Shell’s Dutch pension fund engages with 117 companies

€15bn fund in dialogue on a range of issues

Stichting Shell Pensioenfonds, the €15bn scheme for the oil giant’s Dutch employees, engaged with 117 companies on corporate governance and responsible investment issues in the first three months of this year.
The fund says that its advisor Hermes Equity Ownership Services engaged on its behalf on board structure, executive remuneration, child labour, climatic change, controversial weapons, water control and corruption. The dialogue was with 68 companies in Europe, 16 in the Americas, 32 in Asia and one in Middle East/Africa. It did not name the firms involved.
In the first quarter the fund voted at the meetings of 406 companies, opposing resolutions at 126 on board structure, remuneration and succession planning.In the same period a year ago it engaged with 87 companies and opposed resolutions at 129 meetings out of 413.
The fund aims to vote in all companies in which it invests where possible. But it engages in dialogue with companies without seeking publicity and does not exercise shareholder rights at sponsor Royal Dutch Shell. It has been signatory to the UN Principles for Responsible Investment since 2008.
In February it named Garmt Louw as its new chairman, taking over from Kees Linse. Among other changes at the fund recently are a “redefined” arrangement with in-house asset manager SAMCo and a new investment committee. Link to report