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You are in Direct - Listed Equity Incorporation » Outputs and outcomes
A healthcare holding (“the company”) received a takeover offer from a smaller competitor. This bid was ultimately rejected by the company. Both Perennial and the Board of the company viewed the offer as too opportunistic and detrimental to shareholders, employees and patients. We had low conviction that a merged entity would deliver any material synergies. We were also concerned that senior management may have become distracted if the takeover went ahead, potentially affecting the quality of service delivered to patients. We engaged heavily with the board and we were impressed by their level of engagement and ensuring the takeover did not occur.
The experience was indicative of the company having a strong board and good governance. We increased our stake in the company on the back of this.
We engaged with a company with significant hydrocarbons operations to obtain insight into their emissions. The Managing Director did not have a figure for greenhouse gas emissions and appeared to not have any process in place to determine it.
Chose not to invest in company.
We had discussions with a listed retailer over CY2018 in relation to their supply chain. The company has been active in ensuring a supply chain that is sustainable. From our discussions with management, we have learned about the retailer having Oeko-Tex certification and employing processes to review factories. This engagement has continued in CY2019, with the company flagging the plans and processes they have in place in relation to the Modern Slavery Act.
Stock held in portfolio
These examples allowed us to make better informed investment decisions.