Responsible Investment Dashboard

Responsible investment dashboard

The dashboard shows key numbers and highlights Kempen’s exclusion & avoidance, ESG integration, and active ownership (voting and engagement) activities over 2020. 
43 companies are on the exclusion list due to their involvement with controversial weapons. We also avoid 114 tobacco companies and 30 companies avoided due to their involvement in significant controversies. 16 countries are on our exclusion list for government bonds based on EU and UN sanctions.

We applied our new Sustainability Spectrum1  scoring methodology  to 83 internally- and externally- managed funds, representing 24% of Kempen’s AUM. More about the results of the scoring can be found here.

Throughout 2020 we voted at 419 distinct company meetings, with 14% of our votes cast against management. We make use of ISS as a voting platform and votes are based on our custom voting policy2.

Figure 1: Responsible Investment Dashboard per end 2020

EXCLUSION LIST

tobacco list

avoidance list 


  1. We further developed this scoring and raised the minimum requirements for the funds to be able to qualify. Minimum requirements include compliance with OECD Responsible Business Conduct Guidelines such as comply or explain on investing in companies with the highest level of controversies. Furthermore, to be able to receive higher scores funds will need to have a climate policy and have portfolios with a best in class / inclusion policy.
  2. Our voting record can be seen here: https://vds.issgovernance.com/vds/#/NzcyMA==/
     
 

Summary of our voting activities

  • There were 280 meetings (64.37%) where we voted against at least one agenda item, or withheld / abstained on at least one point. 
  • We tend to abstain to give the management time to resolve an issue, but on the provision that we will vote against management in the future if no changes are implemented. 
Category Number Percentage
 Total number of votes  5429  
 Number of votes With Management  4679  86.2%
 Number of votes Against Management  763  14.1%
 Number of votes on Shareholder Proposals  145  2.5%
 Number of votes FOR shareholder proposals  71  1.3%

Of the 71, 8 related to corporate governance (including the gender pay gap), 10 required independent chairperson, 7 focused on climate change, 6 on social proposals, 13 on shareholder rights, and 9 related to political lobbying disclosure 

An overview of our most significant votes of 2020 can be found here. 

Analysis of vote against management

Figure 2: Voting per theme

Voting statistics over time 2018 - 2020

Table 1: Voting Statistics over time 2018-2020

Engagement & voting map

In 2020, we engaged directly with 116 companies on environmental, social and governance themes. Of these engagements, 82 were engagements for change carried out by our portfolio managers and responsible investment team. We also engaged with an additional 206 companies in collaboration with peers. 

We divide the dialogues with companies into ‘engagements for change’ and ‘engagements for awareness’. The engagements for change were focused mainly on environmental (45%) and governance issues (37%). We also engaged with 41 companies for awareness on general ESG issues, for the most part on governance and often around their AGM agenda items.
For more information about our engagement approach, please read here.

Figure 3: Engagement and Voting map

Direct engagements 2020 per theme in %

Direct engagements 2020 per theme in %  Engagements    
   Awareness Change Total
 Environment  10% 27% 37%
 Social  6% 12% 18%
 Governance 23%  22% 45%
 Total 39% 61% 100%