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State Street Global Advisors (SSGA)

PRI reporting framework 2017

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


Process for engagements run internally

LEA 03. Process for identifying and prioritising engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

03.1. 貴社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貴社にあるかどうか示してください。

03.2. 貴社内のスタッフが実行するエンゲージメントを特定し、優先順位を決定する際に使用する基準を説明してください。

03.3. 補足情報。 [任意]

SSGA holds over 9,000 listed equities across its global portfolios. Therefore, the success of our engagement strategy is built upon our ability to prioritize and allocate resources to focus on companies and issues that potentially will have the greatest impact on shareholder returns. To support this process SSGA has developed proprietary in-house screening tools to help identify companies for active engagement based upon various financial and ESG indicators.

Factors considered in developing the target list include:

  • Size of absolute and relative holdings;
  • Companies with poor long-term financial performance within their sector;
  • Companies identified through ESG screening tools as lagging market and industry standards;
  • Outstanding concerns from prior engagement; and
  • Priority themes and sectors based on an assessment of emerging ESG risks.


The intensity and type of engagement with a company is determined by SSGA’s relative and absolute holdings in that company.  In addition, we also build in geographic diversity in our engagement efforts to reflect the level of economic exposure to various markets.  Finally, we also consider the engagement culture in a market or geographic region when developing our engagement target list and approach.

In addition to ESG screens, on an annual basis SSGA develops an Annual Stewardship Program based on a series of strategic priorities that are designed to enhance the quality and define the scope of our stewardship activities for the year.  Identifying our stewardship priorities allows us to plan and actively focus our engagement efforts on sector-specific or thematic ESG issues that are important to our clients.  We develop our priorities based on several factors including client feedback received in the past year, emerging ESG trends, and developing macroeconomic conditions and regulation. 

In the Annual Stewardship Program, we also identify two or three ‘deep dive’ sectors a year.  This allows SSGA to proactively monitor and engage with companies on matters such as long-term strategy, performance and ESG issues.  Moreover, reviewing our global holdings within a sector gives SSGA the ability to identify business and ESG trends impacting all of our holdings, which strengthens our ability to provide inputs to the board and the management when they seek feedback or direction from large institutional investors.  The insights we gain from our sector engagements are shared with clients through presentations and are reported in our Annual Stewardship Report. 

LEA 04. Objectives for engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

04.1. 貴社内のスタッフが実行する貴社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. 貴社内のスタッフが実行する貴社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. 貴社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貴社で定義しているかどうか示してください。

04.4. 貴社内のスタッフが行うエンゲージメント活動の進捗を監視のうえ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]

The following methods represent how SSGA defines engagement methods:


SSGA uses screening tools designed to capture a mix of company specific data including governance and sustainability profiles to help us focus our voting and engagement activity. SSGA will actively seek direct dialogue with the board and management of companies we have identified through our screening processes. Such engagements may lead to further monitoring to ensure the company improves its governance or sustainability practices. In these cases, the engagement process represents the most meaningful opportunity for SSGA to protect long-term shareholder value from excessive risk due to poor governance and sustainability practices. On average 65-75% of annual company engagements are classified as active.


Members of SSGA’s Active Stewardship Team also engage with companies that wish to solicit our votes or seek feedback on corporate governance and sustainability issues as shareholders. These meetings are typically initiated by the company, who drive the meeting agenda.  On average 35-25% of annual company engagements are classified as reactive.

Measurement of Engagement:

Assessing the effectiveness of our issuer engagement process is often difficult. To limit the subjectivity of measuring our success we actively seek issuer feedback and monitor the actions issuers take post-engagement to identify tangible changes. By doing so, we are able to establish indicators to gauge how issuers respond to our concerns and to what degree these responses satisfy our requests. It is also important to note that successful engagement activity can be measured over differing time periods depending on the facts and circumstances involved. Engagements can last as short as a single meeting or span multiple years.

