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PRI reporting framework 2019

You are in Direct - Listed Equity Active Ownership » Outputs and outcomes


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




09.2. 報告年度内に行ったエンゲージメントの内訳を対話(貴社の代理で行われた対話を含む)の回数ごとに示してください。

対話回数 1回
対話回数 2 ~ 3回
対話回数 4回以上

09.5. 補足情報 [任意]

LEA 10. Engagement methods

10.1. 貴社のエンゲージメントが以下のどの項目を含むか明示してください。

10.2. 補足情報 [任意]

LEA 11. Examples of ESG engagements

11.1. 報告年度に貴社または貴社のサービスプロバイダーが実行したエンゲージメントの事例を挙げてください。

Executive Remuneration

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.


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?


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.


The scope of this indicator (e.g. gender parity, % of women managers...) includes all the companies we engaged with.


11.2. 補足情報[任意]