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Central Finance Board of the Methodist Church / Epworth Investment Management

PRI reporting framework 2018

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Engagement

Overview

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. Attach or provide a URL to your engagement policy.

01.3. Indicate what your engagement policy covers:

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

Engagement at the CFB is carried out by all members of the investment staff, either by written corrospondence, conference call or face to face meeting. We encourage engagement in order to understand a companies approach to ethical issues or to respond to an ethical controversy. We also engage collaboratively with other investors through membership of various investor initiatives. 

01.6. Additional information [optional]


LEA 02. Reasoning for interaction on ESG issues

02.1. Indicate the method of engagement, giving reasons for the interaction.

Type of engagement

Reason for interaction

Individual/Internal staff engagements
          To support investment decision-making
        
Collaborative engagements
          To support investment decision-making
        
Service provider engagements

Please specify why your organisation does not engage via service providers.

We believe we have a stronger case for engagement as shareholders than through intermediaries. 

02.2. Additional information. [Optional]

We believe that company engagement is preferable to divestment in relation to certain ESG issues. We have found that being an active owner of a company's shares opens the door to engagement more so than in the case where we are not holders.


Process

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.

03.3. Additional information. [Optional]

There is a monthly meeting (including CIO and CEO) which reviews, discusses and prioritises proactive and reactive engagement activities. High impact areas, significant in terms of ethical and financial materiality, are identified in collaboration with the Methodist Church Joint Advisory Committee on the Ethics of Investment (JACEI).  


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 during and following your engagements activities carried out by internal staff.

04.3. Indicate if you do any of the following to monitor and evaluate the progress of your engagement activities carried out by internal staff.

04.4. Additional information. [Optional]

Our engagement objectives vary from encouraging improved ESG disclosure, promoting an ESG improvement, or simply gaining an increased understanding of a company's approach to specific ESG issues to help inform investment decisions. In many cases our engagement activities are long term (in some cases stretching back several decades), and part of each round of engagement is to review the progress made since the preivous engagement regarding the relevant issues. 


Process for engagements conducted via collaborations

LEA 05. Process for identifying and prioritising collaborative engagement

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

05.1. Indicate whether your organisation has a formal process for identifying and prioritising collaborative engagements

05.2. Describe the criteria used to identify and prioritise collaborative engagements.

05.3. Additional information [Optional]


LEA 06. Objectives for engagement activities

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

06.1. Indicate if you define specific objectives for your engagement activities carried out collaboratively.

06.2. Indicate if you monitor the actions companies take during and following your collaborative engagements.

06.3. Indicate if you do any of the following to monitor and evaluate the progress of your collaborative engagement activities.

06.4. Additional information. [Optional]

Part of our collaborative engagement is focussed on CDP Water, encouraging non-responders to respond.  We have also measured companies progress in disclosing environmental performance through the "Aiming for A" coalition.


General processes for all three groups of engagers

LEA 09. Share insights from engagements with internal/external managers

09.1. Indicate if insights gained from your engagements are shared with your internal or external investment managers.

Type of engagement

Insights shared

Individual/Internal staff engagements

Collaborative engagements

09.2. Additional information. [Optional]

All investment staff are involved in the engagement process and are kept informed of the progress of engagements and outcomes, predominantly via our monthly ethics meeting.  The engagement process can also provide an insight into ESG issues relating to companies and wider industries, and this increased knowledge base is shared with both our internal and external investment managers.


LEA 10. Tracking number of engagements

10.1. Indicate if you track the number of your engagement activities.

Type of engagement
Tracking engagements

Individual / Internal staff engagements

Collaborative engagements

10.2. Additional information. [OPTIONAL]

All engagement activity is detailed in our monthly internal ethics meeting and communicated to clients via our quarterly SRI reviews.


Outputs and outcomes

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


LEA 12. Engagement methods (Private)


LEA 13. Companies changing practices / behaviour following engagement (Private)


LEA 14. Examples of ESG engagements (Private)


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