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Letko, Brosseau & Associates Inc.

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » Engagement

Engagement

LEA 02. Reasoning for interaction on ESG issues

Indicate the method of engagement, giving reasons for the interaction.

Type of engagement

Reason for interaction

Individual / Internal staff engagements
Collaborative engagements
Service provider engagements

02.4. Additional information. [Optional]

In terms of collaborative engagements, LBA's Co-Founder and Senior Vice President, Peter Letko, sits on the Board of Directors of the Canadian Coalition for Good Governance (CCGG), and is a part of one of the advisory committees too. CCGG promotes good governance practices in Canadian public companies and improvement of the regulatory environment to best align the interests of boards and management with those of their shareholders, and to promote the efficiency and effectiveness of the Canadian capital markets.


LEA 03. Process for identifying and prioritising engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

03.1. Indicate whether your organisation has a formal process for identifying and prioritising engagements.

Indicate the criteria used to identify and prioritise engagements for each type of engagement.
Type of engagement
Criteria used to identify/prioritise engagements
Individual / Internal staff engagements

Individual / Internal staff engagements

Collaborative engagements

Collaborative engagements

03.3. Additional information. [Optional]

We engage with all issuers, regardless of their size or any other factor. We maintain an ongoing dialogue with management, and occasionally engage directly with board members, which enables us to address issues as and when they arise. 


LEA 04. Objectives for engagement activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.
Indicate whether you define specific objectives for your organisation’s engagement activities.
Individual / Internal staff engagements
Collaborative engagements

04.2. Additional information. [Optional]

When portfolio managers or analysts engage with companies, we will define some broad objectives on the engagement topic and what the preferred outcome may be. 

Through CCGG, objectives for collaborative engagements that are carried out with specific investee companies are defined.


LEA 05. Process for identifying and prioritising collaborative engagement

Indicate whether you monitor and/or review engagement outcomes.
Individual / Internal staff engagements
Collaborative engagements
Indicate whether you do any of the following to monitor and/or review the progress of engagement activities.
Individual / Internal staff engagements
Collaborative engagements

05.3. Additional information. [Optional]

Individual analysts are responsible for tracking the progress of any engagements carried out within their coverage area.

Regarding collaborative engagement, CCGG publishes minutes of engagement activities, which are accessible to CCGG members when investee companies are the focus of engagement. This information is collated and provided to the analysts for review.


LEA 06. Role in engagement process

06.1. Indicate whether your organisation has an escalation strategy when engagements are unsuccessful.

06.2. Indicate the escalation strategies used at your organisation following unsuccessful engagements.

06.3. Additional information. [Optional]

In terms of escalation, each analyst may have a process that will differ according to their relationship with the company. Generally, analysts will make several attempts at dialogue with an organisation. If a company is unresponsive to a particular issue, the analyst will bring the matter to the Investment Committee for discussion and determination of how to proceed, whether further efforts at dialogue with more senior levels of the firm or, perhaps, divestment.


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


LEA 08. Tracking number of engagements

08.1. Indicate whether you track the number of your engagement activities.

Type of engagement
Tracking engagements
Individual/Internal staff engagements​

Collaborative engagements

08.2. Additional information. [Optional]

Individual analysts track the number of engagements they carry out throughout the year. A broader, firm-wide tracking process of engagement activities will be a priority for LBA in 2020. 

In terms of collaborative engagement, CCGG (Canadian Coalition for Good Governance), of which LBA is a member, tracks engagements carried out throughout the year. 


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