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Martin Currie Investment Management

PRI reporting framework 2018

You are in Direct - Listed Equity Active Ownership » Engagement » Process » Process for engagements run internally

貴社内で実行するエンゲージメントのプロセス

LEA 03. Process for identifying and prioritising engagement activities

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

03.1. 貴社内のスタッフが実行するエンゲージメント活動を特定し、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。

03.2. 貴社内のスタッフが実行する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。

03.3. Additional information. [Optional]

When looking at ESG factors our focus is always on relevance and materiality. Our frame of reference for identifying issues is our Global Corporate Governance Principles which outlines our approach to corporate governance and what we see as best practice, our Stewardship Code statement and our Responsible Investment Policy. In general, the analyst responsible for the stock will set the priorities for engagement, however our external service providers, for example ISS, Ownership Matters or MSCI will also highlight particular issues that they believe should be focused on. They will again identify issues based on their policy framework and will prioritise based on materiality and immediacy.

Where companies deviate from these principles, fall short of what see as strong practice, there is an opportunity to nudge a company in the right direction or where an issue requires clarification we will look to engage with the board or the management of the company. The materiality and immediacy of a given issue will generally determine the level of our engagement and the priority we will attach to it. There are some common systemic factors that also frame our engagement.  An issue where the impact on the potential value of an investment is large or where the timescale is short will be given high priority.

We will engage with management in an appropriate manner and make a record of this engagement - this may be by conference call, letter or by seeking access to the board chair or directors.
 


LEA 04. Objectives for engagement activities

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

04.1. 貴社内のスタッフが実行する貴社のエンゲージメント活動に具体的な目的を定義しているかどうかを記載してください。

04.2. 貴社内のスタッフが実行する貴社のエンゲージメントを受けた企業の行動をエンゲージメント中および後で監視しているかどうかを記載してください。

04.3. 貴社内のスタッフが行うエンゲージメント活動の進捗を監視のうえ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。

04.4. Additional information. [Optional]

When considering engagement with an investee company we are clear about what we are looking to achieve.

The main objectives of our engagement activities are:
 • to enhance our conviction in investee companies
 • to understand management incentives
 • to identify and share best practice
 • ultimately to improve corporate practice

As such the approach we take will vary depending on the desired outcome.  Where there is an objective of enhancing our understanding of the structures, motivations or strategy of a company we will not establish defined milestones or goals.

Where we are looking to encourage better corporate practice e.g. improved disclosure or changes to corporate behaviour we will outline our reasoning, set out our expectations and consider what should be an appropriate timeline for resolution.

Our process on tracking engagement is overseen by David Sheasby our Head of Stewardship and ESG.

The investment team meets on a daily basis with a focus on read-across from one company to another - this ensures that lessons learned from any engagement on a particular issue are disseminated quickly and effectively to the broader team. Our internal research portal provides access to all company research and company contact by one analyst for the broader team.


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