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National Employment Savings Trust (NEST)

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

02.2. Indicate whether your organisation plays a role in the engagement process that your service provider conducts.

02.3. Indicate the role(s) you play in engagements that your service provider conducts on your behalf.

02.4. Additional information. [Optional]

We are working collaboratively with one of our managers on cyber security engagement.


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

Service-provider engagements

Service-provider 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
Service-provider engagements

04.2. Additional information. [Optional]

We provide our fund managers with an understanding of the key topics and themes that are important to us. We trust them to set the right objectives and we regularly have discussions to monitor their performance on the objectives they have set.


LEA 05. Process for identifying and prioritising collaborative engagement

Indicate whether you monitor and/or review engagement outcomes.
Individual / Internal staff engagements
Collaborative engagements
Service-provider 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
Service-provider engagements

05.3. Additional information. [Optional]

We have established a system for recording interactions with companies and policy makers, with clearly set out objectives and milestones. This allows us to keep track of our progress and to incorporate such information in our ESG database.


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]

The objective of our engagement is to access information, further understanding, develop key relations and seek to influence and create change. We’ll always look to conduct dialogue in an amicable and constructive way. We believe building and maintaining the right relationships with our investee companies can be key to being able to convert engagement into successful outcomes.

Where we feel we’re not making progress with a company board, we can involve our peers and engage collaboratively. We’d do this with other pension funds, our fund managers and our responsible ownership partner. We may also raise the issue with regulators who may be able to take a different approach on addressing the issue. If we can’t reach a successful outcome, we may try to influence the way fund managers vote at that company’s Annual General Meeting. We also look to feed back good practice of other companies in the same sector to encourage change and action.

Before we communicate with a company, we’ll set out clearly what it is we’re trying to achieve. We’ll set out our reasons for getting in touch, and our expectations concerning what successful dialogue might look like.

We don’t expect to achieve profound change straightaway. We’ll follow up several times with the company. We’ll request to meet different board or management representatives to see what progress has been made and how our comments and concerns have been considered.


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

Service-provider 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

Service-provider engagements

07.4. Additional information. [Optional]

We may write up notes/research and findings of our meetings either with companies or with other investors to discuss a particular issue and circulate them to interested parties including our fund managers and service providers.  

We encourage our fund managers to get involved in collaborative engagements to complement their own individual engagements. 

We publish details of select engagments every year in our RI annual report.  

 


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

Service-provider engagements

08.2. Additional information. [Optional]

We have put in place systems that allow us to record our interactions with companies, including specific objectives with milestone progress.


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