Responsible Investment Dashboard
Figure 1: Stewardship Dashboard Figures per end 2021
Voting at shareholder meetings of investee companies is a key tool of stewardship and active ownership. Throughout 2021 we voted at 437 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 policy1.
The dashboard shows key numbers and highlights Kempen’s exclusion & avoidance, ESG integration, and active ownership (voting and engagement) activities over 2021.
43 companies are on the exclusion list due to their involvement with controversial weapons. We also avoid 105 tobacco companies and 30 companies avoided due to their involvement in significant controversies.
We applied our new Sustainability Spectrum scoring methodology to over 380 internally- and externally- managed funds, representing more than 50% of Van Lanschot Kempen’s AUM.
1: Our voting record can be seen here
Summary of our voting activities
Figure 2: Meeting by sector 2021
- There were 298 meetings (66%) 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.
Table 1: Proposal overview 2021
In 2021 we voted against management on 56 out of the 102 shareholder proposals tabled at the general meetings. Of the 56, 5 related to corporate governance (including the gender pay gap), 5 required independent chairperson, 10 focused on climate change, 12 on social proposals, 19 on shareholder rights, and 5 related to political lobbying disclosure. An overview of our most significant votes of 2021 can be found in appendix I of this report.
Voting statistics over time 2019 - 2021
Table 2: Voting Statistics over time 2019-2021
Analysis of vote against management
Figure 3: Breakdown vote against management 2021
Engagement & voting map
In 2021, we engaged directly with 132 companies on environmental, social and governance themes through our core strategies. This represents a 47% of our equity holdings in terms of number of investees. Of these engagements, 90 were engagements for change carried out by our portfolio managers and sustainability team. We also engaged with an additional 204 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 (42%) and governance issues (39%). The ‘Our engagements’ section provides more information on this. We also engaged with 70 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.
Direct engagements 2021 per theme in %
Table 3: Direct engagement 2021 in %