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Dimensional Fund Advisors

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » Engagement


LEA 02. Reasoning for interaction on ESG issues


02.4. 補足情報[任意]

Dimensional engages with management and dissident groups. While regulatory concerns may impact our ability to act collectively with other investors, we will consider communicating with other investors (and may consider communicating with other stakeholders) in relation to specific portfolio companies when we believe that doing so is in the best interest of our clients, is likely to maximize the value of their investment, is consistent with our policies and guidelines and is permissible under applicable laws and regulations. If we believe that other investors have valid concerns, we may communicate with them to understand their concerns; this may help inform our view of company management.

LEA 03. Process for identifying and prioritising engagement activities


03.1. 貴社にはエンゲージメントを特定し、優先順位を付けるための正式な手順がありますか。



03.3. 補足情報 [任意]

When prioritizing engagements, Dimensional takes a holistic approach by considering a variety of factors, including a portfolio company’s overall governance profile, recent public ESG controversies, the collective holdings of Dimensional’s clients in the company, recent or upcoming proxy votes, and follow-ups from prior engagements.

LEA 04. Objectives for engagement activities


04.2. 補足情報 [任意]

LEA 05. Process for identifying and prioritising collaborative engagement


05.3. 補足情報[任意]

Dimensional tracks communication efforts with detailed notes on the discussion and any follow-up necessary. We monitor any changes that are implemented post-discussion.

LEA 06. Role in engagement process

06.1. エンゲージメントが不首尾に終わった場合のエスカレーション戦略があるか示してください。

06.2. 不首尾に終わったエンゲージメントの後に貴社が用いるエスカレーション戦略を示してください。

06.3. 補足情報 [任意]

Dimensional uses several escalation mechanisms in the event it has a concern about a portfolio company's corporate governance practices. If Dimensional has concerns that the corporate governance practices of a portfolio company are not consistent with our clients' best interests and the preservation of the value of their investments, we will vote accordingly and have often dissented from the recommendations of management on proxy matters. As Dimensional's clients together can constitute a large shareholding, we believe that our votes have a voice that portfolio company boards and management are sensitive to.

If negative corporate governance practices persist following the exercise of proxy voting in accordance with Dimensional's Proxy Voting Policies and Guidelines, our Investment Stewardship Group may follow up directly with management or the company board to ensure that the company understands the importance we place on good corporate governance. 

Another method of escalation is that if we think that the actions of the directors of a portfolio company are not in the best interests of shareholders, we may decide to vote against those directors that lost our trust not only in any proxy for the portfolio company but also in any election for directors at any other company they are, or may attempt to be, directors. We then communicate this decision to the portfolio company and its board.

Separately, we also escalate directly through letter campaigns directed to portfolio companies on specific corporate stewardship concerns. In general, our priority is to escalate in situations where we believe a conflict of interest exists between management and shareholders.

On a broader scale, we escalate general governance matters through our participation at industry conferences sponsored by the Council of Institutional Investors, the Harvard Corporate Governance Roundtable, and International Corporate Governance Network, among others. We believe this platform allows our voice to be heard in a broader manner and may have more impact at an industry level.

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

07.1. 貴社のエンゲージメントから得た知見を投資意思決定者と共有しているか示してください。



07.2. エンゲージメントにより得た情報および知見を投資意思決定者と確実に共有するために用いている慣行を示してください。

          News check process (see 7.4 for full description)

07.3. 貴社のエンゲージメントから得た知見を顧客/受益者と共有しているか示してください。


07.4. 補足情報[任意]

Dimensional’s Investment Stewardship Group works closely with portfolio management on daily newschecks to identify companies that may be potential candidates for engagement.  After engagements, the Investment Stewardship Group reports back to Portfolio Management on the outcome of the engagement. In addition, the Investment Stewardship Group collaborates closely with portfolio managers on corporate action matters involving relevant corporate actions (e.g. mergers). 

LEA 08. Tracking number of engagements

08.1. 貴社がエンゲージメントの数を追跡しているかどうかを記載してください。


08.2. 補足情報[任意]