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Fidelity International

PRI reporting framework 2017

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Process for engagements conducted via collaborations

LEA 05. Process for identifying and prioritising collaborative engagement

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05.1. 協働的なエンゲージメントを特定し、優先順位を決定する正式なプロセスが貴社にあるかどうか示してください。

05.2. 協働的エンゲージメントを特定し、優先順位を決定する際に使用する基準を説明してください。

05.3. 補足情報 [任意]

We maintain close relationships with a wide spectrum of investors as well as other agents of corporate change. Where legally permitted we are willing to consider collective engagement initiatives. Relevant factors in determining whether or not to participate in a collective engagement will include the identity of the other leading investors, the relative size of their investment and a determination of whether a collective approach is necessary in order to achieve a satisfactory outcome. We seek to identify issues, both governance and otherwise, which are relevant to the performance or valuation of the business in question. We would not normally intervene on an operational matter but as described under Principle 4 above, topics which can give rise to escalation and collective engagement include the need for management and/or Board change, strategy, capital structure, M & A, protection of shareholder rights, remuneration and other governance issues.

Fidelity is an active member of the UK Investor Forum and we maintain close links with other investors through organisations such as the Investor Association, the Corporate Governance Forum and numerous investor gatherings and conferences. There are collective meetings and calls with other investors several times a month at which company specific and wider governance issues are regularly discussed.


LEA 06. Objectives for engagement activities

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

06.1. 貴社が関与する協働的なエンゲージメントに目的が定義されているかどうか示してください。

06.2. 貴社の協働的なエンゲージメントを受けた企業の行動を監視しているかどうか示してください。

06.3. 協働エンゲージメント活動に関連したマイルストーンと目標を貴社で定義しているかどうか示してください。

06.4. 貴社のエンゲージメント活動の進捗を監視し、評価するために以下のいずれかを実施しているかどうか示してください。

06.5. 補足情報 [任意]

Although we do not formally monitor the actions companies take following our collective engagements, we are always tracking the investment thesis of the company which forms part of our investment decisions.

When we do participate in a collective engagement, we will follow the same process regarding our company engagements and draw up an agenda ahead of the meeting and send to the investment team for feedback. We will also report back to the investment team after the meeting with our relevant notes.

As part of our membership to the Investment Association, we often attend and participate in the collective engagements arranged by them with corporates.  We follow a similar process here as we do for our individual engagements with regard feedback to the investment team, but often the goals and objectives of these engagements are formalised by all investors attending that meeting.


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