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AMP Capital Investors

PRI reporting framework 2019

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Fixed income - Engagement

FI 14. Engagement overview and coverage

14.1. Indicate the proportion of your fixed income assets on which you engage. Please exclude any engagements carried out solely in your capacity as a shareholder.

Category
Proportion of assets
SSA

14.2. Indicate your motivations for conducting engagement (SSA fixed income assets).

Corporate (financial)

14.2. Indicate your motivations for conducting engagement (Corporate, Financial fixed income assets)

Corporate (non-financial)

14.2. Indicate your motivations for conducting engagement (Corporate, non-financial fixed income assets)

14.3. Additional information.[OPTIONAL]

Engagements with Governments. AMP Capital's Global Fixed Income team invests with a strong focus on Australian bonds and credit with only some limited exposure to global fixed income securities. AMP Capital contributes to public policy and industry engagement on relevant ESG topics, by meeting with Ministers and other government officials and by participating in collaborative networks that seek to influence government policies on ESG-related issues. Meetings with government (sovereign entities) focus on sharing investor perspectives on ESG topics, areas of new or potential regulation or advocating for the advancement of ESG related disclosure frameworks. Collaborative networks include the Australian Financial Services Council (FSC), the Investor Group on Climate Change (IGCC) and the Asian Corporate Governance Association (ACGA).

Engagements with Corporates. AMP Capital engages systematically with both fixed income and equities issuers on relevant ESG issues. We proactively raise with them how ESG issues, both generally and specifically, are significant from an investor's perspective, and also assess how the company responds to that discussion.

  • Timing of engagement. AMP Capital will typically raise specific corporate governance changes we would like to see at a company as we become aware of them and track those issues on an annual basis. For other ESG issues, engagement is part of our periodic review of ESG performance at the company. We will typically meet with management following a company's relevant announcement to the market, or to follow up on ESG issues discussed in previous meetings.
  • Means of engagement. AMP Capital's ESG Research team attends company meetings with representatives from AMP Capital's Global Equities and Fixed Income teams. These meetings enable AMP Capital to raise issues with the company as one team, and for our ESG Research Team to share insights and conclusions with our Credit and investment teams. AMP Capital may also write letters to companies engaging them on a specific ESG issue or engage with them at a more general or industry level through our involvement in collaborative networks and initiatives.
  • Record of engagement. AMP Capital's ESG Research Team maintains a database which covers the company, date and method of engagement, as well as those present and the issues covered.

FI 15. Engagement method

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

15.1. Indicate how you typically engage with issuers as a fixed income investor, or as both a fixed income and listed equity investor. (Please do not include engagements where you are both a bondholder and shareholder but engage as a listed equity investor only.)

Select all that apply
Type of engagement
SSA
Corporate (financial)
Corporate (non-financial)
Individual/Internal staff engagements
Collaborative engagements
Service provider engagements

15.2. Indicate how your organisation prioritises engagements with issuers.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Size of holdings
Credit quality of the issuer
Duration of holdings
Quality of transparency on ESG
Specific markets and/or sectors
Specific ESG themes
Issuers in the lowest ranks of ESG benchmarks
Issuers in the highest ranks of ESG benchmarks
Specific issues considered priorities for the investor based on input from clients and beneficiaries
Other

15.3. Indicate when your organisation conducts engagements with issuers.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
We engage pre-investment.
We engage post-investment.
We engage proactively in anticipation of specific ESG risks and/or opportunities.
We engage in reaction to ESG issues that have already affected the issuer.
We engage prior to ESG-related divestments.
Other, describe

15.4. Indicate what your organisation conducts engagements with issuers on.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
We engage on ESG risks and opportunities affecting a specific bond issuer or its issuer.
We engage on ESG risks and opportunities affecting the entire industry or region that the issuer belongs to.
We engage on specific ESG themes across issuers and industries (e.g., human rights).
Other, describe

15.5. Indicate how your organisation ensures that information and insights collected through engagement can feed into the investment decision-making process.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Ensuring regular cross-team meetings and presentations.
Sharing engagement data across platforms that is accessible to ESG and investment teams.
Encouraging ESG and investment teams to join engagement meetings and roadshows.
Delegating some engagement dialogue to portfolio managers/credit analysts.
Involving portfolio managers when defining an engagement programme and developing engagement decisions.
Establishing mechanisms to rebalance portfolio holdings based on levels of interaction and outcomes of engagements.
Considering active ownership as a mechanism to assess potential future investments.
Other, describe
We do not ensure that information and insights collected through engagement can feed into the investment decision-making process.

If ‘other’ has been selected, please give a description

Issuance of Green Bonds

15.6. Additional information.[OPTIONAL]


FI 16. Engagement policy disclosure

16.1. Indicate if your publicly available policy documents explicitly refer to fixed income engagement separately from engagements in relation to other asset classes.

16.3. Additional information [OPTIONAL]

While we don’t have a separate fixed income publicly available document, our credit analysts actively engage bond issuers in joint-host company meetings with equity and ESG teams. Further details of this engagement are publicly available as part of our ‘Stewardship Statement’ https://www.ampcapital.com/content/dam/capital/02-global-files-only/02-esg-resources/ampcapital-asset-stewardship-statement.pdf and ’Responsible Investment Philosophy’. https://www.ampcapital.com/content/dam/capital/02-global-files-only/02-esg-resources/esg-and-responsible-investment-philosophy.pdf

 


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