Overview of the quarter

Two years ago, I planted a vine. It had good soil and a sunny position and I gave it plenty of TLC, everything I thought it needed. But the vine barely grew and never produced any grapes.

This year, my wife suggested giving it a frame to grow up. It immediately started sprouting vigorously and now has clusters of young fruit which should ripen in the autumn. Happy vine, happy planter.

Ruffer’s Responsible Investment team spends much of its time trying to provide frameworks to help guide corporate behaviour. For example, last quarter we co-signed a letter to accelerate the environmental transition by encouraging companies to adopt and implement strong climate transition plans. It also called on public authorities to extend legal frameworks requiring companies to disclose remuneration packages.

The second quarter is voting season, providing a public opportunity to support good corporate practice and discourage bad. We explore the reasoning behind our votes both for and against resolutions at the AGMs of BP, Alphabet, Rio Tinto and Bank of America.

Our engagements in focus this quarter include FMC, an agricultural science company specialising in crop protection technologies, where we wanted to encourage improved use of capital, both financial and human. We also delve in detail into the latest instalment of our long-running engagement with ArcelorMittal.

We trust that all these activities will over time – like the vine – bear fruit.