For PIRC engagement success is not about how many comfortable conversations we’ve had with a company. It’s about reducing ESG risks and delivering the changes clients demand. That’s why our specialist stewardship team is focused on building relationships with companies and boards based on effective dialogue and where necessary robust challenge.
Acting only for investors we ask the difficult questions. As we do not double up as investment advisors, we are unembarrassed to highlight and address ESG shortcomings at companies in which our clients have been advised to invest. Being focused solely on the stewardship needs of investors also enables PIRC to escalate issues where progress is too slow, including attending AGMs, filing resolutions and leading public campaigns.
PIRC’s effectiveness is furthered by its experience in engaging stakeholders. Doing so gives insights into actual situations, sharpens the asks made of boards and helps to push for changes within company practices.
And the bedrock of PIRC’s effectiveness are services tailored to the needs, ESG risks and issues that matter to individual clients. Because for PIRC one-size-fits all engagement packages will never deliver changes that are meaningful to the individual investor.
Voice offers clients a service dedicated to effecting change through company engagement. Our expert and committed team means PIRC can ask the right questions of companies and make the compelling case for change. Voice is focused on the issues that matter to clients, including on climate change and employment standards, and tailored to individual client’s responsible investment beliefs and holdings.
The service is unique in its focus on multistakeholder engagement, working with NGOs, trade unions and affected communities to understand issues and push for improvement in corporate practices. Through this approach the service has pioneered assertive engagements on tax transparency at major tech companies and was able to have a quick and strong engagement response to Covid-related risks.
Case study 02
PIRC is the research and engagement partner for the LAPFF which represents funds and investment pools that together hold £350 billion of AUM.
This bespoke service involves PIRC working with LAPFF to design an engagement programme focused on its ESG priorities, responsible investment beliefs and fund holdings. PIRC then supports LAPFF engage with company decision makers, including chairs and chief executives, on issues ranging from climate change, human rights, employment standards and board composition.
Through our focus on effective engagement PIRC has supported LAPFF deliver major changes to protect investment value of funds. This has included companies setting policies and plans on climate change, improving governance standards and independence within boards, reforms to responsible investment and accounting regulations and changes to company practices on human rights.
Case study 03
PIRC has worked with Northern LGPS to set out its responsible investment policies and used PIRC’s company research and analysis to identify stewardship risks and opportunities. These insights were used by PIRC to design in conjunction with Northern LGPS a stewardship strategy and programme of activities. These activities include PIRC undertaking company engagements, filing resolutions and engaging stakeholders. PIRC provides quarterly stewardship reports and regularly updates Northern LGPS in person to discuss, review and refine the stewardship approach to best meet their needs.