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Local Pensions Partnership

PRI reporting framework 2020

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

（委任状による）議決権行使および株主決議

LEA 12. Typical approach to (proxy) voting decisions

12.1. （委任状による）議決権行使を通常どのように決定しているかを明示して下さい。

アプローチ

以下に基づいて行う

12.2. 合意された議決権ポリシーがどのように遵守されているかを概観し、ポリシーの例外が適用された場合（該当する場合）のアプローチの詳細を示してください。

LPPI's service provider makes voting recommendations in line with Sustainability Proxy Voting Guidelines. These are designed for investors who are concerned with ensuring their shareholder voting aligns with an active ownership approach focussed on portfolio value preservation and the consideration and incorporation of sustainability (ESG) factors.

The RI team at LPPI review the voting recommendations made by the proxy voting provider for upcoming company meetings and take the final decision on the direction of voting.

LPPI has a watch list for company meetings due to receive significant resolutions (for example on climate change) and will review the provider's voting recommendation in detail for flagged meetings.

Where a decision is taken to divert from the provider's voting recommendation, the rationale for doing so is recorded on the voting platform in order to be available for vote reporting purposes and future reference.

 

 

12.3. 補足情報[任意]

LPPI's Service provider makes voting recommendations in line with Sustainability Proxy Voting Guidelines which are designed for investors concerned with ensuring active ownership, portfolio value preservation and the incorporation of sustainability (ESG) factors is carried through into their proxy voting activity.

The Sustainability policy seeks to promote support for recognized global governing bodies which are promoting sustainable business practices, advocating for stewardship of the environment, fair labour practices, non-discrimination, and the protection of human rights.

The policy takes as its frame of reference internationally recognized sustainability-related initiatives such as 

  • United Nations Environment Programme Finance Initiative (UNEP FI)
  • Principles for Responsible Investment (UNPRI)
  • United Nations Global Compact, Global Reporting Initiative (GRI),
  • Carbon Principles,
  • International Labour Organization Conventions (ILO),
  • CERES Principles,
  • Global Sullivan Principles,
  • MacBride Principles,
  • environmental and social European Union Directives

On matters of corporate governance, executive compensation, and corporate structure, the Sustainability Policy guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance.

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

LEA 14. Securities lending programme

14.1. 貴社では、セキュリティーズレンディングを設定していますか?

14.2. 貴社がセキュリティーズレンディングをしていない理由を説明してください。（最大500語）

LPPI 's programme for securities lending is forthcoming rather than in operation currently. 

14.4. 補足情報 [任意]

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

15.1. 報告年度内に関与した議決権行使のうち、貴社、または貴社の代理を務めるサービスプロバイダーが議決権行使に先立って企業に懸念を表明したものの割合を示してください。

15.3. 補足情報 [任意]

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

16.1. 貴社または貴社の代理を務めるサービスプロバイダーが、議決権行使を棄権する場合、または経営陣の提案に反対票を投じる場合に、当該企業にその根拠を伝えた議決権の割合を示してください。これは行使可能な全議決権の中で占める割合とします。

16.4. 補足情報[任意]

LEA 17. Percentage of (proxy) votes cast

17.1. 貴社やサービスプロバイダーが（代理）投票の指示を発行するマンデートを有している上場株式について、報告年度中に行った投票の割合を記載してください。

1%単位の投票率

99 %

この投票率の計算基準を明記してください

17.2. 一定の株式保有分について議決権を行使しない理由を説明して下さい:

17.3. 補足情報[任意]

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

18.1. 貴社または貴社の代理を務めるサービスプロバイダーが出した議決権行使に係る指示を追跡しているか示してください。

18.2. 貴社または貴社の代理を務める第三者が出した議決権行使に係る指示のうち、各投票項目の占める割合を示してください。

議決権行使に係る指示の対象
投票の内訳（%）
経営陣の提案に対する賛成票
90 %
経営陣の提案に対する反対票
10 %
棄権
0 %
100%

18.3. 貴社が経営陣の提案に対する反対票を投じたケースにおいて、貴社がエンゲージメントを行った企業の占める割合を示してください。

0

18.4. 補足情報 [任意]

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

19.1. 不首尾に終わった議決権行使後の正式なエスカレーション戦略が貴社にあるか示してください。

19.3. 補足情報 [任意]

LEA 20. Shareholder resolutions

20.1. 貴社が報告年度中に、直接もしくはサービスプロバイダーを介して、ESG株主決議を提出または共同提出したか示してください。

20.2. 貴社が行ったまたは共同で行ったESG関連株主決議の数を記載してください。

1 合計

20.3. 以下の結果をもたらした、これらのESG関連株主決議の数の割合を記載してください。

議案に採用された
0 %
企業側での変更または企業との交渉により撤回された
0 %
別の理由で撤回された
0 %
企業側により拒絶された/受け入れられなかった
100 %
合計 100%

20.4. 貴社が提出または共同提出したESGの株式決議で議案に採用された（撤回されなかった）ものに対する賛成票の割合を選択してください。

50%超
20〜50%
20%未満

20.5. 貴社が提出または共同提出したESG関連の株主決議で、結果が達成されたものについて説明してください。

LPPI co-filed a climate change related shareholder proposal intended for Exxon Mobil's 2019 AGM.  Our co-filing was in support of the asks made of the company by Climate Action 100+ lead investors.

