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Prudential Portfolio Managers (South Africa)

PRI reporting framework 2017

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

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

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

          We have been part of an initiative to lobby government to re-introduce adequate minority protection in South Africa in respect of take-over bids.
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are actively lobbying through ASISA (our representative asset management body in South Africa) for measures under the previous Companies Act, which has been replaced, to be re-inserted to ensure there is adequate protection for minorities in the event of a take-over bid being triggered. We sit on various committees at ASISA that drive these measures.

          We have been lobbying the FTSE JSE stock exchange, with other asset managers, to resolve problems with proxy votes
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We have been active in co-ordinating with select asset managers in engaging the FTSE JSE (and their service provider/representatives), in resolving the issues we and other asset managers have experienced around proxy voting. Fortunately there is a project initiated by the stock exchange to resolve proxy voting with end to end automation and remove manual data capturing.

          We have been part of a group represented by ASISA who have been challenging matters around audit rotation.
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We have provided motivation and arguments in respect of audit rotation, and worked with the standing committees at our industry representative body (ASISA) to assit in drafting a letter to the Independant Regulatory Board of Auditors, copying in the regulatory authority of the Financial Services Board on the body's submission.

          We have been part of a collaboration lead by a leading multi-manager to engage 10 major listed SA companies on environmental issues.
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We have directly engaged the respective companies with a questionnaire (independantly compiled from ourselves) on a number of aspects, and co-ordinated and interrogated the feedback that we received from the companies to the questionnaire that we sent on to the multi-manager leading the initiative.


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]


SG 11. Dialogue with public policy makers or standard setters (Private)


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