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BT Financial Group

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » Engagement

エンゲージメント

LEA 02. Reasoning for interaction on ESG issues

エンゲージメントの方法および対話を行う理由を明示して下さい。
エンゲージメントの種類
対話を行う理由​
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント
サービスプロバイダーのエンゲージメント

02.2. サービスプロバイダーが行うエンゲージメントプロセスにおいて、貴社が果たす役割があるか示してください。

02.3. 貴社のためにサービスプロバイダーが行うエンゲージメントにおいて貴社が果たす役割を示してください。

02.4. 補足情報[任意]

BT has three approaches to engagement:

1. Engagement service providers being Regnan (Australia) and EOS at Federated Hermes (Global).

2. Engagement undertaken by underlying investment managers.

3. Collaborative engagement efforts, such as the Climate Action 100+.

At times, we may individually engage with companies. This scenario did not arise in the reporting period (2019).

Regnan's engagement program involves a client approval process which provides the opportunity to discuss and provide feedback on each of the items above. Engagement plans are developed with client input on the companies selected, relative priorities within the program and change objectives. In addition to monthly reporting, quarterly meetings are offered to discuss recent and upcoming engagements, including frequency/intensity and next steps for engagement.

EOS at Federated Hermes offers quarterly service review meetings and opportunities to feed into the engagement selection process as well as ad-hoc engagement progress discussions and direct participation in engagements where appropriate at client request.


LEA 03. Process for identifying and prioritising engagement activities

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

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。

各エンゲージメント種別の特定および優先順位付けに用いる基準を示してください。
エンゲージメント種別
エンゲージメントの特定/優先順位付けに用いる基準
単独/貴社内のスタッフのエンゲージメント

単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

協働的なエンゲージメント

サービスプロバイダーのエンゲージメント

サービスプロバイダーのエンゲージメント

その他(具体的に説明してください)

          Our service provider EOS at Federated Hermes further considers the additionality of its engagement, the feasibility of engagement and its potential impact (voting rights).
        

03.3. 補足情報 [任意]

Regnan prioritises engagement via a formal process that involves internal prioritisation, and approval of this by clients. Its prioritisation process is based on three primary factors:
1. The value at risk for the company from E S and G issues (and conversely the upside potential from change) based on in-house research focused on the gap between a company's ESG exposure and its response to it.
2. The extent to which clients are exposed to the company, using a combination of client data where available and market capitalisation used as a proxy for portfolio weight.
3. The additionality of impact when engaging on an issue that already receives widespread attention (i.e. consideration as to whether engagement is likely to be additive).

Where sensitivities arise, for instance due to contentious proxy voting matters or divestment pressures, elements of the existing plan may be elevated in relative priority, or additional companies may be added, however is does not typically considered in the initial plan development unless the other criteria are present. In these instances, additional information may also be provided to assist clients in preparing for meeting, and/or responses to, interested parties.


LEA 04. Objectives for engagement activities

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。
貴社のエンゲージメント活動に対して明確な目的を定義しているか示してください。
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント
サービスプロバイダーのエンゲージメント

04.2. 補足情報 [任意]

Objectives are set for all Regnan engagements – both at a high level (within the engagement plan) and at an engagement level, with objectives tailored for specific meetings/letters. 

Our service provider EOS at Federated Hermes conducts engagements using specific milestone-driven objectives for most companies in its engagement programme.


LEA 05. Process for identifying and prioritising collaborative engagement

エンゲージメントの成果についてモニタリングまたは検討を行っているか示してください。
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント
サービスプロバイダーのエンゲージメント
エンゲージメント活動の進捗状況のモニタリングまたは検討を行うため、以下を行っているか示してください。
協働的なエンゲージメント
サービスプロバイダーのエンゲージメント

05.3. 補足情報[任意]

For Regnan's engagement activities, next steps are planned at the end of each engagement based on an assessment of progress against change objectives. Disclosures are also formally reviewed twice a year for public (verifiable) evidence of progress against objectives. Revisions are made throughout the program, consistent with current progress (or lack thereof). The overall program is formally reviewed and mandates re-issued for client review/approval approximately every two years. Internal checks are in place to ensure data accuracy and supporting documents are provided to clients upon request to support external validation requirements.


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]

Where engagement fails to result in the necessary changes, options for escalation as detailed in Regnan's engagement guide explicitly include:                                                                                                                                            
- Discussing the concerns with non-client investors, Regnan peers, substantial fund managers and relevant other stakeholders
- Providing guidance to clients on voting matters relevant to engagement priorities
- Recommending that clients ensure that the unaddressed risks are adequately priced into investment decisions
- Proposing a resolution at the company's AGM or EGM
- Suggesting clients consider excising the stock from their portfolios

Furthmore, our service provide EOS at Federated Hermes continually reviews the progress of its engagements and considers whether to intensify efforts and escalate the engagement or discontinue the objectives as the situation demands. Our service provider keeps us informed of the progrress through quarterly reporting as well as a client portal.


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。

エンゲージメントの種類

共有する考察
単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

サービスプロバイダーのエンゲージメント

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。

          Discussing areas of our service-providers' engagement programme or company-specific insights with our internal investment team and external investment managers.
        

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。

エンゲージメントの種類
共有する考察
単独/貴社内のスタッフのエンゲージメント
協働的なエンゲージメント
サービスプロバイダーのエンゲージメント

07.4. 補足情報[任意]

We actively monitor and review the activities of our service providers Regnan and EOS at Federated Hermes through quarterly calls and regular reports. EOS at Federated Hermes provides a client facing portal which allows us to refer to the full history of engagement with each company and track progress.

We provide customers with quarterly and annual service provider engagement reporting through our websites: www.bt.com.au/sustainability and www.advance.com.au


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。

エンゲージメントの種類
エンゲージメントの追跡
単独/貴社内のスタッフのエンゲージメント

協働的なエンゲージメント

サービスプロバイダーのエンゲージメント

08.2. 補足情報[任意]

Regnan and EOS' regular reporting provides full disclosure on the number of engagements conducted on our behalf.

Regnan provides monthly and annual reports on the volume of activity and progress observed.

We also monitor the engagements undertaken by our investment managers through an annual questionnaire, noting that tracking the aggregate number of manager engagements is more difficult due to possible overlap in companies engaged.


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