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Fidelity International

PRI reporting framework 2020

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Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity is a signatory to this initiative, actively attends conferences and engages with the PRI on various matters.

Fidelity is an active member in the PRI SDG advisory committee and also has membership on the two SDG related working groups - Asset Allocation and Disclosure

Fidelity Global Head of Fixed Income Research Co-Chairs the PRI  “ESG in Credit Risk and Ratings Initiative”.

Fidelity is an active member of the Plastic working group.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity  actively participates as an investor member in the Asian Corporate Goverannce Association (ACGA) through regular meetings, investor delegations, position papers, member letters, consultation responses and public presentations at ACGA-organised corporate governance events. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity is a member of the CDP and leverages its extensive data set for environmental risk monitoring.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity is a member of the CDP and leverages its extensive data set for environmental risk monitoring.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity is a member of the CDP and leverages its extensive data set for environmental risk monitoring.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity joined Climate Action 100+ in 2019 and is currently co-leading the engagement with PetroChina, China Petroleum and Chemical Corp, Sasol, and participating in the engagement with CNOOC Limited and China Shenhua.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity entered its 2 Real Estate portfolios into the Global Real Estate Sustainability Benchmark (GRESB) Survey.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity actively participates as an investor member in the ICGN through regular meetings, involvement in position papers, consultations and attended and made public presentations at ICGN organised corporate governance events. We are also an active member of the ICGN's remuneration committee.

          UKSIF
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity is a signatory to this initiative and actively attends conferences arranged by UKSIF.  We also contributed to the organisation or content of events organised by the initiative.

          Asia Securities Industry & Financial Markets (ASIFMA)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity  actively participates as an asset management member in ASIFMA through regular meetings, providing feedback and initiating discussions on topics relevant to asset management industry in Asia, contributing to position papers, member letters, consultation responses and attending conferences at ASIFMA-organised events that are relevant to corporate governance issues.

          Corporate Governance Forum
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are one of the leading members of the Corporate Governance Forum.  We participate in weekly calls, are actively involved in their bi-monthly meetings (including the Heads of Governance meetings) and use the forum to exchange views.

          Investment Association
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity is an active member of the IA, we are founder member of the Investor Exchange in relation to shareholder engagement and actively consult and attend company meetings or conferences arranged by the IA. Peter Horell, Mananging Director for Fidelity UK Business, is on the Board of the IA.

Our Luxembourg Country head is the Chairwoman of ALFI (Association of the Luxembourg Fund Industry).

          EFAMA Responsible Investment Working Group
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Fidelity actively participates in consultation review, committee meetings and collaboration work with EFAMA RI in responds to promoting sustainable finance and also policy in Europe.


SG 09.2. Assets managed by PRI signatories (Not Applicable)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Fidelity participates via Investor Forum to engage various companies on strategy and governance issues. We have also engaged collectively with other investors on M&A related and board composition issues.

Fidelity participates as an advisor to promote good corporate governance and to educate corporate senior managements in various academia initiative in Japan.  

Fidelity is a steering committee member to operate the “Forum of Investors Japan” for the purpose of supporting institutional investors acquire skills to appropriately fulfil their stewardship responsibilities toward their investee companies, and thereby realize constructive dialogue between the institutional investors and investee companies, and contribute to the sustainable growth of such companies. 

Fidelity is also on the Hitotsubashi Univ. Advanced Program - Financial Leadership Program where we are lecturer on “Investor  Engagement with Companies” sessions.


Our membership of Pensions for Purpose, which involves us publishing materials to promote RI.

We have run several ESG specific trainings for Institutional clients on the UK.
We did an introductory session to the investment team of a Chinese asset manager who recently joined PRI and was keen to learn more about ESG integration.

We are working together with the Italian Association of Private Bankers (AIPB) to develop a course on Sustainable Investing for its members.
        

