Important Information

This website is presented by Amber Capital for information purposes only.

Amber Capital UK LLP is a limited liability partnership registered in England and Wales with registered number OC322586 and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (with Firm Reference Number 467505). In addition Amber Capital Italia SGR SpA is regulated by the Bank of Italy.

The website is directed only at persons who fall within the definition of “professional client” within the FCA rules and by clicking the “I accept” button below, persons accessing this website confirm that they fall within this definition.

No information or opinions contained in this website constitute a solicitation or offer by Amber Capital to buy or sell any financial instrument or to provide any investment service or other service.

This website is intended as a general introduction to Amber Capital. It does not provide specific investment advice nor does it represent that the services described are suitable for any specific investor. Moreover, the information contained in this website does not provide a basis for making any investment decision, nor do the contents of this website constitute legal, tax or accounting advice or advice regarding the suitability or profitability of any transaction or investment.

The contents of this website are not intended for distribution to, or use by, any individual or entity in any jurisdiction where their distribution or use would be contrary to local law or regulation or which would subject Amber Capital to registration with the jurisdiction. You should be aware that any rules and/or regulations applicable to providing financial services (and the resultant investor protections that may be available), may not apply to persons who obtain information from the internet and its various applications, of which this material forms part.

Information contained on this website, including commentary or opinions, reflects Amber Capital’s analysis and other information available as at, either the time such information was posted in the website or as otherwise at the date indicate, and whilst believed to be reliable, Amber Capital cannot and does not guarantee its accuracy, timeliness or completeness, nor is Amber Capital under any obligation to update such information. Amber Capital has not reviewed unaffiliated sites to which this website is linked, and is not responsible for the content of off-site pages or any other site linked or linking to the site. Your linking to any off-site pages or other sites is at your own risk. Amber makes no representations whatsoever about the opinions of any third party appearing on a linked site, neither regularly monitors nor has control over the contents of such sites, and does not endorse, and disclaims all responsibility for, the content of such statements or websites.

Neither Amber Capital nor any of its directors, officers or employees, nor any third party vendor will be liable or responsible for any loss or damage that you may incur from any cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Amber Capital or of any vendor providing software or services support. In no event will Amber Capital or any third party vendor be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if Amber Capital or any other party had been advised of the possibility that these damages might occur.

SBAI Disclosure

No responsibility, duty of care or liability whatsoever (whether in contract or tort or otherwise including, but not limited to, negligence) is or will be accepted by the Standards Board for Alternative Investments Limited ("SBAI"), the Board of Trustees of the SBAI, any member of the SBAI's Investor Chapter (each an "Investor Chapter Member")  or a Core Supporter of the SBAI to Signatories, investors or any other person in connection with the Standards or any Conformity Statement or Disclosure Statement made by any Signatory. A Core Supporter can be a Signatory to the Standards, a member of the SBAI’s Investor Chapter or an investment consultant.

Neither the SBAI nor its Board of Trustees is a regulator of the alternative investment industry and their role does not extend beyond being a custodian of the Standards. None of the SBAI, its Board of Trustees, the Investor Chapter Members and the Core Supporters will seek to enforce compliance with the Standards by Signatories. The fact that a manager is a Signatory to the Standards is not and should not be taken as an endorsement of such manager by the SBAI, the Board of Trustees, any Investor Chapter Member or any Core Supporter or as a representation by the SBAI, the Board of Trustees, any Investor Chapter Member or any other Core Supporter that such Signatory operates in conformity with the Standards. In determining whether to accept a manager's application to become a Signatory (or whether to revoke a manager's status as a signatory), the Board of Trustees is entitled to rely on the information provided to it by such manager without further investigation or verification. Further, subject to any duties a Trustee may have under applicable law, it is not envisaged, or expected, that a Trustee will when participating in any such decision of the Board of Trustees take into consideration information which it may possess otherwise than in its capacity as a Trustee. For the avoidance of doubt, Trustees act as individuals.

None of the SBAI, the Board of Trustees of the SBAI, the Investor Chapter Members and the other Core Supporters accept any responsibility or liability for any loss or damage caused to any person who acts or refrains from acting as a result of anything contained in or omitted from the Standards or any Conformity Statement or Disclosure Statement made by any Signatory or in reliance on the provisions of or material in the Standards or any Conformity Statement or Disclosure Statement made by any Signatory, whether such loss or damage is caused by negligence or otherwise.

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Commitment to the UK Stewardship Code

Under Rule 2.2.3R of the FCA's Conduct of Business Sourcebook, Amber Capital UK LLP (“Amber”) is required to disclose in an accessible form a statement about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the “Code”) or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code and sets out a number of principles relating to engagement by investors with UK equity issuers. Investors that commit to the Code can either comply with it in full or choose not to comply with aspects of the Code, in which case they are required to explain their non compliance.

Amber pursues a multi-strategy approach to investing that, among other matters, involves it trading in global equities, including some UK equities. The Code is therefore relevant to some aspects of Amber’s trading. While Amber generally supports the objectives that underlie the Code, Amber has chosen not to commit to the Code. Amber invests in a variety of asset classes and in a variety of jurisdictions globally. Amber’s policies in relation to engagement with issuers and their management are determined globally on group-wide basis. The group takes a global approach to engagement with issuers and their management in all of the jurisdictions in which it trades and, consequently, Amber does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction.

Shareholder Rights Directive

Amber Capital UK LLP is currently considering whether it will adopt an engagement policy pursuant to Article 3g of the amended EU Shareholder Rights Directive (Directive 2007/36/EC). When that decision has been made, this webpage will be updated accordingly.

RTS28 Disclosures

Amber Capital UK LLP Annual Best Execution Disclosure 2017

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Amber Capital UK LLP Annual Best Execution Disclosure 2018

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Amber Capital UK LLP Annual Best Execution Disclosure 2019

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Amber Capital Italia SGR SPA Annual Best Execution Disclosure 2017

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Amber Capital Italia SGR SPA Annual Best Execution Disclosure 2018

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Amber Capital Italia SGR SPA Annual Best Execution Disclosure 2019

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Value serves as a central pillar to Amber Capital’s strategies, as the Investment Team seeks to identify catalysts that create long-term change, often with a specific focus on corporate governance. Amber Capital’s significant understanding of sector dynamics in Europe, along with its constructive collaboration with management teams and boards, work together in pursuit of unlocking value for shareholders.

Amber Capital encourages all listed companies to publicly recognize the urgency of acting on climate by taking a fair share of responsibility in the transition to a net zero carbon economy.

We are convinced that all market participants need to implement appropriate measures to manage climate risks and therefore stimulate companies to disclose a clear strategy for reducing their carbon footprint and to submit their Climate Transition Action Plan to shareholders’ vote. Periodic reporting on the implementation of the Plan should also submitted to vote.

Camilio Azzouz, managing partner of Amber Capital, believes that “companies should provide clear disclosure on their starting point (Carbon footprint) and on the most suitable and effective Action Plan to which they can commit in order to achieve the common destination (Net Zero transition)”.

Amber Capital is willing to work with companies to manage their GHG emissions, engaging on the most appropriate and effective disclosure and initiatives to be taken, which might consist of supporting and/or filing AGM resolutions (whenever applicable/possible) – to require such disclosure. Amber Capital supports the Say on Climate initiative (www.sayonclimate.org).