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Alphinity Investment Management Limited

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » Outputs and outcomes

成果および結果

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

報告年度中に貴社がエンゲージメントを行った、上場株式ポートフォリオ内の企業の割合を示してください。
報告年度内にエンゲージメントを一切行わなかった.​
エンゲージメントを行った企業の数
割合(5%刻み)

単独/貴社内のスタッフのエンゲージメント

90
97
協働的なエンゲージメント
3
3

09.2. 報告年度内に行ったエンゲージメントの内訳を対話(貴社の代理で行われた対話を含む)の回数ごとに示してください。

企業との対話の回数
 エンゲージメントの割合
対話回数 1回
対話回数 2 ~ 3回
対話回数 4回以上
合計
100%

09.3. 報告年度中に協働的なエンゲージメントの中で、貴社が主導したエンゲージメントの割合を記載してください。

エンゲージメントの種類
主導的役割を果たした割合(%)
協働的なエンゲージメント

09.5. 補足情報 [任意]

We engage with every company we own on a regular basis. All individual engagement is conducted by the internal investment team; none by service providers. Collaborative engagement generally takes place when we take a role in a PRI or RIAA collective engagaement, such as the current Oil and Gas engagement on which we are the Australian co-lead, and the water security in agriculture engagement that recently was wound up. 

We note that the scoring involved here seems not to take into account important factors such as scope and portfolio concentration. It presupposes that if you have >$US5 billion under management you will therefore have hundreds of companies to engage with. We have interacted extensively with all of our companies but, as we have quite concentrated portfolios, the number of companies involved is still under 100 so max 3 stars

 


LEA 10. Engagement methods

10.1. 貴社のエンゲージメントが以下のどの項目を含むか明示してください。

10.2. 補足情報 [任意]

The degree of activity depends on the company and/or the particular ESG issues involved. Very few engagements we have with companies pertain only to ESG matters, most are comprehensive engagement with ESG forming a natural and important part, and the focus of the ESG matters raised will depend on the issues of the day and the scope of activity of the company involved. For instance, during AGM season there tends to be a lot of engagement about governance (remuneration and directors) and there is generally discussion between the team to arrive at the correct outcome in a way that reflects good governance practices and the best outcome for shareholders. 


LEA 11. Examples of ESG engagements

11.1. 報告年度に貴社または貴社のサービスプロバイダーが実行したエンゲージメントの事例を挙げてください。

ESGトピック
Climate Change|Health and Safety|Water risks|Labour practices and supply chain management
実行者
目標

To determine whether a company operating in horticulture across Australia, China and Morocco is making adequate preparation for future climate-related water scarcity, and treating its seasonal workers appropriately.

 

対象範囲およびプロセス

We worked with our external sustainability experts to determine the scope and nature of the engagement, gaining insights of potential issues from their expertise in climate change and utilising ESG data provider assessment of issues impacting the company

We had several meetings with management and the Chair, conducted site visits and undertook discussions with experts. We concluded that the company is thinking deeply about its climate exposure and has mitigated its risk as much as possible through protected cropping, geographic diversification, micro-irrigation and significant investment in on-site water storage.

In addition we engaged on issues around the use of seasonal labourers in fruit picking operations, particularly those from the Pacific Islands and those hired through labour hire organisations, some of which have poor or exploitative practices used on vulnerable people. We were encouraged that the company seems to have high standards when working with labour organisations and zero tolerance for poor behaviour. As a result, this company has become employer of choice among fruit pickers, many of whom return season after season.

We also encouraged the company to disclose some of the good things it was doing in a sustainability report. This has now been produced

 

結果
ESGトピック
Human rights
実行者
目標

To arrive at a better understanding of a company's dealings with indigenous land owners when considering mining operations, particularly litigation

対象範囲およびプロセス

Over a series of engagements we met with the company's CEO and legal counsel to understand the way it deals with various groups of indigenous people who have or claim native title over areas in which the company has resource rights. The company and its founder has always portrayed itself as a friend of the indigenous and has significant employment programs targetting local groups in order to drress some of the inequality they experience compared to broader society. It is testing aspects of its land access agreements in the High Court in order to legally establish what it can and can't do

結果
ESGトピック
Climate Change|Pollution
実行者
目標

Engaged with a gas company around CO2 emissions, fugitive emissions and the risk of stranded assets given its capital expenditure plans

対象範囲およびプロセス

Over several years we have had meetings with the Chair, directors with environmnetal responsibilities and the sustainability execs at the company. We tested them on their thinking around long-term gas demand, considering many of the projects in which they have invested have multi-decade lives and milti-year payback periods. We tested them about measuring fugitive emissions and pushed them on their plans to limit emissions.

We examined the company's view that the demand for gas will be sustained for some decades and that, in the short term, replacing coal in Japan and China with gas is an environmental positive, and that in the long term demand will be sustained in use cases not well catered for by electricity/batteries, such as haulage, air travel and shipping. being positioned at the low end of the production cost curve will provide some protection against stranding provided demand does not disappear completely.

In the end however we concludd that the time to get a return on the capital they need to deploy on gas field expansion is unlikely to be paid back before gas becomes a less viable fuel for generating electricity. We subsequently divested the position.

結果

11.2. 補足情報[任意]

We do not agree that outsourcing one's engagement is qualitatively equal to individual/internal engagement. 


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