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Capital Group

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。 We did not complete any engagements in the reporting year.
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

401
21.1
協働的なエンゲージメント

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%

09.5. 補足情報 [任意]

We hold in excess of 1900 listed businesses. Our investment professionals engage with these issuers every year, it is a fundamental part of our investment philosophy making thousands of company visits around the world each year. We meet and assess the quality of management, analyse the company's financial strength, its resources, its products and the services it provides and we will also meet the company's competitors. It's not uncommon for our investment analysts to know several generations of management teams at the companies they cover.

Our investment professionals are responsible for these engagements and they are supported by the global Governance and Proxy team and ESG team.

 


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]

At Capital Group, our investment professionals invest a significant amount of time analysing the sustainability of a company's business model. As part of the broad due diligence activities we conduct with management, which range from calls with company board members and senior management to in-person visits to company operations, we place emphasis on ESG-related factors, without separating ESG into a different category of fundamental research.  


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
Executive Remuneration|Climate Change|Company leadership issues|General ESG
実行者
目標

To communicate to the company representatives that the company should consider utilising an ESG metric as part of remuneration practices to help demonstrate commitment to the long-term business plan

対象範囲およびプロセス

We met with the management team of a French beverage company to provide feedback on the remuneration policy for the company. In the CEO’s long-term incentive plan, one of the legacy KPIs was no longer relevant. We suggested including an ESG metric such as carbon or water reduction as a replacement. This kind of interaction was welcomed by the company as it values shareholder engagement and considers ESG to be an essential element for the long-term health of the business.The feedback was well received, and the company now has a dedicated ESG metric as part of its long-term incentive plan.

結果
ESGトピック
Climate Change|Company leadership issues|General ESG
実行者
目標

To communicate the need for ESG consideration when looking at the company's long term strategy

対象範囲およびプロセス

We met with the Board of a diversified resources company, which currently generates nearly half of its revenue from steel-making coal, to present an investor's perspective. Our presentation included an emphasis on ESG considerations as a way of triggering a conversation on scope-3 carbon emissions and encouraging the company to put the coal business into "run-off" mode, to avoid more extreme scenarios like forced divestment. Soon after, the board faced a decision about a new coal mine, and chose not to invest.

結果
ESGトピック
Company leadership issues|Sustainability reporting|Other governance|Other

具体的に記入してください

          
        
実行者
目標

To encourage higher dividends and a more independent board

対象範囲およびプロセス

In a recent meeting with the CEO and CFO of a Japanese steelmaker, our analyst and portfolio manager expressed their views that the combination of cash hoarding, a lack of investor relations efforts, poor transparency, and a shortage of documents in English makes it difficult for investors to even hear about the company, let alone become interested enough to invest. They also encouraged the company to appoint more external directors.

Less than two months after the meeting, the company announced that it had increased the previously disclosed final dividend for the 2018 financial year from JPY 25 per share to JPY 40 per share, and had also doubled the 2019 dividend estimate to JPY 100. At its June shareholder meeting, the company also added a second external director to the board.

結果
ESGトピック
Executive Remuneration|Climate Change|Company leadership issues
実行者
目標

To encourage adoption of more carbon-efficient approaches

対象範囲およびプロセス

A global leader in building materials is a carbon-intensive business. Our equity analyst repeatedly emphasised the need for the company to introduce more carbon-efficient approaches. He met with the company’s chairman who outlined the company's commitment to reduce emissions in line with the 2˚C scenario. It has revised targets for net carbon emissions to 520kg CO2 per tonne of cement by 2030, with an interim target of 560kg CO2 per tonne by 2022. These targets form part of the short-and long-term incentive plans for executives. The company also announced a CHF160 million investment to reduce its carbon footprint in Europe and has appointed its first Chief Sustainability Officer.

結果
ESGトピック
Climate Change|Company leadership issues
実行者
目標

 

To discuss succession planning and coal exposure

 

対象範囲およびプロセス

Our analyst met with the chairman of a global commodities producer and trader. The discussion focused on succession planning and questions around its fossil-fuel business.

The management team is largely unchanged since the company listed in 2011, so the recent senior retirements could present an opportunity to build a governance structure that is optimally designed for long-term strategic decision making. Our analyst was keen to discuss how the leadership structure at the company might evolve.

He also talked about the company’s coal exposure as there is an imperative to reduce carbon emissions. Coal is seen as the easiest fossil fuel to replace with cleaner alternatives and the company has set limits for future coal production. The analyst was interested in getting more colour beyond simple targets to help build a better understanding of how the coal business will fit into the overall company’s future plans. He questioned them further about the strategic future for this business, and their position on options such as selling low value assets or gradually running down capacity –other than to maintain safety and operating standards –without reinvesting.

結果

11.2. 補足情報[任意]


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