RCM-engagementreport

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engagementreport Overview of all activities conducted by Raiffeisen KAG in implementation of its engagement policy

2020


Responsibility as an investor “Engagement” is a broad term that covers

As one of Austria’s leading asset managers,

corporate dialogue and the exercise of voting

Raiffeisen Kapitalanlage-Gesellschaft (Raiff-

rights. But it is also often simply used as a

eisen KAG) is conscious of its fiduciary re-

synonym for dialogue with companies. Corpo-

sponsibility to its customers. As part of this,

rate dialogue and the exercise of voting rights

it actively engages with companies in order

are intended to make use of all rights and op-

to best preserve its customers’ interests. En-

portunities that a shareholder has in respect

gagement can serve different purposes: on

of a company in which he has invested. This

the one hand, it is used for a more careful

is called “active ownership”. Engagement can

assessment of companies’ financial situation

take the form of informal conversations, often

and development. This provides a look behind

called “soft engagement”, standardised dia-

the scenes, so to speak. On the other hand,

logues, or the use of formal channels by way

in conjunction with a proactive approach, en-

of voting at annual general meetings. Which

gagement on ESG issues helps companies

specific form of engagement is most likely to

move towards improvement in corporate soci-

lead to success depends on the particular si-

al responsibility (CSR) and sustainability. For

tuation. If soft engagement and mere dialogue

the company and ultimately for the owners as

do not bear fruit, investors still have the option

well, this improvement should lead to “sustai-

of having a public effect on the company by

nable” benefits, which are reflected over the

exercising their voting rights and speaking at

long term in better operating results.

the annual general meeting. In terms of corporate dialogue, Raiffeisen KAG makes a distinction between proactive engagement and responsive engagement. Proactive, constructive dialogue with companies serves to identify potential financial and non-financial opportunities and risks, and addressing current events in a targeted manner

“Engagement” is a broad term that covers corporate dialogue and the exercise of voting rights.

via responsive dialogue allows for an accurate assessment of the company in the context of its environment and potential risks. The exercise of shareholders’ voting rights occurs either directly or indirectly via proxy. Raiffeisen KAG acts according to internal principles which are based on a transparent, sustainable corporate governance policy and cover significant topics that regularly arise at annual general meetings.

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Raiffeisen Capital Management


Dieter Aigner Member of the Management Board

Rainer Schnabl Chief Executive Officer

Michal Kustra Member of the Management Board

Proactive, constructive dialogue with companies serves to identify potential opportunities and risks.

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Corporate dialogue » In addition to primary and secondary

Fundamentally speaking, Raiffeisen KAG distinguishes between three forms of corporate dialogue:

research, Raiffeisen KAG uses corporate dialogue to get a clearer picture of

the financial situation of companies and

a)

to ascertain to what extent ESG aspects

Direct corporate dialogue in the form of individual conversations or group meetings, with a focus on the company and its specific efforts in ESG issues.

are taken into account in the company. Corporate dialogue can take the form of direct and indirect contact, company visits, conferences, and conference calls.

b)

Direct corporate dialogue as part of thematic or sectoral research,

c)

Direct and indirect corporate dialogue are part of the collaborative

Corporate dialogue plays a particularly

with a focus on the theme or sector-specific ESG factors.

important role in the context of sustainability. This is often initiated on the basis of relevant current topics such as electromobility, palm oil, and microplastic. In such cases, Raiffeisen KAG takes a thematic approach to several companies from the same sector so as to be able to compare the engagement results.

engagement process, in the course of which we work together with other ESG-minded investors and broadly address a certain thematic area of focus. Generally, the relevant topics are defined by the PRI and its initiatives for collaborative engagement. In this process, a company can function as the “Lead Investor” or as a “Supporting Investor”. Lead Investors prepare the corporate dialogue in detail and arrange contacts with companies; Supporting Investors are integrated into the dialogue and also support the process with content to some extent.

