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Alberta Investment Management Corporation

PRI reporting framework 2020

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Outputs and outcomes

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

Indicate the proportion of companies in your listed equities portfolio with which your organisation engaged during the reporting year.
We did not complete any engagements in the reporting year.

Number of companies engaged

(avoid double counting, see explanatory notes)

Proportion of companies engaged with, out of total listed equities portfolio

Individual / Internal staff engagements

238
47

Collaborative engagements

16
3
Service-provider engagements
32
11

09.2. Indicate the breakdown of engagements conducted within the reporting year by the number of interactions (including interactions made on your behalf).

No. of interactions with a company
% of engagements
One interaction
2 to 3 interactions
More than 3 interactions
Total
100%

09.3. Indicate the percentage of your collaborative engagements in which you were the leading organisation during the reporting year.

Type of engagement

% leading role
  Collaborative engagements

09.4. Indicate the percentage of your service-provider engagements in which you had some involvement during the reporting year.

Type of engagement

% of engagements with some involvement
Service-provider engagements

09.5. Additional information. [Optional]


LEA 10. Engagement methods

10.1. Indicate which of the following your engagement involved.

10.2. Additional information. [Optional]


LEA 11. Examples of ESG engagements

11.1. Provide examples of the engagements that your organisation or your service provider carried out during the reporting year.

ESG Topic
Climate Change
Conducted by
Objectives

To encourage issuers to identify and mitigate climate change risk, while protecting proprietary information.

Scope and Process

Climate change has significant physical, regulatory and liability risks and is a potential source of competitive advantage for companies and investors. Climate resilient assets can achieve lower costs of capital and longer lifespans, offering investment opportunity and societal value. AIMCo, as part of the Climate Action 100+ investor group engages with investee companies on how to improve climate-related disclosures in line with the TCFD's Final Recommendations on climate-related financial disclosures. Disclosure of climate-related governance, strategy, risk and metrics will provide increasingly essential information for successful long-term investors.

Outcomes
ESG Topic
Human rights|Health and Safety|Labour practices and supply chain management
Conducted by
Objectives

To encourage issuers to actively work to uphold international supply chain standards and related international agreements respecting human rights in their supply chain.

Scope and Process

AIMCo continues to conduct engagements with investee companies regarding their health and safety and supply chain protocols. We proactively engage with issuers on poor disclosure of injury rates and safety protocols for workers. AIMCo continues to interact with investee companies who are members of the UK based Transition Accord, and Canadian members of Nirapon (formerly, the Alliance for Bangladesh Worker Safety), as well as presenting to the Retail Council of Canada on the topic. While both initiatives have achieved high factory remediation rates and promoted safety data sharing, there is a concern about how to facilitate a just transition. As part of this initiative, AIMCo has engaged with several investee companies who have improved their factory inspection, and evaluation processes, and who have improved related disclosures as a result.  

Outcomes
ESG Topic
Diversity
Conducted by
Objectives

AIMCo is a member of the 30% Club and is committed to promoting board gender diversity. AIMCo flags issuers we hold with zero women on board, which appeared to lack policies and processes to advance women to senior executive positions and to the board and did not appoint any female directors in the past two years. In 2018, AIMCo escalated the criteria to flag issuers with less than 20% women on board.

Scope and Process

AIMCo meets with chairs of the nominating committee in order to better understand their perspective on gender diversity, as well as any commitments the issuer has made to foster board and executive level diversity, and/or any recent or proposed revisions they have made to board nominating protocols.

Outcomes
ESG Topic
Executive Remuneration
Conducted by
Objectives

To exercise shareholder voice on executive compensation structure at the issuer, in order to promote the alignment of pay with performance, and signal to the board whether we approve or disapprove of the executive compensation structure instead of withholding votes from members of the compensation committee.

Scope and Process

Executive compensation plans should be designed to be aligned with shareholders' best interest. Allowing shareholders to have a say-on-pay enhances their rights and promotes corporate accountability and transparency of its pay structure. It also serves as a signal of overall level of shareholder support and of any substantial changes to that support, allowing boards of directors to respond in a timely, effective fashion to shareholders’ concerns.

In 2019, AIMCo co-filed three shareholder proposal requesting that three Canadian companies adopt an annual advisory vote on executive compensation. Two out of the three companies committed to adopting say-on-pay. One proposal went ahead to a vote at the Company's 2019 AGM.

Outcomes
ESG Topic
Cyber security
Conducted by
Objectives

To encourage issuers to identify and mitigate risks associated with data privacy and cybersecurity, while protecting proprietary information.

Scope and Process

Data is becoming one of the most important assets held by companies and is a significant driver of financial value in today’s economy. Recent high-profile data security breaches have occurred contributing to increased investor scrutiny of companies’ cybersecurity and data management protocols. Today, the question is not whether a firm’s data will be breached; but rather when and more importantly how the firm will respond and continue to manage a broad range of cyber risks.

A​IMCo proactively wrote to and followed up with 15 North American issuers in Q3, 2019 on the topic of data privacy & cybersecurity. Management and appropriate members of the Board were invited for dialogue in order to better understand data security policies and strategies as well as related disclosure protocols.

Outcomes

11.2. Additional information. [Optional]


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