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First State Superannuation Scheme

PRI reporting framework 2017

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

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

03.1. Indicate whether your organisation has a formal process for identifying and prioritising engagement activities carried out by internal staff.

03.2. Describe the criteria used to identify and prioritise engagement activities carried out by internal staff.

03.3. Additional information. [Optional]

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. Indicate if you define specific objectives for your engagement activities.

04.2. Indicate if you monitor the actions that companies take following your engagements.

04.3. Indicate whether your organisation defines milestones and goals for engagement activities carried out by internal staff.

04.4. Indicate if you do any of the following to monitor and evaluate the progress of your engagement activities carried out by internal staff.

04.5. Additional information. [Optional]


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. Indicate whether your organisation has a formal process for identifying and prioritising collaborative engagements

05.2. Describe the criteria used to identify and prioritise collaborative engagements

05.3. Additional information [Optional]


LEA 06. Objectives for engagement activities

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

06.1. Indicate if you define specific objectives for your engagement activities carried out collaboratively.

06.2. Indicate if you monitor the actions companies take following your collaborative engagements.

06.3. Indicate whether your organisation defines milestones and goals related to engagement activities carried out via collaborations.

06.4. Indicate if you do any of the following to monitor and evaluate the progress of your collaborative engagement activities.

06.5. Additional information. [Optional]


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. Indicate if you play a role in the engagement process that your service provider conducts on your behalf.

07.2. Indicate the role(s) you play in engagements that your service provider conducts on your behalf.

07.3. Additional information. [Optional]

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. Indicate whether you monitor and/or discuss the following information provided to you by your service provider

Please select all that apply

08.2. Additional information. [Optional]

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. Indicate if you track the number of engagements your organisation participates in.

Type of engagement
Tracking engagements

Individual / Internal staff engagements

Collaborative engagements

Service provider engagements

10.2. Additional information. [OPTIONAL]

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.


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