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Colonial First State Global Asset Management (including First State Investments)

PRI reporting framework 2016

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Overview

LEA 01. Description of approach to engagement

01.1. Indicate whether your organisation has a formal engagement policy.

01.2. Indicate what your engagement policy covers:

          We have an engagement and proxy voting policy and Global Stewardship Principles. In addition they  cover the escalation of engagements and proxy voting.
        

01.4. Provide a brief overview of your organization’s approach to engagement

Engagement with company management is a fundamental part of our teams’ investment processes. Through company engagement, we seek to highlight areas for potential improvement and risk reduction, encourage improved disclosure on ESG issues, and commend companies that are making progress in this area. We have guidelines and principles for corporate engagement, which are publicly available on our website.

On occasions where our engagement activities with company management are unsuccessful, we may escalate the issue, for example by writing to, or meeting with, the chairperson or lead independent director, voting against directors who we believe are not providing appropriate oversight, or collaborating on further engagement with other like-minded investors. Ultimately we may choose to sell down holdings in companies where we lose confidence in the management of the business following unsuccessful attempts to engage. 

01.5. Additional information [optional]


LEA 02. Reasoning for interaction on ESG issues

02.1. Indicate your reasons for interacting with companies on ESG issues and indicate who carries these interactions out.

Type of engagement

Reason for interaction

Individual/Internal staff engagements

          To increase confidence in the company’s management
        

Collaborative engagements

Service provider engagements

02.2. Additional information. [Optional]

Collaborative engagement opportunities are normally identified by the responsible investment team where either a firm-wide approach is taken (i.e. for engagement with regulators and corporate industry bodies) or the opportunity is directed at individual investment teams. 


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