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RBC Global 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. 報告年度に貴社がエンゲージメントを行った上場株式ポートフォリオの数を明示してください。

エンゲージメントを行った企業の数
割合(5%刻み)
この割合の計算基準を明記してください

 

 

単独/貴社内のスタッフのエンゲージメント

72 Number of companies engaged
10 Proportion (to the nearest 5%)

Specify the basis on which this percentage is calculated

 

 

協働的なエンゲージメント

49
10 Proportion (to the nearest 5%)

Specify the basis on which this percentage is calculated

11.2. ESG問題に関連して報告年度中に企業と複数かつ現実的で詳細にわたる議論ややりとりを行ったエンゲージメントの割合を記載してください。

エンゲージメントの種類
総合的なエンゲージメントの割合(%)

 

 

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

11.3. 報告期間の協働的なエンゲージメントの中で、貴社が主導したエンゲージメントの割合を記載してください。 [任意]

エンゲージメントの種類
主導的役割を果たした割合(%)

 

 

協働的なエンゲージメント

11.5. 補足情報。[任意]

In addition to the engagement figures listed above, RBC GAM sent over 200 engagement letters to companies that did not meet our updated proxy voting guideline regarding the number of boards that are appropriate for a sitting CEO. The 2016 update stated that RBC GAM will generally withhold votes from directors who are current CEOs sitting on more than two boards (their own board plus one other). In order to minimize board disruption and allow both companies and directors time to adjust, this guideline was implemented in the RBC GAM Proxy Voting Guidelines with a two year grace period. The aforementioned letters served to notify boards with overboarded CEO directors of our updated guidelines


LEA 12. Engagement methods

12.1. 貴社のエンゲージメントが以下のどの項目を含むか明示してください。

12.2. 補足情報 [任意]

When appropriate, we will initially engage with an issuer through an engagement letter, outlining the relevant issues and communicating our desire to engage. For instance, in 2016, we distributed engagement letters to over 200 issuers, alerting them to upcoming changes to our proxy voting guidelines that have the potential to impact how we vote at those companies' meetings.

In some cases, our investment teams conduct site visits as part of company meetings and will discuss numerous topics, including ESG. We capture the contents and outcomes of such meetings through our internal tracking and via select teams’ client reporting.


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


LEA 14. Companies changing practices / behaviour following engagement

14.1. 報告年度に貴社や貴社のサービスプロバイダーのエンゲージメント活動を受けて、企業が実務を変更した、または実務を変更するように正式に約束した事例件数を追跡しているかどうか明示してください。

14.2. 報告年度に貴社や貴社のサービスプロバイダーのエンゲージメント活動を受けて、実務を変更した、または実務を変更するように正式に約束した企業の数を記載してください。

変更する、または変更する約束をしている企業の数

単独/貴社内のスタッフのエンゲージメント

3

協働的なエンゲージメント

48

14.3. 補足情報。

We have limited the figure listed above for our individual/internal staff engagements to only include actual changes or formal commitments to change. It should be noted that for many of our internal engagements, companies have committed to considering changes based on our ongoing engagement efforts, but have not yet made that change or made what we consider a ‘formal’ commitment to do so. In terms of collaborative engagements, we rely on figures provided to us by CCGG for all CCGG engagements.


LEA 15. Examples of ESG engagements

15.1. 報告年度に貴社または貴社のサービスプロバイダーが実行したエンゲージメントの事例を挙げてください。

トピックまたはESG問題
          Executive Compensation
        
実行者
目標

Obtain further clarification regarding the company's compensation plan and practices, including its failure to disclose pertinent information on the plan and its decision to increase the compensation pool for the evaluated year, in order to inform our proxy voting decision.

対象範囲およびプロセス

This was an issuer-specific engagement due to concerning elements in the issuer's compensation plan for the evaluated year. Given the outcomes of the engagement and ultimate proxy voting decisions, this engagement is considered ongoing.

結果

The issuer clarified aspects of the compensation plan and how they directly related to the company’s operational structure and lines of business. We encouraged greater disclosure of the plan’s components and the rationale behind its design. The company has agreed to explore ways to improve its disclosure in this regard and we will continue to monitor its progress.

トピックまたはESG問題
          Community Relations
        
実行者
目標

Obtain additional information regarding the issuer's management of relationships with local communities in the regions where it operates.

対象範囲およびプロセス

This is an issuer-specific, ongoing engagement pertaining to the issuer's own set of specific circumstances and operations.

結果

The company was able to demonstrate that its Board is educated and actively involved in this issue. Further, the company elaborated on its commitment to employ individuals from these communities and advised that it has opted to delay projects in the past when it did not obtain full support from its local partners.

トピックまたはESG問題
          GHG Emissions and Reporting
        
実行者
目標

Communicate our desire for improved emissions reporting and transparency as the issuer is considered to lag behind its peers in this area.

対象範囲およびプロセス

This was an issuer-specific engagement due to the company's performance on emissions reporting. Given our engagement objectives, this engagement is considered ongoing.

結果

Emissions reporting and transparency as compared to the peer companies were discussed.  The issuer agreed to take our concerns to its Board and we continue to monitor its performance on this issue.

トピックまたはESG問題
          Board Diversity and Experience
        
実行者
目標

To obtain commitment from the issuer to nominate additional independent directors with relevant operational mining experience to the Board.

対象範囲およびプロセス

After extensive engagement over several years and in collaboration with a Canadian pension plan, we filed two shareholder proposals, one of which requested that the issuer nominate additional independent directors with operational mining experience to the Board.

結果

Our filing led to further productive engagement, following which the company ultimately agreed to implement our proposal and nominated an experienced geological and mining engineer as an independent director of the board at the 2016 annual meeting. The company also agreed to nominate an additional independent director with operational mining expertise by the 2017 annual meeting.  This second director was actually appointed to the board in mid-2016 and will be subject to re-election by the shareholders at the 2017 annual meeting.

15.2. 補足情報。


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