The proposal called for the disclosure (within annual reporting from 2020) of short, medium, and long-term emissions reduction targets aligned with the Paris Agreement goal of limiting warming well below 2 degrees. 

The shareholder proposal was rejected by the company following a successful application for no action relief from the SEC and did not make it onto the ballot for the 2019 AGM.

LPPI supported all remaining votable climate-related resolutions at the Exxon 2019 AGM.

 

 

 

20.6. 貴社が他の投資家によって提出されたESG株主決議を審査するかどうかについて説明してください。

We routinely review the ESG resolutions filed by other investors where these make it onto the ballot to be voted at company meetings.

The review forms part of our decision-making on whether to give support to ESG focussed shareholder proposals at meetings where we hold votable shares.

 

20.7. 補足情報[任意] 

LEA 21. Examples of (proxy) voting activities

21.1. 報告年度に貴社またはサービスプロバイダーが実行した（委任状による）議決権行使の例を提供してください。

ESGトピック
Company leadership issues|Other governance
意思決定者
目的

LPPI sought to hold directors accountable for significant material weaknesses in company internal controls.  
対象範囲およびプロセス

LPPI voted against the re-election of the CFO and incumbent audit committee members at a Diversified Chemicals company due to material failures in internal controls relating to the construction of a new petrochemicals complex that led to substantial additional cost.
結果
ESGトピック
Executive Remuneration
意思決定者
目的

Executive remuneration incentives are well balanced between short- and long-term pay, incentivising performance against the company's key drivers for long-term success.
対象範囲およびプロセス

LPPI voted against 19% of management proposed resolutions on remuneration and supported 57% of shareholder resolutions relating to remuneration in 2019.

Example

LPPI voted against a resolution on the implementation of the remuneration policy at an industrial conglomerate.

The CEO received a significant increase to fixed pay without sufficient explanation, during a handover period to the CEO-designate.
結果
ESGトピック
Human rights
意思決定者
目的

Companies place adequate focus upon identifying and addressing adverse human rights impacts in their operations and supply chains.
対象範囲およびプロセス

In 2019, LPPI supported 85% of shareholder resolutions related to improving corporate action on human rights issues.

Each resolution was evaluated on its merits, case-by-case.

Example

At an apparel retailer, greater transparency was sought on the company's processes for identifying and assessing human rights risks in its operations and supply chain. LPPI supported a resolution seeking better and more detailed disclosure of the information needed by shareholders to gauge how well the company is managing human rights related risks.
結果
ESGトピック
Diversity
意思決定者
目的

Diversity within management, the Board and workforce can have a positive effect on long-term value creation and reduce the likelihood of litigation resulting from discrimination affecting the company's bottom line and reputation.

Where it can be provided without undue burden to the company, reasonable disclosure of information on diversity characteristics and activities underway to promote and ensure diversity are of value to shareholders. 
対象範囲およびプロセス

In 2019 LPPI supported 83% of shareholder resolutions relating to diversity and voted against management in 25 instances where board nominations failed to address an inadequacy in board diversity.

Example

LPPI supported a resolution at an electronic components manufacturer requesting the company to provide enhanced reporting on its diversity policies. Whilst the vote failed to pass by a slim margin, the company subsequently published the requested report.

 
結果
ESGトピック
Climate Change
意思決定者
目的

Climate change poses significant financial risks to companies globally. The production and disclosure of metrics on operational carbon intensity and on targets for future greenhouse gas emissions reductions are needed by shareholders as a basis for assessing the effectiveness of the Board's governance of climate change risk management.
対象範囲およびプロセス

LPPI supported 77% of climate-related resolutions in 2019.

Examples

At an industrial machinery manufacturer, LPPI supported a resolution to adopt a policy on the adoption of time-bound, quantitative emissions reductions targets.

At energy companies, LPPI supported resolutions to

  • set and publish greenhouse gas emissions reduction targets
  • report on mitigating the health and climate impacts of coal use
  • report on plans to reduce carbon footprints and align with Paris Agreement goals
  • Approve reduction targets for future fossil fuel exposure 
結果

21.2. 補足情報[任意]

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