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First State Superannuation Scheme

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]

URL

Attach document


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。

We engage with companies that have been identified either through screening or thematic research, as poorly managing their ESG risks. Occasionally we engage with companies who create opportunity out of an ESG issue to learn how others might do it better.

The screening process occurs monthly to identify controversies and half yearly to identify companies that score poorly on any one of thirty-seven key E, S or G key issues. Additional data feeds into this process including proxy voting outcomes and research scores from Regnan, our engagement partner.

Our thematic research, the themes of which are determined by a variety of sources, including increased member queries on a topic, increased media and community awareness of an issue, or topics that we vote on throughout the year, such as executive remuneration, allows us to dedicate substantial time to researching issues to determine how widely spread an issue is and importantly, how it will affect our holdings.  

Severity, materiality, and value at risk (including reputational risk) of these ESG issues, as well as internal resourcing and likelihood of affecting change, dictate whether we pursue the engagement.

01.5. 補足情報 [任意]

We also use Regnan for engagement and their approach is:

Regnan owner/clients collectively fostered the establishment of Regnan as a specialist engagement service to:
> benefit from specilised skills both in ESG aspects and in the practice of engagement for change.
> provide access to and influence with relevant decision makers in corporations and elsewhere.
> maximise the impact of the resources each client contributes.
> be efficient in the achievement of shared objectives - a benefit for investee companies also given they face increasing requests from shareholders for dialogue. Via Regnan companies can reach a large proportion of shareholders who prioritise ESG issues through a single interface.


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]

We have developed an engagement framework that sets out a number of ways in which we identify our engagement activities.

We conduct screening of our equity and bond portfolios to identify ESG issues in companies and if they represent a material impact to our portfolio we will engage directly.

We use our voting behaviour to determine engagement activities.

We seek member/stakeholder feedback on important ESG issues and identify a major thematic engagement topic.

Through our partnership with Regnan our major engagement activities are developed & undertaken on our behalf.


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]


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]


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]

Regnan has a very formal structure in place for engagement. They may engage based on themes such as climate change, or based on internal scores where companies consistently score poorly and through which Regnan believe engagement would add value. 

First State Super's internal engagement program includes a combination of facilitated engagement with Regnan, Regnan engaging on our behalf, and First State Super engaging alone. Which avenue this engagement takes will be determined by our prioritisation process, which will take into consideration our holdings in a company, our capacity to effect change alone or in concert and type of E, S or G issue.


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。

Regnan sends quarterly reports on their engagement activities which details all of these above. First State Super also meets with Regnan quarterly to discuss our internal engagement plan to determine which companies we should engage with directly.

Additionally, our investment managers carry out engagement activities on our behalf - based on their engagement framework.  We receive annual reporting from some managers on their engagement activities and we also discuss via meetings various engagement activities our managers undertake on our behalf.

 


General processes for all three groups of engagers

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


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]

Not all of our investment managers currently report on engagement activities - therefore we are unable to track or estimate the number of engagements.  Through continual dialogue with our managers we know that engagement activities are being undertaken on our behalf.

Regnan undertakes comprehensive monitoring of all company engagements and provides quarterly reports to all clients together with annual reports on progress. Its approach integrates information collected by its in-house research capability with its engagement program to constantly monitor stocks for progress on ESG issues. Detailed tracking is undertaken on the number engagements, method of engagement, level within the organisation at which the engagement occurred, topics discussed, detailed summaries of discussions together with observations of progress, including publicly available materials/statements.


Outputs and outcomes

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


LEA 12. Engagement methods (Private)


LEA 13. Engagements on E, S and/or G issues (Private)


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


LEA 15. Examples of ESG engagements (Private)


Communication

LEA 16. Disclosure of approach to ESG engagements

16.1. 貴社がエンゲージメントに関する情報を積極的に開示しているかどうかを記載してください。

16.5. 貴社が顧客/受益者に積極的に開示しているエンゲージメントに関する情報の種類を記載してください。

開示しているエンゲージメントに関する情報

16.6. 通常、エンゲージメントの情報を顧客/受益者に報告する頻度について記載してください。

16.8. 補足情報。[任意]

Update reporting is provided to our Investment Committee


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