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Wellington Management Company LLP

PRI reporting framework 2018

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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

335 Number of companies engaged
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

11.5. Additional information. [Optional]


LEA 12. Engagement methods

12.1. Indicate which of the following your engagement involved.

12.2. Additional information. [Optional]

Our engagement activities can include meeting with company boards, speaking to non-executive directors, carrying out proxy voting or participating in stakeholder dialogues. The ESG Research team typically uses letter-writing to boards when there is a systematic issue we would like to discuss. In 2017, this involved writing to request engagement to understand the board's approach to diversity given the lack of gender diversity on mid- and large-cap companies in the US. 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.


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?

13.3. Additional information [Optional].

In 2017, the ESG Research team built out a tool that allows the team to better track and communicate engagement activity. This involves tagging the relevant ESG indicators discussed and assessing the company's progress on each indicator. Improvements since the last engagement can be discerned by changes to the assessment score, as determined by the ESG analyst. The tool then emails an engagement note directly to portfolio managers and analysts who own or follow the company.  

We collect instances where companies have changed or made a formal commitment to changing their practices on an anecdotal basis. Please see the engagement examples section to read about several instances with this type of tangible outcome.


LEA 14. Examples of ESG engagements (Private)


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