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AP1

PRI reporting framework 2017

You are in Direct - Listed Equity Active Ownership » Engagement

Engagement

Overview

LEA 01. Description of approach to engagement

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

01.1. 貴社に正式なエンゲージメントポリシーがあるかどうか示してください

01.2. エンゲージメントポリシーがカバーしている内容を示してください。

01.3. エンゲージメントポリシーのURLを記載してください。[任意]

01.4. エンゲージメントに対する貴社のアプローチの概要を説明してください。

Active ownership

The Fund's ownership approach is founded on the conviction that engagement and setting of requirements can make a difference. Första AP-fonden's actions in ESG issues are governed by the ownership policy that is adopted by the Board and defines the Fund's views on key aspects of corporate governance, such as executive compensation, board composition, capital and ownership structures and the opportunities to exercise voting rights.

Thanks to its size and level of commitment, Första AP-fonden has a relatively large influence on the Swedish holdings. The Fund works actively to influence the structure and evaluation of compensation systems and to increase the level of diversity on company boards. This influence takes place through dialogue with the company boards, participation in nominating committees and voting at general shareholder meetings.

In foreign companies, the top priorities are compensatory issues and that the managing director/CEO and board chairman are not the same person. To exert an influence, the Fund votes at general meetings and contacts the companies to explain its views.

01.5. 補足情報 [任意]

Environmental and social responsibility

In matters related to social and environmental responsibility, the Fund's principles for engagement, action and demands for change are based on the same set of values applied by Swedish Government, in which the central aspects are democracy, the equal value of all people, the freedom and dignity of individuals and sustainable development.

The companies in which the Fund has holdings are expected to give consideration to the environmental impact of their operations. This means being aware and taking relevant measures to reduce the direct and indirect environmental impact of their operations over the entire product life cycle.

The companies should also respect human rights and the International Labour Organization's core conventions. This means among other things that the Fund does not accept discriminatory practices or treatment, forced labour, child labour or restriction of freedom of association. The Fund also expects the companies to ensure safe working condition in both their own production units and those of the company's subcontractors.

Based on these expectations, the Fund conducts discussions with a number of companies, both Swedish and foreign. In environmental and social issues related to foreign companies, Första AP-fonden cooperates with the Second, Third and Fourth AP funds through the Ethical Council.


LEA 02. Reasoning for interaction on ESG issues

02.1. エンゲージメントの方法および対話を行う理由を明示して下さい。

エンゲージメントの種類

対話を行う理由​
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

サービスプロバイダーのエンゲージメント

02.2. 補足情報。[任意]


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]

As large shareholder in Swedish companies, focus for engagement done by internal staff is on these companies primarily. With approx 25 Swedish companies in the Swedish equity portfolio we attend all AGM. We have one to one meetings arranged by us with the chairman or meetings arranged by the companies themselves with a group of investors  on regular basis. Corporate governance issues are always high on the agenda and, when appropriate, any ESG issue of concern to us. Íssues are identified through a systematic monitoring of external sources, ratings etc.

We also use a theme based approach whereby we identify a specific issue of concern to us, then doing a thorough analysis of how well different companies are at addressing the issue. Based on that analysis, we identify laggards and engage with them to promote change in the area of interest.

For proxy voting outside Sweden, we vote on almost all companies in our developed market portfolio (approx 300 companies in the US, Japan, Australia, Canada,  France, Germany, Ireland, Italy, Japan, Jersey, Netherlands, Spain, Switzerland, United Kingdom and United States.)

For approximately 50 companies a letter is sent describing the rational for voting against the proposal by management. When we select the companies that we send letters to, we prioritize two issues, remuneration and split CEO/Chair.

A large porpotion of AP1´s engagment activites are done under the Ethical Council umbrella, where AP1 is a founding member. How engagements are identified and prioritised is to be found on www.ethicalcouncil.com and in the annual report of the Ethical Council.


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]

Analysis of Swedish companies and meetings are done on regular basis, not only when specific incidents have happened but to have an ongoing dialogue with the company, thus formal goals or objectives are not necessarely set prior to the discussions. Follow-up of previous discussions are standard item on the agenda. For non-Swedish holdings, engagement on G is mostly focused on explaining the reason behind our voting decisions. Monitoring of progress is done at least annually, when voting the following year. 


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]

The vast majority of AP1´s collaborative engagements are done under the umbrella of the Ethical Council, where AP1 is one of the founding members. For a description of the process of identifying and prioritising the collaborative engagements see www.ethicalcouncil.com and the annual report of the Ethical Council.


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]

In some proactive within the Ethical Council a gap-analysis has been done prior to engagement (as part of the first analysis). A few years after a new gap analysis will be performed. More information about the Ethical Council is available at www.ethicalcouncil.com . For most severe breaches of conventions, a 4-year limit exists. For more information about the process see http://etikradet.se/etikradets-arbete/en-systematisk-process/?lang=en


Process for engagements conducted with/on your behalf by service providers

LEA 07. Role in engagement process

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

07.1. サービスプロバイダーがあなたの貴社のために実施するエンゲージメントにおいて、貴社がどのような役割を担っているのか明示してください。

07.2. サービスプロバイダーがあなたの貴社のために実施するエンゲージメントにおいて、貴社がどのような役割を担っているのか明示してください。

07.3. 補足情報。 [任意]


LEA 08. Monitor / discuss service provider information

08.1. サービスプロバイダーが貴社に提供する以下の情報を監視、協議しているかどうかを記載してください。

Please select all that apply

08.2. 補足情報。


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

サービスプロバイダーのエンゲージメント

09.2. 補足情報。[任意]


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

サービスプロバイダーのエンゲージメント

10.2. 補足情報。[任意]

We do track engagements - but we make no difference between our own collaborative engagements through the Ethical Council and our service providers engagement as we are much involved in it. Statistics provided as collaborative (not done by service providers) thus is an estimate.


Outputs and outcomes

LEA 11. Number of companies engaged with, intensity of engagement and effort (Private)


LEA 12. Engagement methods

12.1. 貴社のエンゲージメントが以下のどの項目を含むか明示してください。

12.2. 補足情報 [任意]


LEA 13. Engagements on E, S and/or G issues (Not Applicable)


LEA 14. Companies changing practices / behaviour following engagement (Private)


LEA 15. Examples of ESG engagements (Not Completed)


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