Frequency of contribution

Description

          We have an ongoing sponsorship with the IFZ (Institut für Finanzdienstleistungen Zug) and in 2019 we supported their Sustainable investment study
        

Frequency of contribution

Description

          Participated in Columbia Business School Center on Japanese Economy and Business "Shareholder Engagement: How Investors Talk to Companies"
Japan Association of Corporate Directors hosted “Improving Quality of Disclosure for Constructive Dialogue from the Perspective of Institutional Investors” - Lecture
        

Frequency of contribution

Description

          In 2013, Fidelity International made a stand against short-term pay rewards, informing investee companies in Europe and the UK that it would only support companies prepared to extend the share retention period in their long-term incentive plans (LTIPs).   
Companies were required to extend holding periods for LTIPs to more than three years from 2014 and five years from 2015 or Fidelity International would vote against their remuneration proposals.   
Four years into the campaign, 179 companies (58%) of FTSE 350 companies now have long-term incentive plans of more than five years, up from 118 this time last year and just 6 at the start of 2013.   The number of FTSE 100 companies with LTIPs of five years or more now stands at 65, compared to just 4 in January 2013 and 48 in June 2016. 
Fidelity campaign extends pay rewards reaches milestone in the UK, as majority of FTSE 350 companies now have five-year LTIPs for the first time. In 2019, a 5-year LTIP was also included as one of the recommended best practices by the UK Corporate Governance Code. 
Our Director of Sustainable Investing participated in the HK SFC (the Securities and Futures Commission, the HK equivalent of the SEC) roundtable discussion on sustainable investing including disclosure best practice;
Our Director of Sustainable Investing is a member of the Public Shareholder Group under the SFC. The PSG convenes quarterly to solicit investors’ views on key market issues, among which sustainable investing and ESG disclosure has been a standing topic given the increasing regulatory attention
Our Director of Sustainable Investing provided an introductory session to the SFC regarding the development of Stewardship Codes in Asia and the upgrading of the UK Code. The SFC is investigating the necessity of upgrading the HK version of the Code and sought for our inputs
We met with the Hong Kong Securities and Futures Commission to discuss ESG company disclosures and  managing climate risk.
-We participated in a TCFD roundtable on climate change disclosure organized by Bloomberg and hosted by senior regulators Ashley Alder and Mary Shapiro.
        

Frequency of contribution

Description

          Japan 
Keidanren Social Communication Hosted "Corporate Governance Report" - Panel 
Columbia Business School Center on Japanese Economy and Business "Shareholder Engagement: How Investors Talk to Companies" - Panel 
KPMG AZSA, Lecture for Partners 
Roundtable Japan "Corporate Governance" - Panel 
QUICK ESG Workshop "Implementation of ESG Management" - Panel 
Japan Association of Corporate Directors hosted “Improving Quality of Disclosure for Constructive Dialogue from the Perspective of Institutional Investors” - Lecture 
KPMG AZSA hosted "Reform of Annual Securities Report" Seminar - Lecture 
Nomura IR Seminar "Efforts and Results of Dialogue with Companies" - Lecture 
30% Club Japan Investor Group hosted “Best Practice Sessions" - Lecture 
Kyoto University sponsored Seminar "Policy-Driven and Stricter Regulation of Corporate Governance: How Companies and Investors Should Respond" - Panel 
ASIFMA Tokyo Conference "The Future of the Industry" - Panel 
P&I Global Pension Symposium "Potential for ESG Integration - from Passive and Active Operations" - Panel 
Nikkei Business Innovation Forum "A New Era of Outside Directors: Accelerating M&A and Your Role at the Time" - Panel 
Morgan Stanley Conference "Corporate Governance Improvers" - Panel 

Europe: (Sustainable Investing and Investment team)
- Responsible Investor Europe - Kris Atkinson, Sustainable Family PM
-MondoInvestor ESG Conference - ESG Analyst 
-LuxFlag ESG Conference - ESG Analyst
- LAPF Forum “Adapting portfolios to Climate Change”, Investment Director
- -Handelsblatt Jahrestagung „Strategiemeeting Lebensversicherungswirtschaft“ / August 2019 / Düsseldorf . We were represented by our Germany country head
- -Annual Conference „Nachhaltige Geldanlagen 2019“ / September 2019 / Frankfurt School of Finance & Management / Frankfurt. We were represented by Bertrand Lecourt, Sustainable Family PM
- Investor Experts ESG in Berlin (Bertrand Lecourt, Sustainable Family PM)
- Fidelity also attended at 3 ESG Roundtables of Euro Advisor Services GmbH
-We joined the ALFI Asia roadshow as panellist to discuss sustainable finance public policies and covered also how Fidelity integrates ESG into the investment and distribution process 