The results of engagement in various different topics are published regularly in the NACHHALTIG INVESTIEREN sustainability newsletters.

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Raiffeisen Capital Management


Corporate dialogue activities conducted by Raiffeisen KAG in 2020:

Individual conversations 86

Total Focus

86

Fundamental aspects Environment

32

Social aspects Corporate governance

24 17

Group meetings

Focus

Total

422

Fundamental aspects

422

Environment

82

Social aspects

83

Corporate governance

45

Thematic research Total Focus

27

Fundamental aspects Environment Social aspects Corporate governance 0

27 20 20

Impact research

Focus

Total Fundamental aspects 0

63 63

Environment Social aspects

63

Corporate governance

63

Collaborative corporate dialogue Total Focus

43

Fundamental aspects

43

Environment

43

Social aspects Corporate governance

43 25

Note: Topics from multiple areas can be discussed at the same time during a single corporate dialogue meeting.

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Some examples of our activities:

Ence Energia y Celulosa SA Individual conversation

Ence is a Spanish company that produces pulp

wood and biomass needs from certified sus-

from eucalyptus and generates energy from

tainable sources. The company also commu-

renewable sources. Due to the coronavirus,

nicated clear goals with regard to its carbon

there were major changes with regard to con-

emissions. Specifically, it aims to reduce its

sumption in 2020. The demand for materials

scope 1 and 2 emissions by 25% by 2025.

for hygiene products was positively affected, while the demand for printing and writing

Conclusion: The company’s financial position

paper weakened. Apart from this, the company

is very stable, but we see a risk pertaining to

is still highly dependent on pulp prices. From

the approval for the production facility in Pon-

an ESG perspective, Ence plans to invest in

tevedra. From an ESG perspective, we see

renewable energy to a higher degree in the

the development and goals of the company

coming years. The company currently genera-

as positive.

tes electricity using biomass and solar power. Ence strives to purchase nearly 100% of its

Kemira Oyj Individual conversation

The Finnish chemicals company Kemira gene-

wants to improve its sustainability on an ongo-

rates its revenue in the segments of Pulp &

ing basis through clearly defined goals. For

Paper – including the production of chemicals

example, it aims to generate at least 50% of

for the entire value chain of the pulp and paper

its revenue with products that help customers

industry – and Industry & Water, which involves

use resources more efficiently. In addition, it

the use of chemicals for the purification of drin-

strives to reduce scope 1 and 2 greenhouse

king water and the treatment of waste water as

gas emissions by 30% by 2030 and reduce

well as products that are used in the oil and

the number of occupational accidents to zero.

gas industry. In particular, we spoke about the company’s sustainability performance and

Conclusion: Kemira has made major progress

goals in this area. Kemira’s concept is based

with regard to sustainability in recent years.

on three pillars: sustainable products and

However, the activities in the oil and gas indus-

solutions, responsible production processes

try, which the company does not currently plan

and supply chains, and responsible conduct

to discontinue, tarnish its image.

on the part of its employees. The company

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HCL Technologies Ltd. Group meeting

We spoke extensively with the Indian techno-

hand, HCL acknowledged our point that it has

logy and consulting company HCL Technolo-

higher employee turnover than other leading

gies twice in 2020: with CFO Prateek Aggarwal

companies in the industry. In this context, the

in February and with CEO C Vijayakumar in

company explained that it plans to offer more

November. Particularly during the second

internal training courses and opportunities for

meeting, it became clear how much of a

further development in order to increase emp-

boon the growing trend towards digitalisation

loyee loyalty.

caused by the pandemic is for the company, whose strengths include artificial intelligence,

Conclusion: HCL Technologies is an excel-

cloud computing, and automation. ESG-rela-

lently managed company in an industry expe-

ted topics were also main points of discus-

riencing above-average growth. At the same

sion. On one hand, the management noted that

time, a great deal of emphasis is placed on

the company was added to Forbes’ list of the

ESG aspects.

