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Columbia Management Investment Advisers, LLC

PRI reporting framework 2017

You are in Direct - Listed Equity Active Ownership » Engagement



LEA 01. Description of approach to engagement

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

01.1. Indicate whether your organisation has a formal engagement policy.

01.2. Indicate what your engagement policy covers:

01.3. Attach or provide a URL to your engagement policy. [Optional]

01.4. Provide a brief overview of your organization’s approach to engagement

We believe in being active and responsible owners. Targeted engagement with portfolio companies on ESG issues forms an important part of our stewardship activities and our investment approach.

Building on our ESG investing approach, our engagement covers a broad range of ESG issues. Prioritization and planning are important factors in shaping our engagement objectives and activities. The decision to engage is prioritized based on several factors, including our assessment of the significance of issues to the company, the risks to our clients, relative holdings, scope to effect change, and opportunities to collaborate.

We may engage with other shareholders on issues we believe have significant implications for our clients' investments. We may engage through collaborative bodies such as PRI investor networks, or bilaterally with other shareholders. Where we do not have major holdings, but share concerns raised by other shareholders, we may choose to lend them our support and endorsement when we deem doing so to be appropriate from a regulatory and fiduciary perspective.

Our approach to engagement is one component of our Responsible Investment Policy.

01.5. Additional information [optional]

LEA 02. Reasoning for interaction on ESG issues (Not Completed)


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.

other description

          Pre- and post-shareholder meetings; high levels of shareholder dissent; controversial issues; internal screening identified companies; client queries and interest.

03.3. Additional information. [Optional]

We have developed an issuer engagement framework to increase transparency around our philosophy, approach and processes. The goal of our engagement is to enhance our assessment and understanding of our exposure to the risks and opportunities that may bear on the long-term value creation or sustainability of companies in our clients' portfolios. This framework also assists in the implementation of our annual engagement priorities.

While we may wish to engage with all portfolio companies, it is often not practical to do so. Accordingly, we have developed guidelines that drive most of our engagement activities, and we prioritize meetings with issuers based on our assessment of the exposure to ESG risks and opportunities that may bear on sustainability or long-term value creation for our clients.

We generally prioritize any engagement with an issuer where we have either: 1) large relative holdings over a specific, internally-determined threshold, 2) holdings of any reasonable size and the issuer security is held in one or more of our focus portfolios and/or 3) coverage of the issuer by our fundamental research analysts.

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]

CMIA maintains records of our engagements which assist in monitoring progress beyond issues that can be identified through updated company filings. Through our research sharing platform and calendar systems we maintain records of company meetings which are available to our investment departments.

We conduct periodic screening of our largest holdings where we review the ESG performance of companies with which we have engaged.

We also maintain watch lists within the online systems of two of our research vendors, MSCI and ISS. The watch lists allow us to monitor and review performance where there have been ESG concerns and to reflect this in our research and engagement actions. The watch lists also include email alert functions that provide instant updates when a material change occurs in companies on the watch lists.

Regular meetings with companies also serve to update us on progress; in several instances, we engage with our portfolio companies multiple times each year. We recognize that some of the issues that we engage on are longer- term themes and several years may be required to affect the desired change.

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

10.2. Additional information. [OPTIONAL]

The number of ESG-focused meetings led by our U.S.-based Responsible Investment staff was 58 last year. It is these meetings that are tracked in full. Additionally, there were around 4,500 research and investment meetings led by portfolio managers and analysts. ESG-focused meetings are recorded in a tracking spreadsheet that includes meeting notes and all reference materials.

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 (Not Applicable)

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

LEA 15. Examples of ESG engagements (Private)