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APG Asset Management

PRI reporting framework 2017

You are in Direct - Listed Equity Active Ownership » Engagement » Outputs and outcomes

Outputs and outcomes

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

11.1. Indicate the amount of your listed equities portfolio with which your organisation engaged during the reporting year.

Number of companies engaged

(avoid double counting, see explanatory notes)

Proportion (to the nearest 5%)
Specify the basis on which this percentage is calculated

Individual / Internal staff engagements

300 Number of companies engaged
8 Proportion (to the nearest 5%)

Specify the basis on which this percentage is calculated

Collaborative engagements

80
1 Proportion (to the nearest 5%)

Specify the basis on which this percentage is calculated

11.2. Indicate the proportion of engagements that involved multiple, substantive and detailed discussions or interactions with a company during the reporting year relating to ESG issue.

Type of engagement

% Comprehensive engagements

 

 

Individual / Internal staff engagements

 

 

Collaborative engagements

11.3. Indicate the percentage of your collaborative engagements for which you were a leading organisation during the reporting year.

Type of engagement

% Leading role

 

 

Collaborative engagements

11.5. Additional information. [Optional]


LEA 12. Engagement methods

12.1. Indicate which of the following your engagement involved.

12.2. Additional information. [Optional]


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


LEA 14. Companies changing practices / behaviour following engagement

14.1. Indicate whether you track the number of cases during the reporting year where a company changed its practices, or made a formal commitment to do so, following your organisation’s and/or your service provider's engagement activities.

14.2. Indicate the number of companies that changed or committed to change in the reporting year following your organisation’s and/or your service provider's engagement activities.

Number of company changes or commitments to change

Individual / Internal staff engagements

109

Collaborative engagements

45

14.3. Additional information [Optional].

The number of companies listed above include those companies where we have either seen positive progress in an open engagement, or where an engagement has been closed effectively.


LEA 15. Examples of ESG engagements

15.1. Provide examples of the engagements that your organisation or your service provider carried out during the reporting year.

Topic or ESG issue
          Corporate Governance/ Shareholder rights
        
Conducted by
Objectives

Get the company to abolish a policy which prevented a shareholder (group) to control 20% or more of the company’s total voting rights (‘poison pill’).

Scope and Process

In a meeting with the company we requested the Board of Directors to abolish the anti-takeover measure and thereby improve shareholder rights at the company.

Outcomes

The company published a statement that it decided not to continue its poison pill and to abolish it at the end of fiscal 2017 based on the opinion of its shareholders and changes in the local corporate governance landscape.

Topic or ESG issue
          Corporate Governance/ Anti-bribery and corruption
        
Conducted by
Objectives

Get the company to introduce the following measures to enhance transparency in financial donations and to improve its governance:

  • Internal/ external audit on bribes
  • Identify the non-business related spending/investment that can be used as bribe
  • Re-establish a culture of integrity within the entire company
  • Set up measures to strengthen the oversight function by the Board of Directors on the matter and the control over such non-business related spending
  • Cut certain political connections on the Board
  • Enhance Board diversity on expertise and quality
  • Upgrade the Code of Conduct and publicly disclose more of its existing policies
  • Work with investors on the above measures and report on any progress.
Scope and Process

We sent a letter to the CEO/ Chair of the company addressing our concerns about the bribery/ corruption that took place at the company and suggested the above measures to enhance transparency in financial donations and to improve its governance. Shortly after we sent the letter we received a response from the company’s CEO/ Chair that our suggestions would be looked into.

Outcomes

A bit over two months after we sent our letter the company announced a series of measures to bring greater transparency and accountability in managing financial donations and monetary support for corporate social responsibility (CSR)-related activities and funds. Additionally, the company established a special Council to review these projects/ measures.

Topic or ESG issue
          Human Rights
        
Conducted by
Objectives

Publication and implementation of a Human Rights and Labour Rights policy by the company.

Scope and Process

In a number of meetings with an engineering, design and consulting company we requested it to implement and publish a Human Rights and Labour Rights Policy and emphasized the importance the importance for the company to have and implement such a policy given its activities in large infrastructure projects globally which could have a significant impact on local communities.

Outcomes

In December 2016, the company issued its first Human Rights and Labour Rights Policy.

Topic or ESG issue
          Corporate Governance/ Shareholder Rights
        
Conducted by
Objectives

Get Swedish companies to propose the members of the board of directors at the annual general meeting for individual (re-)election instead of all in one bundled proposal.

Scope and Process

About 40 Swedish companies received a letter from about 12 institutional investors requesting the Board to proposed their candidates for individual (re-)election at the annual general meeting.

Outcomes

Out of the 40 companies, 17 proposed their members of the Board of Directors individually at their 2016 annual shareholder meeting.

15.2. Additional information. [Optional]


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