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Pensioenfonds PNO Media

PRI reporting framework 2020

You are in Direct - Listed Equity Active Ownership » Outputs and outcomes


LEA 09. Number of companies engaged with, intensity of engagement and effort


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。

対話回数 1回
対話回数 2 ~ 3回
対話回数 4回以上

09.4. 報告年度のサービスプロバイダーのエンゲージメントの中で、貴社がある程度関与した割合を記載してください。



09.5. 補足情報 [任意]

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。


          Attending shareholder meetings

10.2. 補足情報 [任意]

Our response to LEA 10.1 includes engagements carried out by our service provider Hermes EOS.

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。

Climate Change

EOS has pressed companies to set science-based targets, conduct climate-risk stress tests, and make enhanced disclosures. It has also asked companies to link executive pay to the achievement of climate change outcomes, and to ensure they do not lobby policymakers or regulators to hinder the achievement of the Paris Agreement goals. In 2019, EOS continued to participate in collaborative investor initiative Climate Action 100+, which targets over 100 of the world’s largest corporate greenhouse gas emitters. The aim is to curb emissions, strengthen climate-related financial disclosures, and improve governance on climate change risk and opportunities. The ultimate goal is to help limit global warming to less than 2°C, consistent with the Paris Agreement.


EOS took an active role as lead or co-lead engager for 27 companies in this initiative, which has attracted over 370 investors with over $35 trillion under management. In 2019 EOS attended six annual shareholder meetings to promote action on the climate crisis – a mining company, an oil major, a utility, and three car manufacturers.
EOS also helped to co-ordinate the work of the Institutional Investors Group on Climate Change’s shareholder resolutions sub-group, identifying companies that could be potential targets for climate change-related resolutions, and the utilities sector sub-group, formulating and co-ordinating engagement strategies for the sector.

Labour practices and supply chain management

EOS engages on critical human rights issues including eradicating forced labour and child labour in supply chains. Many companies rely on global supply chains to access labour in low-cost regions, but the fragmented and opaque nature of these chains heightens the risk of human rights abuses. Traditional, announced audits may not uncover issues – more robust due diligence is needed. EOS engages with companies across five key areas: forced labour and modern slavery, child labour, living wages and purchasing practices, worker voice and gender-specific issues.


EOS engaged with a Malaysian palm oil company over several years following NGO and media reports in 2012 of poor labour conditions at the company’s plantations in Liberia and its suppliers in Indonesia. 2013 saw further allegations of poor labour conditions in its supply chain and EOS urged it to provide clarity on how it was investigating and assessing the steps taken to avoid similar issues in the future. EOS continued to raise these concerns in further calls and correspondence over several years, during which the company appeared to be responding positively to consider improved disclosure and stakeholder outreach. During a call in 2017 the company committed to disclosing its migrant worker management process in its sustainability report – a significant improvement on transparency. In 2018 EOS asked the company to align its labour standards programme and move to industry best practices by reporting in line with the UN Guiding Principles on Business and Human Rights. EOS reiterated this request during calls in 2019 with the head of sustainability.


Despite plenty of evidence that diversity improves company performance, progress has been slower than hoped for in many parts of the world. EOS seeks balanced boards at companies – composed of directors with technical skills aligned with the strategic needs and direction of the company and a diversity of perspectives. This may include across gender, age, ethnicity, nationality, background, skills and experience, to improve decision-making and avoid groupthink. Getting the board right is often the first step towards addressing social or environmental issues to which the company may be exposed, which is why it is a significant feature in EOS’s engagement.


EOS engaged with an Asian company where the board was composed entirely of Korean men, indicating an absence of diversity in gender and international experience, despite the company’s global operations. In addition, three out of the five independent directors were university academics, while another was a lawyer and former prosecutor, signalling a lack of relevant industry experience among them. In a group investor meeting with the combined CEO and chair, plus two independent directors, EOS raised concerns about the composition and effectiveness of the company’s board. EOS explained that the lack of diversity and relevant skills could limit the board’s ability to oversee the complex and expanding nature of the business, particularly following diversification into new businesses, including a major acquisition.
In a later conference call, EOS gained some assurances that the board would consider adding new board directors with international experience to the top executive level. EOS had another constructive discussion about the role of the existing independent directors and suggested ways in which they could prove that they represent the long-term interests of minority shareholders. EOS requested more evidence that the independent directors are working to influence the board and hold its executives to account.


11.2. 補足情報[任意]