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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

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

Specify the basis on which this percentage is calculated

Collaborative engagements

5 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]

Lead on 6 out of 87 collaborative engagements.


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


Collaborative engagements


14.3. Additional information [Optional].

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
Nordea engagement initiative on pharmaceutical supply chain pollution in India.
Conducted by

Nordea RI Expectations:

  • Leading pharma companies commit to contribute to the protection of water resources in India.
  • A pharma industry position and action plan addressing pharma water pollution in India with emissions reduction targets for suppliers at relevant production sites.
  • The pharma industry adopts a common approach that:
    • builds on the belief that large global companies can have real influence if they cooperate with each other and work with their partners to achieve better industry-wide standards
    • recognizes the need to build the capacity of partners in the supply chain
    • involves engaging with local regulators, authorities and NGOs
Scope and Process

This engagement was initiated as a response to a field visit by Nordea to Hyderabad and Visakhaptanam in April 2015 to investigate pharma pollution. A video of the field visit was communicated to 27 pharma companies we were invested in asking for more information. However, the poor response rate from companies contacted and lack of corporate transparency in regards to this issue area, lead to the decision to commission an independent on-the-ground investigation of a number of pharma suppliers in Hyderabad and Visakhaptanam area in February 2016. 

Again, the evidence showed that the situation on the ground in India is very serious. The investigation identified a number of Indian suppliers and their manufacturing sites and systematic dumping of chemical effluent in rivers, lakes and groundwater by the pharmaceutical sector in Hyderabad and Visakhaptanam.

As part of the engagement we are in dialogue with NGOs and the Medical Products Agency and academic researchers.


The independent investigation resulted in a report published in April 2016 – link - which was communicated to the 27 CEOs together with a letter asking for further confirmation regarding their business relations with suppliers in these areas. The report was also sent to the industry led Pharmaceutical Supply Chain Initiative. The company response rate was significantly higher this time. According to the Chairman of PSCI, our engagement has created influence in the industry and during 2016 pharrma companies Sanofi, Teva, Catalent and DSM joined the PSCI

In April 2016, Nordea was invited to attend the Pharmaceutical Supply Chain Initiative annual meeting to present our expectations. At the PSCI meeting companies agreed that industry level commitment and action in order to achieve structural change is necessary.  A number of companies have already confirmed that they are taking direct action with suppliers and discussions on action on industry level is underway.  We are following up on this with regular meetings with PSCI and companies.

In February 2017 we presented our expectations at a pharma conference in India with international and Indian pharma companies attending. We are following up on this during Q2.

15.2. Additional information. [Optional]