Europe - CEO Anne Richards
European Investor Summit - Societe Generale - Speech: “The new scarcity”
Robert Warner Annual Lecture - Speech: “Live Longer and Prosperer”
Women of the Future - Introductory speech
Bloomberg Invest - Panel, including focus on sustainability
ASI Diversity Summit - Speech “The Why, How & When of Diversity”
Fidelity: Women and Money - Introductory speech
Fortune Most Powerful Women- Panel, including focus on sustainability
Diversity Project - Panel: “Why are there so few women in Asset Management?”
CFA Institute Annual Conference - Speech: “Disruption of unstable systems and discontinuity of trend lines”. Focus on sustainability
Scottish Investment Management Dinner - Speech - focus on sustainability

Asia
Our Director of Sustainable Investing spoke at a panel on Sustainable Investing at the 2019 Sina Finance Summit in Beijing in Nov
Our Director of Sustainable Investing spoke at a panel on ESG integration best practice at the 2019 China SIF Conf. in Beijing in Dec.
-The ESG team were speakers at Asia Sustainability Reporting Summit in Singapore, UBS OneASEAN Conference in Bangkok, the BAML Asia ESG Fixed Income Forum in Singapore an the ING Sustainable Finance Forum in Manilla regarding our ESG capabilities and engagement strategy.
-We spoke at a 100 Women in Finance event held in Singapore on ESG and Impact Investing
-We spoke to a group of IR Teams from Chinese corporates at a JP Morgan event held in Shanghai regarding ESG disclosures and global reporting standards. 
-We sat on a panel at the ICGN (International Corporate Governance Network) to discuss governing culture and talent for the long-term.
-We moderated a discussion on ESG & Impact Investing at the 100 Women in Finance conference.
-We spoke at the Asia Risk Congress event in Singapore regarding climate change risk. 
We spoke at the FIL Asian Capabilities event in Singapore and Bangkok on sustainable investing
-We participated in a TCFD roundtable on climate change disclosure organized by Bloomberg and hosted by senior regulators Ashley Alder and Mary Shapiro
-We spoke at the annual conference of the International Corporate Governance Network in Tokyo on measuring the value of culture and talent and the work of the Embankment Project for Inclusive Capitalism on creating consistent metrics for intangible assets 
-We spoke at the Asian Institutional Investor Forum in Hong Kong on the use of ESG data and the governance of sustainability to an audience of asset owners.
-We were interviewed by AsianInvestor on our views related to ESG developments in China, by GlobalCapital Asia on biotech IPOs in Asia and by ThomsonReuters on IPO cornerstones and double dipping in Hong Kong.
        

Frequency of contribution

Description

          In addition to our regular ESG reporting to clients, Fidelity also publishes editorial content in response to market developments. In 2019, we published several papers with regards to sustainable investing. We will continue to review regularly our editorial work to address clients' needs. All the editorial content can be found in: https://www.fidelityinstitutional.com/en/fidelity-answers/
        

Frequency of contribution

Description

          During our conversations with clients and other relevant stakeholders, we often discuss the role of the PRI and activities on responsible investment across the industry. During a thematic engagement on the insurance sector conducted during the year, we emphasised the importance of adopting PRI to those investee companies that still had not signed up.
        

Frequency of contribution

Description

          We participate actively in consultations related to RI through our trade associations like ALFI, EFAMA and IA.
        

Frequency of contribution

Description

          Active committee member of the UN Sustainable Development Goals (SDG) Advisory Committee & PRI plastic working group
Fidelity Global Head of Fixed Income Research Co-Chairs the PRI  “ESG in Credit Risk and Ratings Initiative”.
        

Frequency of contribution

Description

          We are member of the ESG group in the IA.

The Managing Director of our UK Business sits on the Board of the IA
Our Luxembourg Country head is the Chairwoman of ALFI (Association of the Luxembourg Fund Industry).

Up to August 2018, we are also Chairmanship of the Investment Association’s Governance ﹠ Engagement Committee, representation on the Code Committee of the Panel on Takeovers and Mergers, the Companies Committee of the Confederation of British Industry and the International Corporate Governance Network’s Remuneration Committee.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

Fidelity is a signatory to the U.K. Stewardship Code and believes that a collaborative approach within the investment industry is important in order to create a synergy of ESG practices within the market. Sharing experiences and knowledge with our peers enables us to gain a better understanding of the most important ESG issues in the market place as well as the regulatory frameworks that exist in different markets. In addition, Fidelity is proactive in strengthening its links within the investment industries, governments, regulators and exchanges around the world in order to determine the most effective ESG initiatives for the investment process and set out a clear marker as to our commitment to maintain the highest ethical standards.


SG 11. Dialogue with public policy makers or standard setters (Private)


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