50 best employers in the world. On the other

SM Investments Corporation Group meeting

SM Investments is a Philippine conglomerate

general population. On the one hand, all emp-

that operates in the sectors of retail, real estate

loyees received their full wages, even during

development, banking, and tourism. We met

the lockdowns. On the other, BDO offered all

online with SM Investments in April and Sep-

borrowers impacted by COVID-19 a six-month

tember 2020 and conducted extensive discus-

moratorium on loan payments instead of the

sions. The individual business segments are

legally required period of three months. In

reacting very differently to the lockdowns and

addition, SM was among the companies that

restrictions caused by the pandemic. While the

provided medical equipment to hospitals.

banking subsidiary (BDO) reports an increase in non-performing loans and the real estate

Conclusion: SM Investments was able to

segment is also struggling, the company is

effectively balance out the effects of the pan-

enjoying substantial growth in its retail food

demic. At the same time, it was clear that ESG

and e-commerce activities. SM is making

aspects are a key priority for the company

impressive efforts to dampen the impact of

even during the crisis.

the pandemic for its employees and for the

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Merck KgaA Thematic research on health care

At the latest since the outbreak of the corona-

the fight against the virus, Merck provided the

virus pandemic, the topic of health care has

medication Interferon-beta 1a (Rebif®) at no

become omnipresent. In the course of our

charge for a study conducted by the French

thematic engagement, we reached out to the

research institute Inserm and also very gene-

German pharmaceuticals and biotechnology

rously donated 150,000 litres of disinfectant.

company Merck KGaA and were particularly

The company believes that continuous, open

interested in hearing about how the com-

contact between management teams and

pany is being affected by the pandemic, how

employees is the key to coping with this kind

it is dealing with the difficult current situation

of crisis as well as possible. In addition, fle-

with regard to supply shortages, and what

xible working models and the investments

challenges it faces in the area of employee

made in digitalisation in recent years were

management. Fortunately, Merck did not

particularly beneficial for the company.

experience any critical disruptions; any delivery delays were limited to less than seven

Conclusion: Merck is in a very stable finan-

days. However, the company was increasingly

cial position and is particularly dedicated to

confronted with additional costs in order to

sustainability. We see these developments as

be able to maintain the required levels with

very positive.

regard to both procurement and delivery. In

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Raiffeisen Capital Management


Sustainable Development Goals (SDGs) Impact research

As in the past three years, one of our goals

at the economic, social, and environmental

this year was to assess the relevance of the 17

levels. In order to perform this assessment,

Sustainable Development Goals (SDGs) of the

we developed a special questionnaire and sent

United Nations for the companies in our funds

it to a total of 124 firms from our funds. The fol-

and ask the companies about their contribu-

lowing chart shows the relevance of the given

tions to the achievement of the goals. The 17

SDGs for the 63 companies that responded to

SDGs entered into force in early 2016 and are

our questions.

intended to promote sustainable development

Relevance of the SDGs

SDG 1 SDG 2

8%

8%

SDG 3

59%

SDG 4

33%

SDG 5

41%

SDG 6

30%

SDG 7

33%

SDG 8

54%

SDG 9 SDG 10

49%

16%

SDG 11

31%

SDG 12

64%

SDG 13

59%

SDG 14 2%

SDG 15 SDG 16 SDG 17

15%

15%

25%

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Exercising voting rights For Raiffeisen KAG, one of its key responsi-

sustainable corporate governance policy and

bilities as an asset manager is to exercise its

are intended to cover significant topics that

shareholder voting rights. These rights are

regularly arise at annual general meetings.

exercised personally at the respective annual general meetings or by way of proxy voting.

Some examples illustrate our approach. The

Raiffeisen KAG has selected the independent

annex contains a detailed depiction of our voting

firm IVOX Glass Lewis (IGL) for its proxy voting

behaviour at the five most important annual

needs. Raiffeisen KAG’s principles for exerci-

general meetings as measured by the percen-

sing voting rights are based on a transparent,

tage share held in the respective company.

