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

PRI reporting framework 2016

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You are in Direct - Listed Equity Active Ownership » Engagement » Process

Process

Process for engagements run internally

LEA 03. Process for identifying and prioritising engagement activities

03.1. 組織内のスタッフが実行するエンゲージメント活動を特定し、優先順位を決定する正式なプロセスが組織にあるかどうかを記載してください。

03.2. エンゲージメントをどのように特定し、優先順位を決定するかを説明してください。

03.3. 補足情報。 [任意]

We asked teams to rank which of the criteria is most used to prioritise engagements, the three items not selected received the lowest ranks but were selected as relevant by some teams. 


LEA 04. Objectives for engagement activities

04.1. 組織内のスタッフが実行する組織のエンゲージメント活動に具体的な目的を定義しているかどうかを記載してください。

04.2. 組織内のスタッフが実行する組織のエンゲージメントを受けた企業の行動を監視しているかどうかを記載してください。

04.3. 組織内のスタッフが実行するエンゲージメント活動のためにマイルストーンと目標を組織で定義しているかどうか示してください。

04.4. 組織のエンゲージメント活動の進捗を監視し、評価するために以下のいずれかを実施しているかどうか示してください。

04.5. 補足情報。[任意]

Engagement is governed by our engagement and proxy voting guidelines and global stewardship principles. Each team has its own process for setting objectives and monitoring engagements with all teams either doing one or more of the following:

  • Maintaining a company meeting database
  • Incorporating engagement outcomes in stock notes
  • Discussing engagements in regular team meetings (teams meet between two and five times a week)

When surveyed:

4.1 - One team set objectives for all engagements, three teams set objectives for the majority of engagements, three teams set the objectives for the minority of cases and one team does not set objectives.

4.2 - Four teams monitor company action in all cases, three do so in the majority of cases and one does in the minority of cases.

4.4 - Two teams define and set timelines milestones and goals, two track progress, two revise and revisit goals on a continuous basis, and one establishes a process for when goals are not met. 


Process for engagements conducted via collaborations

LEA 05. Process for identifying and prioritising collaborative engagement

05.1. 協働的なエンゲージメントを特定し、優先順位を決定する正式なプロセスが組織にあるかどうか示してください。

05.3. 補足情報 [任意]


LEA 06. Objectives for engagement activities

06.1. 組織が関与する協働的なエンゲージメントに目的が定義されているかどうか示してください。

06.2. 組織の協働的なエンゲージメントを受けた企業の行動を監視しているかどうか示してください。

06.3. 協働エンゲージメント活動に関連したマイルストーンと目標を組織で定義しているかどうか示してください。

06.4. 組織のエンゲージメント活動の進捗を監視し、評価するために以下のいずれかを実施しているかどうか示してください。

06.5. 補足情報 [任意]

When evaluating engagements we consider whether the company has changed the behaviour in question or whether it provided sufficient information to reassure us that the issue is being adequately managed. We also consider whether the process has added to our understanding of the industry, companies or issues in question.

When agreeing to participate in a collaborative engagement the relevant investment team undertakes to follow up with the company in individual meetings and to monitor progress. We have been concerned that letter writing campaigns without individual investor follow up may ultimately undermine the effectiveness of collaborative engagements.


General processes for all three groups of engagers

LEA 09. Share insights from engagements with internal/external managers

09.1. エンゲージメントから得た考察を投資決定の際の検討事項として、組織内の運用担当者や組織外の運用会社と共有しているかどうかを記載してください。

エンゲージメントの種類

共有する考察

個人/組織内のスタッフのエンゲージメント

協働的なエンゲージメント

09.2. 補足情報。

ESG engagement and proxy voting is performed by the relevant analysts and portfolio managers not by a separate team. As a result analysis of ESG issues which can influence an investment decision can also influence engagement and proxy voting activities or visa-versa. We strongly believe this integrated approach to company analysis and stewardship is critical to the full and consistent application of responsible investment principles. 

For collaborative engagements, progress is incorporated by the team(s) involved, however we only share the information with other teams where we believe the engagement is relevant to them. 


LEA 10. Tracking number of engagements

10.1. 組織がエンゲージメントの数を追跡しているかどうかを記載してください。

エンゲージメントの種類
エンゲージメントの追跡

個人/組織内のスタッフのエンゲージメント

協働的なエンゲージメント

10.2. 補足情報。[任意]

In terms of tracking individual engagements, four teams track the number of engagements in full, one team partly tracks the number of engagement, one indicated that they don’t track engagements but could provide a reasonable estimate and two did not track engagements.

In many cases engagement occurs as part of the ongoing relationship with companies that can take years to develop. For the most part ESG meetings are not held separately to meetings discussing the financial performance of the company and so for some teams narrowing engagements to ESG related interactions is not possible.

Each team has its own process for monitoring engagements with all teams either doing one or more of the following:

  • Maintaining a company meeting database
  • Incorporating engagement outcomes in stock notes
  • Discussing engagements in regular team meetings (teams meet between two and five times a week)

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