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Universities Superannuation Scheme - USS

PRI reporting framework 2018

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You are in Direct - Listed Equity Active Ownership » Engagement » Process » General processes for all three groups of engagers

エンゲージメントを行っている3つのグループすべてに対する一般的なプロセス

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

09.1. エンゲージメントから得た考察を、貴社内の運用担当者や貴社外の運用会社と共有しているかどうかを記載してください。

エンゲージメントの種類

共有する考察
単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

サービスプロバイダーのエンゲージメント

09.2. Additional information. [Optional]

 

USS Active Equity portfolios are managed internally.  As noted, information from engagements and other ESG activities are provided to the investment team via a Bloomberg based data system, including JEC data.  The RI team also systematically discuss ESG issues with the managers directly.  

 A passive portfolio is managed externally and USS overrides the external manager's vote where we have an active position. 


LEA 10. Tracking number of engagements

10.1. 貴社がエンゲージメントの数を追跡しているかどうかを記載してください。

エンゲージメントの種類
エンゲージメントの追跡
単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

サービスプロバイダーのエンゲージメント

10.2. Additional information. [OPTIONAL]

Whilst records of company meetings are maintained, we do not systematically track the number of engagement meetings, letters or conversations we have with companies or whether the engagement was collaborative or not as we do not consider counting the number of engagements to be a good measure of the quality of engagement.

However, we can estimate for 2017, that USS sent approximately 250 engagement letters to 240 companies. The RI team also held engagement meetings with 40 companies during the year and conducted research on 44 additional companies.

Additionally, RI posted 137 research and meeting notes on the Internal Research Home page on Bloomberg which is available for all our portfolio managers. (We have not sought to count the meeting notes added by the portfolio manager's themselves, which would run into thousands).

USS participates in industry events and collaborative meetings convened by many of the collaborative initiatives listed in SG09 throughout the year.  USS does not only engage with companies in the UK, we engage with companies internationally: 

  • USS participated in collaborative engagement meetings with BHP and Vale regarding the Samarco tailings dam disaster.  
  • In November 2017, a member of RI team spoke at the ACGA's annual conference (at a UBS event) held in Mumbai and participated in a delegation facilitated by ACGA which met with Indian regulators and companies. In May 2017, a member of the RI team chaired a panel at the RI Asia Conference, held in Tokyo, and participated in meetings with companies and regulators.
  • USS also participated in an ACGA study trip to China, where we engaged with companies and regulators on ESG issues. 
  • USS participated in a fact finding trip to Japan to discuss ESG issues with a large Japanese conglomerate operating in the apparel and textile industries.

See other examples in LEA 24.


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