Annual report: Period Ended 31 December 2012 - Invesco Perpetual

34 City Merchants High Yield Trust Limited
Report of the Directors
continued
Relations with Shareholders
Shareholder relations are given high priority by both the Board and the Manager. The principal
medium by which the Company communicates with shareholders is through the half-yearly and
annual financial reports, which endeavour to provide shareholders with a full understanding of the
Company’s activities and their results. This information is supplemented by the daily publication of
the net asset value of the Company’s ordinary shares, monthly fact sheets and biannual interim
management statements.
There is a regular dialogue between the Manager and institutional shareholders to discuss aspects of
investment performance, governance and strategy and to listen to shareholder views in order to help
to develop an understanding of their issues and concerns. Meetings between the Manager and
institutional shareholders are reported to the Board, which monitors and reviews shareholder
communications on a regular basis.
Shareholders can also visit the Manager’s investment trust website,
www.invescoperpetual.co.uk/investmenttrusts in order to access copies of half-yearly and annual
financial reports, interim management statements, shareholder circulars, factsheets, Stock Exchange
Announcements and Individual Savings Accounts (ISA) and savings scheme literature. Shareholders
are also able to access copies of the Schedule of Matters Reserved for the Board, the Terms of
Reference of the Audit Committee, the Directors’ letters of appointment and, following any
shareholders’ general meetings, proxy voting results.
ISA
The ordinary shares of the Company are qualifying investments under applicable ISA regulations.
Business of the Annual General Meeting (AGM)
The following summarises the business of the forthcoming AGM of the Company, which is to be
held at the offices of R&H Fund Services (Jersey) Limited, Ordnance House, 31 Pier Road, St. Helier,
Jersey JE4 8PW, at 10.30 am on 13 June 2013. The Notice of the AGM and related notes can be
found on pages 58 to 60.
Shareholders are also cordially invited to a separate presentation meeting in Invesco Perpetual’s
offices at 30 Finsbury Square, London EC2A 1AG at 2.30 pm on 10 June 2013, where one of the
portfolio managers will give a presentation on the Company and will be available, with the
Directors, to take shareholders’ questions.
Resolution 1 is for members to receive this Annual Financial Report, including the financial
statements and Auditor’s Report.
Resolutions 2 to 6 are to elect the Directors. Biographical details of the Directors are set out on
page 14. All of the Directors are subject to election at this AGM since it is the first since their
appointment. The Board has confirmed that each Director has performed effectively and
demonstrated their independence and commitment to their roles.
Resolution 7 is to re-appoint the Auditor and to authorise the Directors to determine the Auditor’s
remuneration. Ernst & Young LLP have expressed their willingness to continue to hold office until
the conclusion of the next annual general meeting of the Company.
Resolution 8 is to approve the continuation of the Company. The Company does not have a fixed
life, but the Company’s Articles of Association require that, unless an ordinary resolution to approve
continuation of the Company is passed at or before the AGM each year, the Directors must convene
a general meeting, to be held within six months of the AGM, at which a special resolution to wind
up the Company would be proposed.