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Norwegian Government Pension Fund Norway (Norwegian Ministry of Finance and Folketrygdfondet)

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]


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]


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]


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]


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]

Folketrygdfondet has undertaken each of the above measures previously, depending on the circumstances of the specific case. The specific tactic chosen will depend on the problem and the nature of Folketrygdfondet's investment.


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

07.1. Indicate whether insights gained from your organisation`s engagements are shared with investment decision-makers.

Type of engagement

Insights shared

Individual / Internal staff engagements

Collaborative engagements

07.2. Indicate the practices used to ensure that information and insights gained through engagements are shared with investment decision-makers.

07.3. Indicate whether insights gained from your organisation’s engagements are shared with your clients/beneficiaries.

Type of engagement

Insights shared

Individual/Internal staff engagements

Collaborative engagements

07.4. Additional information. [Optional]

Each portfolio manager is responsible for leading the dialogue with the companies s/he covers, in collaboration with the director of equities and the dedicated ESG resource. Folketrygdfondet undertakes a biannual review of the equity portfolio to plan which companies to contact in the coming half-year, and any particular topics for that dialogue in addition to a general market update. In advance of all meetings with Norwegian companies, Folketrygdfondet reviews the agenda to ensure that relevant questions related to ESG are included in the agenda. As a result, a meeting with the CEO can include a discussion of both the company's financial targets and capital structure as well as labor rights in its supply chain. If there is a need for a more in-depth discussion on a particular ESG issue, we arrange for a meeting with the relevant company specialist. Notes from the meetings are shared on a joint platform, and we discuss insights gained from this dialogue in portfolio meetings.

In our experience, this model demonstrates that Folketrygdfondet has a single, aligned view on ESG, and that it is integrated in our investment philosophy.

We do not publish company-specific information from our engagements. Folketrygdfondet primarily seeks a trusting dialogue with portfolio companies. In our experience, this has produced the best results over time. Public criticism of, or disagreement with the companies is therefore not a goal in itself. However, if we are unable to reach agreement with the company, we will make our standpoint clear, publicly as well. 

 


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]

We report the number of companies with which we engaged in dialogue, as well as the engagement theme, in our annual ownership report: http://www.folketrygdfondet.no/responsible-investment/category388.html


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