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Storebrand ASA

PRI reporting framework 2020

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You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions

(Proxy) voting and shareholder resolutions

LEA 12. Typical approach to (proxy) voting decisions

12.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

12.2. Provide an overview of how you ensure that your agreed-upon voting policy is adhered to, giving details of your approach when exceptions to the policy are made.

Storebrand is involved in direct voting activities in the Norwegian and Swedish market, primarily on governance, climate change and transparency issues. 

For international proxy voting, we use ISS Voting Services. We have our own voting policy that mostly corresponds with ISS' Sustainability Voting Policy. In 2019 we voted differently from ISS' recommendation on 15 issues as their recommendation deviated from our own policy. For background and facts on different agenda items we mainly use ISS' research reports, also when we disagree on their recommendation. 

In 2019 we voted on approximately 150 meetings, we aim to significantly increase this number in 2020.  

12.3. Additional information.[Optional]

Storebrand's main tool in active ownership is direct dialogue with companies. It is our experience that direct dialogue (i.e. by qualified personnel) is a resource efficient way of achieving improvements, and one that is also valued by the corporates of which we hold equities or bonds.The voting processes require significant quality control at several stages by in-house resources, both in Operations and Front Office.


LEA 13. Percentage of voting recommendations reviewed (Not Applicable)


LEA 14. Securities lending programme

14.1. Does your organisation have a securities lending programme?

14.3. Indicate how the issue of voting is addressed in your securities lending programme.

14.4. Additional information. [Optional]

JP Morgan is the custodian for Storebrand asset Management.


LEA 15. Informing companies of the rationale of abstaining/voting against management

15.1. Indicate the proportion of votes participated in within the reporting year in which where you or the service providers acting on your behalf raised concerns with companies ahead of voting.

15.2. Indicate the reasons for raising your concerns with these companies ahead of voting.

15.3. Additional information. [Optional]


LEA 16. Informing companies of the rationale of abstaining/voting against management

16.1. Indicate the proportion of votes where you, and/or the service provider(s) acting on your behalf, communicated the rationale to companies for abstaining or voting against management recommendations. Indicate this as a percentage out of all eligible votes.

16.2. Indicate the reasons why your organisation would communicate to companies, the rationale for abstaining or voting against management recommendations.

16.3. In cases where your organisation does communicate the rationale for abstaining or voting against management recommendations, indicate whether this rationale is made public.

16.4. Additional information. [Optional]


LEA 17. Percentage of (proxy) votes cast

17.1. For listed equities in which you or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

Votes cast (to the nearest 1%)

1 %

Specify the basis on which this percentage is calculated

17.2. Explain your reason(s) for not voting on certain holdings

17.3. Additional information. [Optional]

In addition to the points indicated above, Storebrand prioritises voting on key ESG issues like diversity and climate change that are identified in our voting policy.

Regarding costs under 17.2: it is very time consuming to go through meeting research papers and we need to prioritize the largest companies and the companies where we have large holdings. We aim to increase the share of voted companies through increased automation. 


LEA 18. Proportion of ballot items that were for/against/abstentions

18.1. Indicate whether you track the voting instructions that you or your service provider on your behalf have issued.

18.2. Of the voting instructions that you and/or third parties on your behalf have issued, indicate the proportion of ballot items that were:

Voting instructions
Breakdown as percentage of votes cast
For (supporting) management recommendations
84 %
Against (opposing) management recommendations
15 %
Abstentions
1 %
100%

18.3. In cases where your organisation voted against management recommendations, indicate the percentage of companies which you have engaged.

10

18.4. Additional information. [Optional]


LEA 19. Proportion of ballot items that were for/against/abstentions

19.1. Indicate whether your organisation has a formal escalation strategy following unsuccessful voting.

19.3. Additional information. [Optional]

We do not have a formal strategy for this, but will follow up with engagements on issues of special importance.


LEA 20. Shareholder resolutions (Private)


LEA 21. Examples of (proxy) voting activities

21.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

ESG Topic
Diversity|Sustainability reporting
Conducted by
Objectives

Storebrand/SPP supported a proposal on reporting of the Gender Pay Gap in Oracle Corporatin as we would benefit from additional information allowing us  to measure the progress of the company's diversity and inclusion initiatives.

Scope and Process

We supported an already submitted shareholder proposal.

Outcomes
ESG Topic
Climate Change|Pollution|Sustainability reporting
Conducted by
Objectives

Chevron Corporation: Report on Plans to Reduce Carbon Footprint Aligned with Paris Agreement Goals

Storebrand/SPP voted for this non-binding resolution as such a report would, at reasonable cost and omitting proprietary information, aid shareholders in understanding the company's assessment of how it could reduce its carbon footprint in alignment with greenhouse gas reductions necessary to achieve the Paris Agreement’s goal of maintaining global warming well below 2 degrees Celsius, and of its management of risks related to climate change.

Scope and Process

We supported an already submitted resolutions.

Outcomes
ESG Topic
Executive Remuneration|Company leadership issues|General ESG
Conducted by
Objectives

Hennes & Mauritz AB: Disclose Sustainability Targets to be Achieved in order for Senior Executives to be Paid Variable Remuneration; Report Annually on the Performance of Senior Executives About Sustainability Targets

Storebrand/SPP voted for this proposal as shareholders would benefit from more comprehensive information about the inclusion of sustainability measures in the compensation framework, which would allow investors to better assess how executives are being incentivized to address the risks arising from current social and environmental challenges

Scope and Process

We supporten an already submitted resolution.

Outcomes
ESG Topic
Climate Change|Pollution|Health and Safety
Conducted by
Objectives

DuPont de Nemours:Report on Public Health Risks of Petrochemical Operations in Flood Prone Areas

Storebrand/SPP voted for this resolution as shareholders would benefit from the requested report by providing us additional information on the public health risks associated with the company's petrochemical operations and enable us to better assess the company's management of related risks.

Scope and Process

We supported an already submitted resolution.

Outcomes

21.2. Additional information. [Optional]

Overview over all voted casted against: https://www.storebrand.no/en/sustainability/active-ownership/_attachment/8980?_ts=160502a4c6b

 


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