(1) Where a relevant proxy advisor applies a code of conduct, it shall publicly disclose, on an annual basis -
(a) a reference to the code of conduct, and
(b) a report on its application of the code of conduct.
(2) Where a relevant proxy advisor does not apply a code of conduct, the relevant proxy advisor shall, on an annual basis, publicly disclose a clear and reasoned explanation for its failure to do so.
(3) Where a relevant proxy advisor applies a code of conduct but departs from it, the relevant proxy advisor shall publicly disclose, on an annual basis -
(a) the ways in which the code of conduct was departed from,
(b) an explanation for the departure from the code of conduct, and
(c) any alternative measures adopted by the relevant proxy advisor.
(a) Subject to paragraph (c), a relevant proxy advisor shall publicly disclose the following information in relation to the preparation of its research, advice and voting recommendations:
(i) the essential features of the methodologie
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