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UCITS Remuneration Policy

(As at April 2019)

The World Markets Umbrella Fund PLC (the “Company”)
Remuneration Policy (the “Policy”)

The Company is authorised by the Central Bank of Ireland (the “Central Bank”) as a UCITS investment company.

The purpose of this Policy is to describe the remuneration practices of the Company in relation to its identified staff, namely the non-executive directors of the Company (the “Directors”) responsible for the managerial functions identified in the Company’s UCITS Business Plan. The Company’s board of Directors (the “Board”) has established this Policy with the aim of ensuring that it is consistent with and promotes sound and effective risk management and does not encourage risk taking that is inconsistent with the risk profile and articles of association of the Company.

The Company currently has one sub-fund:

(the “Fund”).

The total net assets of the Company as at most recent year end date (31-Jan-2019) was c.USD125mn.

Identified Staff

The categories of staff, including senior management, risk takers and control functions whose professional activities may have a material impact on the risk profile of the Company are identified in the Schedule to this Policy (the “Identified Staff”).

As at the date of this Policy, Identified Staff include the Directors and Designated Persons appointed in accordance with Regulation 98 of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, as amended.

Types of Remuneration

This Policy applies to all forms of payments or benefits paid by the Company to the Identified Staff in exchange for professional services. Such forms of payment or benefit may include:

  1. fixed remuneration (payments or benefits without reference to performance); and
  2. variable remuneration (additional payments dependent on performance or other contractual criteria).

The Company currently only pays the independent non-executive directors (namely, Mr Kevin Molony and Ms Patricia Taylor) fixed remuneration and does not pay any variable remuneration.

Directors and Designated Persons who are also employees of the Company’s appointed investment manager, City of London Investment Management Company Limited (the “Investment Manager”) – namely Mr Mark Dwyer, Ms Josephine Kitcher and Ms Ashleigh Simms - do not receive any remuneration from the Company, whether fixed or variable.

Remuneration Policy

The Company's policy is to pay the relevant Identified Staff fixed remuneration only with no variable component being paid.

Disclosure

The Company’s policy is to comply with the remuneration-related disclosure requirements set out in Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as amended by Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 as regards depositary functions, remunerations policies and sanctions, including its mandatory implementing regulations on an EU or Home Member State level and as further amended from time to time (the “UCITS Directive”).

Accordingly, this Policy shall be kept up-to-date and shall be disclosed on the following website: www.citlon.co.uk A summary statement in relation to this Policy shall also be included in the Company’s prospectus for the time being in place and in each of the Company’s KIIDs.

The total amount of remuneration for the financial year, split into fixed and variable remuneration (if any), paid by the Company to the Identified Staff will be disclosed in the Company’s annual report, as will the aggregate amount of remuneration broken down by senior management whose actions have a material impact on the risk profile of the Company. The Board considers that this Policy is in line with the strategy, objectives and values of the Company and is not inconsistent with the best interests of the Company.

Remuneration Committee/Board Oversight

The Board has determined in light of the size, internal operations, nature, scale and complexity of the Company that a remuneration committee is not required. Remuneration matters will be dealt with by the Board with the relevant affected Director absenting himself from such discussions.

The Company has in place a conflicts of interest policy and this Policy and its implementation shall be subject to the requirements of such conflicts of interest policy.

Application

It is the Company’s intention to apply this Policy to the extent applicable to the remuneration of any Identified Staff in accordance with the UCITS Directive and the guidelines issued by the European Securities Markets Authority (“ESMA”) pursuant to Article 14a(4) of the UCITS Directive (the “ESMA UCITS Remuneration Guidelines”).

Review

The Board will review the implementation of this Policy on an annual basis.

Scope

This is the Company’s remuneration policy and does not extend to delegates of the Company. However, it is the Company’s policy that it will comply with the ESMA Remuneration Guidelines including insofar as and to the extent the ESMA Remuneration Guidelines oblige the Company to ensure that similar remuneration requirements are applied to its delegates.

The Company pays investment management fees at fixed rates which are disclosed in the Company’s Prospectus and annual report. The Company does not pay any performance related management/ investment management fees.

SCHEDULE

Identified Staff

Board Members

Designated Person

The above named individuals are the Identified Staff of the Company for the purpose of this Policy.

The Company has no other personnel/staff required to be categorised as Identified Staff for the purposes of complying with applicable UCITS requirements pertaining to the remuneration of its personnel/staff.

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City of London Investment Management Company Limited is authorised and regulated for the conduct of investment business within the UK by the Financial Conduct Authority (FCA), registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC) and regulated by the Dubai Financial Services Authority (DFSA).
Registered in England and Wales No. 2851236.   Registered Office: 77 Gracechurch Street, London, EC3V 0AS, England.

© 2019 City of London Investment Group PLC.
All rights reserved.

City of London Investment Management Company Limited is authorised and regulated for the conduct of investment business within the UK by the Financial Conduct Authority (FCA), registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC) and regulated by the Dubai Financial Services Authority (DFSA).
Registered in England and Wales No. 2851236.   Registered Office: 77 Gracechurch Street, London, EC3V 0AS, England.

© 2019 City of London Investment Group PLC. All rights reserved.