IPF årsrapport 2018 (eng) - Flipbook - Side 15
_____________
13
Dialogue by topic
21%
Exercising voting rights (distribution of cases
where voting was against the sitting board of
directors or IP abstained from voting)
20%
43
19%
39%
130
116
Environment/climate
122
Social aspects*
Corporate governance
Strategy, risk management &
reporting
* Social aspects include aspects related to employees, human rights,
anti-corruption and bribery
Composition of the board of directors
Remuneration
Shareholder proposals
Other
In 2018, we engaged in dialogue with a number of
oil and gas companies on climate change and the
importance of supporting the Paris Agreement, as
well as with a number of mining companies on the
risk of negative impacts of extraction of minerals
such as cobalt on employee rights and on the
surrounding local community. Furthermore, we
engaged in dialogue – both on our own initiative
and through our cooperation partner, Hermes EOS
- with a number of large banks on the corruption
and fraud scandal related to dividend tax.
Furthermore, there has been dialogue about
increased transparency and better reporting for a
number of portfolio companies.
Exercising voting rights
Since Industriens Pension began to exercise voting
rights at the end of 2015, a voting practice has
gradually been implemented. In 2018, votes were
cast for the global portfolio, which is subject to
voting rights and which has the largest exposures,
corresponding to 288 companies, including all
Danish portfolio companies. We use external
collaboration partners to carry out the actual voting
in accordance with our voting policy. However, at
general meetings in Denmark, we decide on
proposals and cast the votes ourselves. In 2018, a
total of 3,989 proposals were voted on, and in 411
cases, we voted against the board of directors or
abstained from voting. In addition to voting,
Industriens Pension participated in selected Danish
general meetings in the course of the year, and in
one case, Industriens Pension made a
presentation.
Such presentations are published at the
Industriens Pension website.
DEVELOPMENT GOALS IN 2019
In 2019, focus on the climate risk in the portfolio
will continue, and in this context the analysis of the
portfolio’s climate and environmental footprint will
be repeated. Furthermore, there will be continued
focus on identifying investments in green energy
technology which also yield an attractive riskadjusted return.
Respect for human rights and employee rights,
anti-corruption and taxation will also continue to be
focus areas in 2019. Moreover, there are plans to
further strengthen active ownership and dialogue
on relevant ESG aspects with Danish portfolio
companies.
Increasing transparency about the work on
responsible investments continues to be an
ambition in 2019. Therefore, as a supplement to
this annual report, a corporate social responsibility
report will be drawn up. This report will describe
specific work on responsible investments and
active ownership, including with regard to climate,
human rights, employee rights, etc.