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Wellington Management Company LLP

PRI reporting framework 2020

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Outputs and outcomes

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

Indicate the proportion of companies in your listed equities portfolio with which your organisation engaged during the reporting year. We did not complete any engagements in 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

403
7

Collaborative engagements

09.2. Indicate the 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
2 to 3 interactions
More than 3 interactions
Total
100%

09.5. Additional information. [Optional]

The number of companies engaged figure reported above reflects only meetings with ESG analysts involvement and may exclude investor-only meetings where relevant topics were discussed.

As a firm with a long history of conducting independent fundamental research, direct engagement with company management teams on a range of issues, including ESG, has always been a core part of our investment process. The majority of our company research is the result of direct contact with company management, both in our offices and on site, as well as contacts with company suppliers, customers, and competitors. Each year, Wellington Management participates in more than 10,000 meetings with company management teams from around the world. Portfolio managers, industry analysts, and ESG analysts all take part in our ongoing dialogue with companies. Maintaining this ongoing dialogue is central to how we discharge our stewardship responsibilities on behalf of our clients. The goal of our stewardship activities - engaging with company managements and voting proxies on our clients' behalf - is to support decisions that we believe will maximise the long-term value of securities we hold in client portfolios.

As the vast majority of our meetings discuss long-term strategic business issues, we recently introduced a complementary engagement-tracking tool for all investors. This tool will provide an interface to allow users to add topics, feedback, and outcomes of recently attended company meetings. Investors can enter engagement information associated with each meeting they attend. In particular, they are tracking the feedback they provided to the company and the outcome of the engagement, in terms of how it influenced an investment decision and/or how the company is taking action based on the feedback. These examples will serve to enhance our current reporting for clients on the impact of ESG and engagement at the strategy level and will better reflect the holistic engagement efforts of our firm. We look forward to making this expanded report available to clients in 2H 2020. This will also be instrumental in helping Wellington meet the firm-level reporting requirements of the European Shareholder Rights Directive II and the revised UK Stewardship Code.


LEA 10. Engagement methods

10.1. Indicate which of the following your engagement involved.

10.2. Additional information. [Optional]

Our engagement activities can include meeting with company boards, speaking to non-executive directors, carrying out proxy voting or participating in stakeholder dialogues. The ESG Research team typically uses letter-writing to boards when there is a systematic issue we would like to discuss.


LEA 11. Examples of ESG engagements (Private)


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