2718

Exercising of voting rights in 2020

219 199

46

Annual general meetings attended

Votes in favour

Votes against

Voting behaviour (all agenda items)

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Raiffeisen Capital Management

Abstentions


Some examples illustrate our approach. The annex contains a detailed depiction of our voting behaviour at the five most important annual general meetings as measured by the percentage share held in the respective company.

Bank of the Philippine Islands Annual general meeting on 23.04.2020

Although we followed the management’s pro-

members, which raises questions about their

posal for the majority of the 23 items on the

ability to exercise a control function. We also

agenda, we voted against all of the proposed

voted against the management’s proposal to

board members. While the nominees included

enter into undefined new business areas. We

high-profile names from Philippine industry, we

do not believe it is in the interests of the share-

were displeased by the fact that they already

holders to give the company carte blanche in

sit on numerous other supervisory boards. We

this manner.

also doubt the independence of the proposed

Bawag Group AG Annual general meeting on 30.10.2020

We voted in favour of an amendment to the

felt that the base salary was excessive and

articles of association at the annual general

the performance metrics were unclear. By con-

meeting of Bawag Group AG. Due to a reduc-

trast, we found the remuneration of the Super-

tion of the stake held by Cerberus Capital

visory Board members to be in line with the

Management, its right to appoint a Supervi-

market standards and thus voted in favour of

sory Board member was terminated. We voted

this item. We also voted in favour of the share

against the agenda item regarding the remu-

buyback programme.

neration of the Managing Board because we

Johnson Controls Annual general meeting on 04.03.2020

Northern Trust Annual general meeting on 21.04.2020

In the election of the Board of Directors, we

ding the approval of share buybacks and

voted for the re-election of all directors. We

the approval to issue new shares. However,

also voted in favour of the confirmation of the

we voted against the proposal regarding the

auditor. In addition, we voted for the manage-

compensation package because we felt the

ment’s proposals in the agenda items regar-

severance pay for two directors was excessive.

In the election of the Board of Directors, we

independent “lead director” in our opinion, we

voted against the re-election of two directors.

also voted against the chairman of the corpo-

We feel that one of the directors, who is also

rate governance committee, who is respon-

a member of the committees for audit, com-

sible for appointing an independent “lead

pensation, and corporate governance, is not

director”. We voted in favour of the manage-

independent because his daughter works in

ment’s proposals in the election of the remai-

a management position in the bank’s wealth

ning directors, the vote on the compensation

management unit. Because the company did

package, and the appointment of the auditor.

not appoint an independent chairman or an

Orkla Annual general meeting on 16.04.2020

We voted in favour of the majority of the pro-

the re-election of one director because she

posed agenda items on topics such as remu-

serves as the chairwoman of a listed company

neration, share buybacks, and the nomination

and also serves on the boards of three other

committee. We also voted in favour of most

listed companies. We do not believe that this

of the proposed directors in the election of

combination of activities leaves enough time

the Board of Directors. We only voted against

to dedicate to the proposed position.

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Semiconductor Manufacturing International Corporation Annual general meeting on 23.06.2020

While we voted in favour of all of the agenda

rements for independence.

items at the extraordinary general meeting on 1 June 2020, we voted against four of the

In addition, the proposal to issue additional

management’s proposals at the annual gene-

shares was too vague. In our opinion, there was

ral meeting on 23 June 2020. Specifically, we

too much room for manoeuvre with regard to

voted against the appointment of Zhou Zixue

the volume, the maximum price discount, and

as chairman of the board. Because he also

the group of eligible participants. Giving the

plays a central role in the management of the

management such generous rights could be

company, we did not feel that he met the requi-

used against the interests of the shareholders.

