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Wellington Management Company LLP

PRI reporting framework 2018

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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

Engaging with company managements plays a critical role in helping to identify, understand, and appropriately consider investment risks and opportunities. Our firm’s engagement with company management teams depends on the materiality of the issue, the responsiveness exhibited by the company to past communications and our assessment of whether such engagement is in the best interests of our clients. Dialogue can range from an agenda item on a regular investor call, to a focused communication regarding a particular issue. Our engagement activities can include meeting with company boards, speaking to non-executive directors, carrying out proxy voting or participating in stakeholder dialogues. In the event that a company is not responsive to our initial engagement efforts, we will consider: additional meetings with management, meeting with the Chair and other board members, and potentially voting against members of the board in order to escalate our concerns.

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
Collaborative engagements
          When private engagement proves ineffective, we are willing to collaborate with other investors when such action would be permissible under applicable laws and regulations.
        
Service provider engagements

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

Due to our firm’s significant presence and long-term track record in nearly all sectors of the global securities markets, we often have direct access to company management teams. We believe this access is highly valuable, given the number of meetings we conduct, the breadth of our contacts, and the quality of the dialogue. We often prefer to engage privately with our portfolio companies as we have found this encourages openness and a productive engagement dialogue. When private engagement proves ineffective, however, we are willing to collaborate with other investors when such action would be in our clients’ best interests and is permissible under applicable laws and regulations.

02.2. Additional information. [Optional]


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