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Impax Asset Management

PRI reporting framework 2017

Export Public Responses

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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。

その他

          Monitoring (ESG-analysis), due diligence, escalation.
        

03.3. 補足情報。 [任意]

Our engagement work can be divided into the following types:

1. Engagement with smaller companies

We focus on smaller companies to strengthen governance structures, introduce sustainability policies, processes and disclosures, for companies to manage effectively their most material ESG-risks. Impax has developed a proprietary cost-effective framework to advice companies on how to develop robust, material and cost-effective sustainability reporting.

2. Longer-term strategic engagement priorities

Every year we assess and state the engagement priorities for the next 12 months, based on market developments and emerging ESG and sustainability issues that we have identified and that are relevant and material for our companies. We then identify the companies most exposed to the issues in question and focus our engagement on those companies. While we assess these priorities every year, they may not change annually; they are often of long-term nature.

3. Collaborative engagement

We regularly engage on ESG issues, specific sectors and companies together with other investors and partners with or without a lead or coordination from responsible investment organisations. These are collaborative engagements where outreach may particularly benefit from a larger group of shareholder involvement or in cases where an issue is being escalated.

4. Pre- or post AGM engagement

We engage with many of our companies either before or after AGM and proxy voting. It is predominantly related to governance and issues such as election of directors, board structures and management remuneration. Where we vote against an AGM resolution, we aim at informing the company before the AGM, or at least after the AGM.

5. Company due diligence & monitoring

As part of our 10-step company analysis, we often engage with companies to find information and clarification regarding specific governance issues, environmental and/or social risks that have not been clearly addressed, explained or disclosed by the company. This is part of our on-going monitoring of our companies.

 

Company monitoring and escalation

The Impax investment team has established internal processes and uses various external research tools to monitor our investee companies regarding their financial, operational, strategic, sustainability and governance developments that highlight possible areas of concerns and priorities for engagement.

Where material concerns or anomalies at an investee company have been confirmed, the Impax investment team will intervene and escalate matters in order to mitigate risks and preserve shareholder value.

We will immediately contact the investee company management team and where relevant and possible members of the company board. Typically, we would request a conference call with the management team, to discuss the concern in detail. We would also contact the company’s brokers for information.

If the investee company is unresponsive to engagement or we view, upon clarification with the management team, that the company is taking an approach that is significantly increasing shareholder risks and the company is unwilling to consider less risky approaches, we would escalate our activities as follows:

  • Intervene or engage together with other institutions on the issue
  • Feeding back to company’s advisors especially regarding voting matters
  • Highlighting the issue and/or joint-engaging regarding the issue through institutional platforms like the UN PRI
  • Filing or co-filing resolutions at General Meetings

We believe that we can be more constructive and ultimately in the long-term more influential with our investee companies, if we maintain good relations and where possible interact and engage directly with the company on specific concerns. Public statements or filing resolutions would be last resort activities in exceptional circumstances.

Ultimately, if the interventions were not successful and we consider that the risk profile of the company has significantly deteriorated or company strategy or governance structures have altered, to a degree where the return outlook and the company strategy and quality no longer meet our expectations, the company would be excluded from our investable universe and/or sold.


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]


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。

05.3. 補足情報 [任意]

Collaborative engagements and joint-representations with other institutions and investors are an important part of Impax’s engagement work. We initiate collaborative engagements where the engagement and outreach may particularly benefit from a larger group of shareholder involvement or in cases where an issue is being escalated. Collaborative engagements can also be preferred and effective when approaching an issue or risk that is affecting a larger group of companies; a sector-level engagement.    


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]

We maintain an engagement database where the engagement issues, actions, timings and outcomes are detailed. We review the database regularly and if an issue remains unresolved, we follow-up with the company.

However, for more general nature e.g. sector-level collaborative ESG-engagements, we do not always monitor and evaluate to the same degree as we do regarding company engagements of specific issues.


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。

エンゲージメントの種類

共有する考察
単独/貴社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。[任意]

Engagement is an important part of our ESG-analysis, which in itself is an integral part of the investment process. Engagement outcomes are important in investment decisions and need to be shared within the investment team. "Engagement" is a standing agenda item during our weekly Investment Committee meetings and engagements, both individual and collaborative, including the issues, actions, status and next steps are discussed and minuted.


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。

エンゲージメントの種類
エンゲージメントの追跡
単独/貴社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]

We maintain an engagement database where the engagement issues, actions, timings, outcomes and next steps are detailed. We review the database regularly and if an issue remains unresolved, we follow-up with the company in question.

We also disclose publically the number and types of engagements done during a year.


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