Global Stewardship Forum Agenda

Tuesday, 26 November
08.30 - 09.00
Delegate Registration
Latest Updates to the UK Stewardship Code
Evidencing company engagement outcomes

Many markets are turning attention towards the impact of stewardship activities on long-term corporate value through purposeful engagement.  The UK FRC is proposing disclosure of an ‘Annual Activities and Outcomes Report’ which could include case study examples of actual engagements, description of monitoring activities, voting records and decisions. How will this be adopted in practice? Is there an optimal engagement approach? How should successes – and failures – be evidenced and subject to what degree of public disclosure?

Networking Refreshments
Aligning asset manager incentives with performance

This year, the EU Shareholder Rights Directive comes into effect requiring asset owners to disclose how their equity investment strategy is consistent with the profile and duration of their liabilities. This includes how they incentivise asset managers and how they make investment decisions based on financial and non-financial performance. What are leaders of investment institutions doing to ensure this is adopted in practice? Are asset owners adequately communicating their stewardship expectations to their managers? How is stewardship performance monitored and measured to align incentives with investment strategies and stewardship obligations?

11:50 – 12:10
ICGN Global Stewardship Principles – Public Comment Session

ICGN welcomes comments from delegates regarding latest changes to our Principles. Recent innovations include new recommendations on (1) capital allocation, (2) vote-decision making and accountability and (3) protections to shareholder rights given the rise in dual class share structures in some markets.

12.10 -12.30
A corporate perspective

The evolving nature of engagement with investors from a corporate perspective. A practical insight into the different challenges that corporates face from board and management support, siloed work processes and practices, market uncertainties, changing drivers of value to a look at some of the innovations in communications and engagement beginning to emerge. Discussion around the key themes of building trust with investors and wider stakeholders  that are exercising the minds of corporates. Thoughts on how investors can help companies help them get the most from stewardship.

Networking Lunch
Shareholder Rights Directive – It’s time to act hosted by Broadridge

The updated Shareholder Rights Directive (SRD II) will have a significant global impact and with the final deadline fast approaching, the time to prepare for compliance is now. Join Broadridge experts to explore the impact of the regulation, including the new requirements to offer enhanced proxy voting services and to disclose the identity of shareholders.

Case Study: ExxonMobil Engagement on Climate Change Disclosure - the power of firmly exercised stewardship

In 2017, in response to a collaborative investor engagement effort led by Edward Mason, ExxonMobil (reluctantly) published information on how it’s business model would be affected by global efforts to address energy demand and climate change. Over 60% of shareholders supported an AGM resolution to demand this disclosure despite opposition from the company. In this session, Edward will describe how he garnered peer support for the collaborative engagement approach leading up to the resolution and ultimate adoption by the company and the oil and gas industry as a whole.

Networking Refreshments
Strengthening investor voting policies and rationale

 Stewardship Codes around the world require disclosure of voting policies and actual voting results. Attention is now focusing on vote rationale and decision-making processes. To what extent do investors provide adequate vote disclosure? Do policies and practices differ depending on the nature of the resolution, geography or scale of holdings? How practical is it for investors to explain their voting decisions to companies ahead of AGMs? Do investors adequately disclose the extent to which they use proxy advisor research and the degree to which any recommendations are followed?

Closing Remarks