Annual general meetings by region

106

58 25 Europe

USA & Canada

15

9 Asia ex Japan

Japan

1

Latin America & Caribbean

Oceania

5 Africa

219

Total annual general meetings

Management proposals and shareholder proposals

161

Votes against

46

Abstentions

38

Votes against

27

Votes in favour

2691

Votes in favour

Management proposals 12

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Raiffeisen Capital Management

Shareholder proposals


Collaboration with other shareholders As a signatory to the United Nations Principles

tors and to be incompatible with the principles

for Responsible Investment (PRI), Raiffeisen

of sustainable food production and develop-

KAG has undertaken to collaborate with other

ment. FAIRR sees itself as the coordinator of

shareholders to enhance its effectiveness in

an international network of investors aiming

implementing these principles. One possible

to minimise the medium- and long-term risks

form of this joining of forces is the PRI Colla-

to ensuring an adequate food supply for the

boration Platform, a platform for collaborative

population. The animal suffering associated

engagement. The objective of this collabora-

with industrial farming is to be reduced at the

tive engagement is to initiate a change in thin-

same time.

king at the target companies so as to achieve greater transparency, and to ideally bring

The annex contains a list of the companies

about actual changes in the behaviour of the

addressed under these two initiatives under

companies.

“Engagement activities in 2020”.

The FAIRR Initiative, which Raiffeisen KAG supports, believes industrial livestock farming to be a material risk for financial inves-

Conflicts of interest Raiffeisen KAG strives to prevent conflicts of interest relating to its engagement or to solve or handle such conflicts in the interests of its investors (for example conflicting voting behaviour between it and a company associated with it by way of direct or indirect control). To achieve this goal, Raiffeisen KAG acted in accordance with its conflicts of interest policy, which can be viewed at www.rcm.at/corporategovernance, when conducting its engagement activities.

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Annex

Engagement activities in 2020 Focus

INDIVIDUAL CONVERSATIONS Company

Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Addiko Bank

x

Agrana

x

Agrana

x

American Express

x

Andritz

x

x

x

x

Anheuser-Busch

x

x

x

Anritsu

x

Apar Industries

x

ArcelorMittal

x

x

ASML

x

x

x

AT&S

x

Aurubis

x

Azbil

x

Bancontander Brasil

x

CA Immobilien

x

Carl Zeiss Meditec

x

x

x

CCC

x

x

CCR

x

CEZ

x

Continental

x

Corticeira Amorim

x

Cyan

x

Cyfrowy Polsat

x

Delivery Hero

x

Deutsche Post

x

Deutsche Post

x

Dino Polska

x

DO & CO

x

DO & CO

x

E.ON

x

Encavis

x

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x x x x x x

x

x

x

x

x

x

x

x

x


Focus

INDIVIDUAL CONVERSATIONS Fundamental aspects

Environment (E)

Ence Energia y Celulosa

x

x

Ence Energia y Celulosa

x

EVN

x

x

Falck Renewables

x

x

x

Globe Trade Centre

x

GMO Payment Gateway

x

Grifols

x

x

x

Grupa Lotos

x

Grupa Lotos

x

Halykvings Bank of Kazakhstan

x

Henkel

x

Iberdrola

x

Immofinanz

x

Infineon

x

ING Bank Slaski

x

ISS

x

KAZ Minerals

x

KBC

x

x

Kemira

x

x

LG Chem

x

Loop Industries

x

x

Lundin Petroleum

x

x

M1 Kliniken

x

Millennial Lithium

x

Moderna

x

MOL Hungarian Oil & Gas

x

Murata

x

Neoen

x

NEPI Rockcastle

x

Nidec

x

Nidec

x

Norilsk Nickel

x

Nova Ljubljanska Banka

x

O2 Czech Republic

x

Company

Social (S)

