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27Four Investment Managers

PRI reporting framework 2018

You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

Outputs and outcomes

SAM 08. Percentage of externally managed assets managed by PRI signatories (Private)


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          Voting Proxy
        
Conducted by
Asset class
Scope and process

The underlying asset managers were required to indicate the nature of their votes for the Steinhoff Africa Retail  annual general meeting which was on 15 March 2018. We also engaged with all the managers to understand their holdings and why they didn’t hold the stock as well and what proportion was ESG consideration and what was just pure valuation.

 

Outcomes

The Underlying asset managers provided reasons and an estimation on the result of the AGM

Topic or issue
          Performance
        
Conducted by
Asset class
Scope and process

The last quarter of 2017 the Resilient stable ( Resilient, Fortress , NEPI - Rockcastle and Greenbay) had allegations of inflating the share price and volumes traded through insider related transactions this led to a fall in the share price of 8.5%.

Outcomes

Time period of performance still to be determined

Topic or issue
          Performance
        
Conducted by
Asset class
Scope and process

Capitec faced allegations of resheduling loans that are in arrears this led to a 25 % fall in the stock price. These allegations were detailed in a report by Viceroy. Prior to the report an  external manager with interest in Capitec holdings had concerns of their accounting and businesses practices as part of their ESG review. However these circumstances brought forward the uncertain process of activism and the motives of certain activitst acts.

 

 

Outcomes

In the end there was no real concern about the liquidity and solvency of Capitec. The stock price increase by 15%.

09.2. Additional information.


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