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Schroders

PRI reporting framework 2019

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エンゲージメント

LEA 02. Reasoning for interaction on ESG issues

エンゲージメントの方法および対話を行う理由を明示して下さい。
エンゲージメントの種類
対話を行う理由​
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント
サービスプロバイダーのエンゲージメント

02.4. 補足情報[任意]


LEA 03. Process for identifying and prioritising engagement activities

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

03.1. 貴社にはエンゲージメントを特定し、優先順位を付けるための正式な手順がありますか。

各エンゲージメント種別の特定および優先順位付けに用いる基準を示してください。
エンゲージメント種別
エンゲージメントの特定/優先順位付けに用いる基準
単独/貴社内のスタッフのエンゲージメント

単独/貴社内のスタッフのエンゲージメント

その他(具体的に説明してください)

          We will contact companies in response to developments in reporting frameworks or Corporate Governance codes and communicate our expectations of best practice.
        
協働的なエンゲージメント

協働的なエンゲージメント

03.3. 補足情報 [任意]

Our engagement activities are prioritised based on our exposure to the individual companies, either by the total size of assets invested on behalf of clients or by the percentage of shares held and the materiality of the issue that we identify.

As part of our analysis of companies, we track areas of performance, including companies' management of key ESG areas. If we feel we do not have enough information on this, or have identified gaps in companies' awareness or management of their ESG risks and opportunities, we establish dialogue with that company. Our equity, fixed income, ESG and data teams frequently work together to identify areas that warrant discussion with companies.  This may happen pre or post the decision to invest, and will feed into the investment decision. 

We also undertake re-active engagement as a result of any controversy involving a company, in order to understand why it may have occurred, the actions the company is taking as a result, and what the current and future investment risks may be.

Finally, to ensure that we consider all potential ESG concerns, we examine the external ESG ratings for our portfolios on a quarterly basis. Companies with a downward trend in ratings may indicate potentially higher ESG risk and therefore be flagged up for further engagement.

We have tracked all of our engagement activity through our internal ESG database since 2000. This enables us to assess if companies have responded to our requests for change. Our data shows us that on average it takes two years to effect change, but we have historically had a high level of success. This data base also flags engagements that are due for review and follow up, which we hope will increase our success rate.

We report publically on the success of our engagement activity over time. Please see our annual sustainable investment report for detailed information on our engagement progress at https://www.schroders.com/en/sysglobalassets/about-us/sustainable-investment-report-annual-2018.pdf


LEA 04. Objectives for engagement activities

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。
貴社のエンゲージメント活動に対して明確な目的を定義しているか示してください。
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント

04.2. 補足情報 [任意]

We monitor progress against our engagement requests annually. For example, following an engagement with a company in Q1 2018, we review progress 12 months later in Q1 2019, and record any progress in our engagement database. This progress is reported to clients company-by-company within our quarterly reports. We then review any outstanding engagement requests on an ongoing basis.  This is a key objective for all team members. 

We provide an update on our engagement progress in our quarterly and annual sustainable investment reports.


LEA 05. Process for identifying and prioritising collaborative engagement

エンゲージメントの成果についてモニタリングまたは検討を行っているか示してください。
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント
エンゲージメント活動の進捗状況のモニタリングまたは検討を行うため、以下を行っているか示してください。
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント

05.3. 補足情報[任意]

Requests to enter a collaborative engagement process come through a variety of channels; ESG and financial analysts, Fund Managers, local investment associations, NGOs, other shareholders and occasionally clients. We have built up relationships as a result of our activities in this area and have a list of partners who we feel confident that we have alignment with. The ultimate decision about whether to proceed is taken by our Global Head of Stewardship, following the following framework:

  • Is the ESG issue raised material to the investment case?
  • Have internal Fund Managers and Analysts who own or cover the stocks been informed and are they comfortable with proceeding?
  • Is the proposed method of engagement and suggested remedy appropriate and will it prove to be effective? Is the partner credible?
  • Will their requests be made in a professional manner through appropriate channels and methods?

We will also seek advice from Schroders' compliance and legal teams or other local lawyers to ensure that we obey all market regulations. We are generally keen to avoid intentionally or unintentionally entering into concert parties or being in receipt of inside information.


LEA 06. Role in engagement process

06.1. エンゲージメントが不首尾に終わった場合のエスカレーション戦略があるか示してください。

06.2. 不首尾に終わったエンゲージメントの後に貴社が用いるエスカレーション戦略を示してください。

06.3. 補足情報 [任意]


LEA 07. Share insights from engagements with internal/external managers

07.1. 貴社のエンゲージメントから得た知見を投資意思決定者と共有しているか示してください。

エンゲージメントの種類

共有する考察
単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

07.2. エンゲージメントにより得た情報および知見を投資意思決定者と確実に共有するために用いている慣行を示してください。

07.3. 貴社のエンゲージメントから得た知見を顧客/受益者と共有しているか示してください。

エンゲージメントの種類
共有する考察
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント

07.4. 補足情報[任意]

As a first step we consult with relevant investors pre engagement.  As a result they are often heavily involved in the engagement activity themselves, either joining meetings or co-authoring letters.

We share insights from our engagements on our global research platform.  This is accessible to all analysts and fund managers. We also include updates on engagements in our sector update emails and highlight upcoming engagements.  In addition, we have regular meetings on a regional basis that cover engagement and voting activity and identify themes and companies to engage with.  These involve senior investors and Sustainable Investment team members.


LEA 08. Tracking number of engagements

08.1. 貴社がエンゲージメントの数を追跡しているかどうかを記載してください。

エンゲージメントの種類
エンゲージメントの追跡
単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

08.2. 補足情報[任意]

All individual and collaborative engagements undertaken by the Sustainable Investment team are recorded on our in-house ESG database. This database includes all engagements conducted since 2000, which allows us to monitor our engagement successes over the long term. We monitor progress against all engagement asks and rate engagement success on a scale of 'no change' to 'achieved'.

We report on our progress in our quarterly sustainable investment reports. These are published on our website (see http://www.schroders.com/en/about-us/corporate-responsibility/sustainability/interpret/) and include details on the companies that we have engaged with and whether the issues discussed were environmental, social or governance-related. We also provide more in-depth case studies and publish details on our collaborative engagements. A more detailed version of our public quarterly report is sent to clients every quarter which includes information on the progress of individual company engagements.


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