SSGA also tracks the impact of its proxy votes by reviewing changing trends in market practices on specific corporate governance or sustainability-related issues that are targeted for change through voting action.  Illustrative examples of successful engagement and voting actions are reported to clients on an annual basis in our Annual Stewardship Report. 

Process for engagements conducted via collaborations

LEA 05. Process for identifying and prioritising collaborative engagement

New selection options have been added to this indicator. Please review your prefilled responses carefully.

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貴社にあるかどうか示してください。

05.2. 協働的エンゲージメントを特定し、優先順位を決定する際に使用する基準を説明してください。


          As a follow-up from a voting decision

05.3. 補足情報 [任意]

The size of SSGA’s global assets and reputation in the market provides the Asset Stewardship Team with access to the management and boards of investee companies. Therefore, the majority of corporate engagements are carried out on a one-to-one basis behind closed doors, as we feel this is critical to building trust and establishing constructive long-term relationships with companies. Nevertheless, SSGA collaborates with like-minded investors under certain circumstances. Factors that are considered when determining the merits of collaborative action include:

  • Agreement amongst investors on core areas of concern and potential solutions;
  • Systemic market-wide concerns and regulatory environment;
  • Responsiveness of management and boards to prior individual engagements;
  • Concentrated ownership within the share register; and,
  • Market culture and acceptance of shareholder engagement.

To facilitate this process, SSGA are members of national and global investor bodies including the UK Investment Association, The Investor Forum, International Corporate Governance Network, Asian Corporate Governance Association, the Council of Institutional Investors and the United Nations Principles for Responsible Investment. In addition, through our membership in various industry networks, as well as our contact with corporate pension plans, public funds and unions, we are able to communicate extensively with other stakeholders regarding events and issues relevant to individual corporations, general industry trends and current shareholder concerns.

Example of Collaborative Initiative

USA: Signatory to the Commonsense Principles of Corporate Governance

In July 2016, SSGA joined a group of US investors and corporations and became a signatory to the Commonsense Principles of Corporate Governance that were developed by CEOs from multiple firms.  This was the first CEO-led initiative to develop a set of Principles for US companies.  Details of this initiative can be found

UK: Active Participant/Member in Meetings of the Investment Managers Association and the UK Corporate Governance Forum

LEA 06. Objectives for engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. 貴社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. 貴社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貴社で定義しているかどうか示してください。

06.4. 貴社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]

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、貴社内の運用担当者や貴社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。




09.2. 補足情報。[任意]

SSGA's Asset Stewardship Team works closely with representatives from SSGA’s investment teams includings members from our Passive Equity, Active Fundamental Equity Team, and Fixed Income teams . Together we conduct joint engagements with companies and, from time-to-time, the Asset Stewardship Team provides insights gleaned from collaborative and individual engagements to portfolio managers and to members on SSGA’s Investment Committee, a group that oversees all investment decisions in the organization.

Furthermore, the Asset Stewardship Team shares insights it gain through engagement and proxy voting  on macro and industry trends with members of SSGA’s investment teams. This includes but is not limited to topics such as the governance trends in emerging markets.

In 2016, the Asset Stewardship Team co-published a paper Navigating Conglomerate Governance: Through the Lens of the Korean Chaebol with a portfolio manager from the active fundamental team.  This paper highlight the corporate governance challenges of investing in Korean Chaebols and provides guidance on evaluating conglomerate governance. 

LEA 10. Tracking number of engagements

10.1. 貴社がエンゲージメントしている企業の数を追跡しているかどうかを記載してください。



10.2. 補足情報。[任意]

SSGA's Asset Stewardship Team maintains a comprehensive database of all engagements conducted during the year. This database contains detailed notes on the engagements, key issues that were discussed in the engagements and issues identified during the engagement, and any follow-up if required. Information captured in the database goes back a number of years and provides a historical perspective of engagement with a particular company, including our vote history and reasons for vote decisions on key ESG issues.