Corporate governance (G)

x

x

x x

x

x

x

x

x

x x

x

x

x

x

x

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Focus

INDIVIDUAL CONVERSATIONS Company

Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

x

x

OMV

x

OMV

x

Palfinger

x

Phillips

x

Polskie Gornictwo Naftowe i Gazownictwo

x

Rabobank

x

Richter Gedeon

x

RWE

x

Schöller Bleckmann

x

Siemens

x

x

x

Siemens Energy

x

x

x

SIMPAR

x

SNAM

x

Sony

x

Technogym

x

TIM Participacoes

x

Toyota

x

Tritax Big Box

x

TUI

x

Veolia

x

x

x

x

Wienerberger

x

x

x

x

x x x

x

x x

x

x

x

Focus

FAIRR SUPPORTING INVESTOR Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Ahold Delhaize

x

x

x

x

Amazon

x

x

x

x

Carrefour

x

x

x

x

Coles

x

x

x

x

Conagra Brands

x

x

x

x

Costco

x

x

x

x

General Mills

x

x

x

x

Groupe Casino

x

x

x

x

Grupo Nutresa

x

x

x

x

Company

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Focus

FAIRR SUPPORTING INVESTOR Fundamental aspects

Environment (E)

Social (S)

Corporate governance (G)

Hershey

x

x

x

x

ICA Gruppen

x

x

x

x

Kerry Group

x

x

x

x

Kraft Heinz

x

x

x

x

Kroger

x

x

x

x

Loblaw Companies

x

x

x

x

Marks & Spencer

x

x

x

x

Mondelez

x

x

x

x

Morrisons

x

x

x

x

Nestle

x

x

x

x

Sainsbury’s

x

x

x

x

Saputo Inc

x

x

x

x

Tesco

x

x

x

x

Unilever

x

x

x

x

Walmart

x

x

x

x

Woolworths Group

x

x

x

x

Social (S)

Corporate governance (G)

Company

Focus

GROUP MEETINGS Company

Fundamental aspects

Environment (E)

Aavas Financiers

x

Abu Dhabi Commercial Bank

x

ACC

x

Acer

x

Adani Green Energy

x

x

Adani Ports & Special Economic Zone

x

x

Advanced Info Service

x

Advanced Petrochemical Co

x

Air Liquide

x

Air Liquide

x

Air Products & Chemicals

x

Airtel Africa

x

Akbank

x

Akbank

x

x

x

x

x

x

x

x

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Focus

GROUP MEETINGS Company

Fundamental aspects

Environment (E)

Social (S)

Al Rajhi Bank

x

Alior Bank

x

Alliance Global Group

x

Alliance Global Group

x

Almarai Co

x

Alrosa

x

Amadeus

x

Ambev

x

Arcelik

x

Arena Hospitality Group

x

Asseco Poland

x

x

Atlantic Grupa

x

x

Atlantic Grupa

x

Atrium European Real Estate

x

Atrium European Real Estate

x

AU Optronics

x

AU Small Finance Bank

x

Avast

x

Axis Bank

x

Ayala

x

Azul

x

Azul

x

Azure Power Global

x

Bajaj Auto

x

Baker Hughes

x

Ballard Power Systems

x

Ballard Power Systems

x

Ballard Power Systems

x

Banca Transilvania

x

Banca Transilvania

x

Bank Mandiri Persero

x

Bank Millennium

x

Bank of the Philippine Islands

x

Bank of the Philippine Islands

x

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Corporate governance (G) x

x

x

x x x

x

x


GROUP MEETINGS

Company

Focus Fundamental aspects

Environment (E)

Social (S)

Bank Polska Kasa Opieki

x

Bank Polska Kasa Opieki

x

Bank Rakyat Indonesia Persero

x

Befesa

x

Bharti Infratel

x

BIM Birlesik Magazalar

x

BioMarin Pharmaceutical

x

Bio-Rad Laboratories

x

Bloom Energy

x

Bloomberry Resorts

x

x

x

Bosch

x

x

x

Bosch

x

BRD-Groupe Societe Generale

x

BRF

x

CCC

x

CD Projekt

x

CD Projekt

x

Central Pattana

x

Central Plaza Hotel

x

Century Pacific Food

x

Century Pacific Food

x

CEZ

x

x

CEZ

x

x

CF Industries Holdings

x

Chart Industries

x

Chart Industries

x

Ciech

x

Cielo

x

Cielo

x

City Union Bank

x

Commercial International Bank Egypt

x

Coromandel International

x

Credicorp

x

Cummins

x

Corporate governance (G)

