1110J. (1) Subject to subsection (4), where an asset manager that is a relevant asset manager has entered into an arrangement referred to in section 1110I(2), with an institutional investor, to invest on the institutional investor’s behalf, the relevant asset manager shall disclose, on an annual basis and complying with subsections (2) and (3), to the institutional investor how its investment strategy and implementation thereof—

(a) complies with that arrangement, and

(b) contributes to the medium to long-term performance of the assets of the institutional investor or of a fund managed by the institutional investor.

(2) The disclosure referred to in subsection (1) shall include reporting on—

(a) the key material medium to long-term risks associated with the investments,

(b) portfolio composition,

(c) turnover and turnover costs,

(d) the use of proxy advisors for the purpose of engagement activities, and

(e) the asset manager’s policy on securities lending and how it is applied to engagement activities, if applicable, particularly at the time of the general meeting of the investee companies.

(3) The disclosure referred to in subsection (1) shall also include information on—

(a) whether and, if so, how the relevant asset manager makes investments decisions based on its evaluation of medium to long-term performance of the investee company, including non-financial performance, and

(b) whether and, if so, which conflicts of interest have arisen in connection with engagement activities and how the asset manager has dealt with them.

(4) Where the information to be disclosed in accordance with subsections (1) to (3) is publicly available, the relevant asset manager shall not be required to provide that information to the institutional investor directly.]