During the reporting year, Bloomberg Global Retirement Plans' investment consultant completed stewardship reviews of its equity and target-date fund investment managers. The reviews captured historical proxy vote analysis on executive compensation, climate change, and diversity and inclusion.
During 2019, in collaboration with its investment consultant, Bloomberg conducted more detailed stewardship monitoring activities, which entailed gathering data from investment managers related to their direct engagement with companies. This activity was intended to assess transparency and disclosure standards in addition to the capabilities of managers related to direct engagements.
Findings showed that some managers in Bloomberg’s plans were forthcoming regarding their engagements and open to sharing with an investor. Others, however, were either reluctant or were unsure regarding internal guidelines around sharing this request. One manager, in particular, went through extensive discussions with upper management to determine their protocol regarding direct engagement disclosure, which Mercer indicated was an indication of a successful effort on Bloomberg’s part to promote transparency in stewardship activities.