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Church Pension Fund

PRI reporting framework 2018

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

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

Specify the basis on which this percentage is calculated

Collaborative engagements

1000
20 Proportion (to the nearest 5%)

Specify the basis on which this percentage is calculated

Service provider engagements

161
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

 

 

Service provider 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

11.4. Indicate the percentage of your service provider engagements that you had some involvement in during the reporting year.

Type of engagement

% of engagements with some involvement
  Service provider engagements

11.5. Additional information. [Optional]

One purpose for conducting collaborative and service provider engagaments is, that this is the most efficient way to particpate if you are a small and resource-constrained investor. Hence, the level of involvement is usually lower.


LEA 12. Engagement methods

12.1. Indicate which of the following your engagement involved.

12.2. Additional information. [Optional]


LEA 13. Companies changing practices / behaviour following engagement

13.1. Indicate whether you track the number of cases during the reporting year in which 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.

Do you track number of companies that changed or made a formal commitment to change in the reporting year following your organisation’s and/or your service provider's engagement activities?

13.2. Indicate the number of companies that changed or made a formal commitment to change in the reporting year following your organisation’s and/or your service provider's engagement activities.

Number of companies
% of total portfolio

Individual / Internal staff engagements

% of total Portfolio

Collaborative engagements

% of total Portfolio

Service provider engagements

15
% of total Portfolio

13.3. Additional information [Optional].


LEA 14. Examples of ESG engagements

14.1. Provide examples of the engagements that your organisation or your service provider carried out during the reporting year.

ESG factors
ESG issue
          Arctic drilling
        
Conducted by
Objectives

Environmental risk in its operations. Gazprom Neft PJSC met with ISSEthix in November 2017, provided supporting information in December 2017 and expressed a willingness tomeet regularly with investors. At the meeting, Gazprom presented an overview of some of the environmental challenges facing the company and replied to ISS-Ethix’s questions on the proposed pipeline through the Golden Mountains of Altai World Heritage site in Russia and the company's Arctic drilling operations. 

Scope and Process

ISS-Ethix's Pooled Engagement service focuses on companies that are assessed under Norm-Based Screening to face alleged or verified severe, systematic or systemic violations of international norms. Engagement under the service is preceded by in-depth research and fact-finding dialogue with companies and stakeholders. Through a feasibility study ISS-Ethix identifies gaps in company disclosure and whether the desired level of disclosure can be achieved through investor dialogue. Influential factors include the company's perceived level of responsibility, steps it has taken to mitigate the possibility of a norm-violation and availability of both stakeholder and expert sources to facilitate constructive dialogue.

As Pooled Engagement is rooted in an assessment of company responsiveness to ongoing controversies carried out under Norm-Based Screening, it allows investors to voice concerns in a timely manner. This increases their possibilities to influence and provides concrete opportunities for companies to address the identified issues.

Outcomes

Responding to specific enquiries by ISS-Ethix about oil spill preparedness and response plans, the company disclosed its plans for responding to a prospective spill in icy Arctic waters. While the credibility of these plans remains to be demonstrated, in 2017 Gazprom has shown a commitment to transparency and engagement.

ESG factors
ESG issue
          Labour rights
        
Conducted by
Objectives

Ensuring the rights of employees to exercise union rights. In a meeting with ISS-Ethix on 22 March 2017, and through subsequent email communication, NagaCorp Ltd. shared details of a more collaborative approach in engaging with trade unions and provided credible evidence of positive steps taken to reassure workers that they are free to exercise their union rights, including the introduction of a statement in its annual report highlighting its workers’ right to join a trade union and that the company meets with the unions periodically, as well as details of training on union rights and grievance mechanisms. 

Scope and Process

ISS-Ethix's Pooled Engagement service focuses on companies that are assessed under Norm-Based Screening to face alleged or verified severe, systematic or systemic violations of international norms. Engagement under the service is preceded by in-depth research and fact-finding dialogue with companies and stakeholders. Through a feasibility study ISS-Ethix identifies gaps in company disclosure and whether the desired level of disclosure can be achieved through investor dialogue. Influential factors include the company's perceived level of responsibility, steps it has taken to mitigate the possibility of a norm-violation and availability of both stakeholder and expert sources to facilitate constructive dialogue.

As Pooled Engagement is rooted in an assessment of company responsiveness to ongoing controversies carried out under Norm-Based Screening, it allows investors to voice concerns in a timely manner. This increases their possibilities to influence and provides concrete opportunities for companies to address the identified issues.

Outcomes

In a meeting with ISS-Ethix on 22 March 2017, and through subsequent email communication, NagaCorp Ltd. shared details of a more collaborative approach in engaging with trade unions and provided credible evidence of positive steps taken to reassure workers that they are free to exercise their union rights, including the introduction of a statement in its annual report highlighting its workers’ right to join a trade union and that the company meets with the unions periodically, as well as details of training on union rights and grievance mechanisms. These significant positive developments led to a change in signal, with the company now assessed to have taken credible steps to remediate the previously verified failure to respect
union rights.

14.2. Additional information. [Optional]


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