courses and videos via a web-based portal. As mentioned on page 12 of the CEO Statement, we assessed our employee’s retention of the trainings via an Assessment during the financial year, and we are proud of our employees’ abilities to keep our data safe. Additionally, we use this web-based portal to provide training on diversity, equity, and inclusion topics twice during each financial year. In this financial year, the titles of the two trainings were “Disrupting our Unconscious Bias” and “Your Words Matter About Disabilities”.
In addition, the following training sessions are provided to all employees:
We have Group-wide policies on a range of social issues, including Diversity, Equity & Inclusion, Anti-Slavery & Human Trafficking, Anti-Corruption & Bribery and Whistleblowing.
CLIG’s Diversity Working Group which includes the CEO and other employees (including HR) is responsible for:
CLIG seeks to encourage employees to regularly participate in community support activities across a wide spectrum of causes that encompass both monetary and non-monetary efforts to help raise awareness. In turn, this fosters a culture of leadership, teamwork and appreciation within our Group and community. Our long-term goals include:
Illustrative list of employees’ participation in FY 2023 include:
As a matter of policy, CLIG does not make donations to any client-related charity, event or activity, or to any political party or candidate.
City of London Investment Group endeavours to conduct its business according to the highest governance standards, providing shareholders with as much transparency and accountability as possible. The June 2023 Annual Report and Accounts reflects disclosures required under the 2018 UK Corporate Governance Code, including reporting obligations driven by Section 172 of the 2006 Companies Act.