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Wellington Management Company LLP

PRI reporting framework 2018

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Promoting responsible investment

SG 09. Collaborative organisations / initiatives

New selection options have been added to this indicator. Please review your prefilled responses carefully.

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

          UK Stewardship Code, Japan Stewardship Code, Hong Kong Principles of Responsible Ownership, Australian Stewardship Code
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

          Investor Stewardship Group’s Framework for US Stewardship and Governance
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In January 2017, we became a founding signatory of the Investor Stewardship Group’s (ISG’s) Framework for US Stewardship and Governance. The ISG is a collective of some of the largest US-based asset owners and asset managers, along with several of their international counterparts. Its purpose is to encourage best practice in corporate governance and investor stewardship in the US. This investor-led initiative promotes six corporate governance principles for US-listed companies and six stewardship principles for institutional investors.

          Task Force on Climate-related Financial Disclosures
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

On the second anniversary of the 2015 Paris Climate Conference, Wellington Management joined over 230 organizations in signing the Statement of Support for the Financial Stability Board’s (FSB’s) Task Force on Climate-related Financial Disclosures (TCFD). 

Developed in late 2015 by the G20’s FSB and championed by Michael Bloomberg and Bank of England Governor Mark Carney, the TCFD recognizes the potential impact of climate change on financial markets and outlines recommendations for voluntary corporate disclosures that can help investors better assess climate risks and opportunities in their portfolio companies. We believe the TCFD’s recommendations are the emerging standards for comparable, reliable, efficient climate-risk disclosure that can help lenders, insurers, and investors make better decisions. The recommendations provide a non-prescriptive framework that corporations and asset managers can adopt in a manner that speaks to their overall climate-adaptation strategy by disclosing details about four key elements: governance, business impact assessment, risk management processes, and metrics selection.


SG 09.2. Assets managed by PRI signatories (Not Applicable)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          The ESG Research team and other sustainable investment personnel at Wellington are invited to participate in training programs at the request of our clients. For example, in 2017, the Director of ESG Research explained the landscape of implementation options for sustainable investing solutions (SRI vs. ESG vs. impact) for the registered investment advisors (RIAs) of one of our subadvisory clients. We are also periodically invited to lecture at universities. For example, in 2017, an ESG analyst, the head of our Australian office, and two Global Impact portfolio managers presented at different universities on sustainable investing, ESG integration, and impact investing in public equities.
        

Frequency of contribution

Description

          The ESG analyst who covers the Energy sector participated in the request for feedback from the Environmental Defense Fund (EDF)'s report "Disclosure Divide" about methane. The ESG Research team also conducted a data provider landscape assessment of 60 ESG ratings providers and shared our conclusions with researchers at MIT.
        

Frequency of contribution

Description

          As a founding member of the Investor Stewardship Group’s (ISG’s) Framework for US Stewardship and Governance, Wellington Management supports the six stewardship principles, which include provisions for regular disclosure of stewardship activities and policies to manage conflicts of interest.
        

Frequency of contribution

Description

          One of our Utilities industry analysts presented at numerous conferences in the US to share his perspectives on the alternative energy market and other environmental investment opportunities. The ESG Research team also spoke on a panel about human rights as it relates to supply chain management practices and community relations.
        

Frequency of contribution

Description

          All of our in-house research developed by the ESG Research team can be found on the Insights section of our web site. In 2017, this included a white paper about cybersecurity and a revamp of our ESG integration philosophy.
        

Frequency of contribution

Description

          We regularly meet with institutional clients who are seeking to learn more about our engagement with the PRI and understand requirements where we share our experiences and encourage participation.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

Please explain

We cultivate relationships with other asset management firms and broader industry organizations to share insights on corporate governance trends and local market considerations. 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.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

Not applicable.


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