Abingworth does not commit to complying with the Financial Reporting Council's Stewardship Code. The substantial majority of the firm's activities relate to venture capital investment (as defined by the FCA), for which the Code is not principally designed. The FCA has recognised this by exempting venture capital firms from the requirement to disclose their approach to compliance with the code. Abingworth's investment strategy in relation to other investments does not place emphasis on engagement in most instances. Our more occasional engagement in relation to these investments means that additional burden which would come with compliance with the Stewardship Code is not in our view justified.