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PRI reporting framework 2019

Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Strategy and Governance

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Innovation [SG 18] Communication [SG 19]

Direct - Listed Equity Incorporation

ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]

Direct - Listed Equity Active Ownership

Overview [LEA 01] Engagement [LEA 02 - 08] (Proxy) voting and shareholder resolutions [LEA 12 - 21]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

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Outputs and outcomes

LEA 09. Number of companies engaged with, intensity of engagement and effort

Indicate the proportion of companies from your listed equities portfolio with which your organisation engaged with during the reporting year.

	We did not complete any engagements in the reporting year.	Number of companies engaged (avoid double counting, see explanatory notes)	Proportion of companies engaged with, out of total listed equities portfolio
Individual / Internal staff engagements		62	100

09.2. Indicate the proportion breakdown of engagements conducted within the reporting year by the number of interactions (including interactions made on your behalf)

No. of interactions with a company	% of engagements
One interaction	>76% 51-75% 11-50% 1-10% None
2 to 3 interactions	>76% 51-75% 11-50% 1-10% None
More than 3 interactions	>76% 51-75% 11-50% 1-10% None
Total	100%

09.5. Additional information. [Optional]

LEA 10. Engagement methods

10.1. Indicate which of the following your engagement involved.

Letters and emails to companies

In a minority of cases

In a majority of cases

In all cases

Meetings and/or calls with board/senior management

In a minority of cases

In a majority of cases

In all cases

Meetings and/or calls with the CSR, IR or other management

In a minority of cases

In a majority of cases

In all cases

Visits to operations

Visits to the supplier(s) from the ’company’s supply chain

Participation in roadshows

In a minority of cases

In a majority of cases

In all cases

Other

10.2. Additional information. [Optional]

LEA 11. Examples of ESG engagements

11.1. Provide examples of the engagements that your organisation or your service provider carried out during the reporting year.

Add Example 1

ESG Topic	Executive Remuneration Executive Remuneration Climate Change Human rights Company leadership issues Pollution General ESG Diversity Shareholder rights Health and Safety Sustainability reporting Water risks Labour practices and supply chain management Anti-bribery and corruption Deforestation Aggressive tax planning Cyber security Other governance Plastics Other
Conducted by
Objectives	For 2018, we decided to concentrate on executive pay, and particularly the inclusion of ESG criteria in the determination of variable executive compensation. While we certainly see the inclusion of extra-financial criteria in the determination of executive pay as an essential component of effective governance, the weighting given to these criteria is just as crucial. We believe that the weighting should be significant, given that it reflects the importance the company attaches to CSR issues. As a result of our engagement with companies, 76% now include extra-financial criteria when determining the variable component of executive pay. Our impact was once again demonstrated in the case of Italian bank Intesa Sanpaolo, the target of repeated reminders from us of the importance of factoring extra-financial criteria into executive pay. In 2018, the company informed us that the topic had been included on the agenda of the Compensation Committee, which had reached an agreement in principle.
Scope and Process	The scope of this indicator (e.g. inclusion of ESG criteria in the determination of executive variable pay) includes all the companies we engaged with. In the course of our ESG interviews with companies in our portfolios, we systematically asked the following two questions: - Is variable executive pay dependent on extra-financial criteria? - What proportion of variable pay is dependent on these criteria?
Outcomes

Add Example 2

ESG Topic	Diversity Executive Remuneration Climate Change Human rights Company leadership issues Pollution General ESG Diversity Shareholder rights Health and Safety Sustainability reporting Water risks Labour practices and supply chain management Anti-bribery and corruption Deforestation Aggressive tax planning Cyber security Other governance Plastics Other
Conducted by
Objectives	On the Social front, we push companies to abolish discrimination in all its forms and to promote both gender parity and diversity. While all the companies voice their support for this message, not all are as far advanced as others on these issues. Service industries such as banking or insurance tend to report women as making up over 40% of their headcounts, while industrial companies generally trail far behind at below 25%. While there is certainly a historical explanation for the discrepancy, we make every effort to encourage companies to narrow the gap, and a number of measures have been taken. Several companies, including Telefonica, have established a Diversity Committee to address these issues. Philips has set aside a seat on its Sustainable Development Committee for its Inclusion and Diversity Officer. Along with many companies employing a high proportion of engineers, Nokia is faced with a shortage of female talents and so has set up partnerships with schools to attract more women students into engineering, in addition to its own internal pro-diversity programmes.
Scope and Process	The scope of this indicator (e.g. gender parity, % of women managers...) includes all the companies we engaged with.
Outcomes

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11.2. Additional information. [Optional]

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