x x

x

x

x

x

x x

x

x

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GROUP MEETINGS

Focus

Company

Fundamental aspects

Dabur India

x

Dabur India

x

Darling Ingredients

x

Delta Electronics

x

Demant

x

Dermapharm Holding

x

Detsky Mir

x

Detsky Mir

x

Deutsche Telekom

x

Digi Communications

x

Dino Polska

x

DLF

x

Dr Lal PathLabs

x

Dr Reddy's Laboratories

x

x

Dr Reddy's Laboratories

x

x

Dynasty Ceramic

x

EcoRodovias Infraestrutura e Logistica

x

EDP

x

Eicher Motors

x

Elite Material

x

ElSewedy Electric Co

x

Emirates NBD Bank

x

Enagas

x

x

Encavis

x

x

Enel Chile

x

x

Enerjisa Enerji

x

Enphase Energy

x

Equatorial Energia

x

Equinor

x

Eregli Demir ve Celik Fabrikalari

x

Erste Group Bank

x

Erste Group Bank

x

Erste Group Bank

x

Etalon Group

x

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Environment (E)

Social (S)

Corporate governance (G)

x

x x

x

x

x

x

x x

x

x


GROUP MEETINGS

Focus Fundamental aspects

Environment (E)

Eurobank Ergasias

x

x

Eurocash

x

Eurocash

x

EVRAZ GROUP

x

Falck Renewables

x

First Solar

x

FirstRand

x

x

Flughafen Wien

x

x

Fondul Proprietatea

x

Fondul Proprietatea

x

x

Fondul Proprietatea

x

x

GAIL India

x

Gazprom

x

Gazprom

x

Gazprom Neft

x

Gazprom Neft

x

GEA Group

x

Gerdau

x

Global Fashion Group

x

Global Unichip

x

Globe Telecom

x

GMM Pfaudler

x

Gol Linhas Aereas Inteligentes

x

Growthpoint Properties

x

Growthpoint Properties

x

Grupa Azoty

x

Grupa Kety

x

Grupo Aeroportuario del SuresteB de CV

x

Grupo LalaB de CV

x

GRUPO MEXICO

x

GT Capital Holdings

x

Halykvings Bank of Kazakhstan

x

Halykvings Bank of Kazakhstan

x

HCL Technologies

x

Company

Social (S)

Corporate governance (G)

x x

x

x

x

x x x

x x

x

engagementreport 2020

|

21


GROUP MEETINGS

Company

Focus Fundamental aspects

Environment (E)

HCL Technologies

x

HDFC Bank

x

HDFC Bank

x

HDFC Life Insurance Co

x

HeadHunter Group

x

HeadHunter Group

x

HeadHunter Group

x

Hindalco Industries

x

x

Hindalco Industries

x

x

Home Product Center

x

Housing Development Finance

x

Housing Development Finance

x

Housing Development Finance

x

Housing Development Finance

x

Hyundai Mobis Co

x

Hyundai Motor Co

x

ICICI Bank

x

ICICI Bank

x

IMMOFINANZ

x

Indian Hotels Co

x

IndusInd Bank

x

Industries Qatar

x

x

Infosys

x

x

Infosys

x

ING Bank Slaski

x

International Container Terminal Services

x

Jasa Marga Persero

x

JBS

x

Jeronimo Martins

x

JSW Steel

x

Kaspi.KZ

x

KGHM Polska Miedz

x

KGHM Polska Miedz

x

Kia Motors

x

22

|

Raiffeisen Capital Management

Social (S)

Corporate governance (G)

x x

x x

x

x

x

x

x

x

x

x

x

x x

x x

x x x x

x

x


GROUP MEETINGS

Company

Focus Fundamental aspects

Environment (E)

Social (S)

Klabin

x

KOC Holding

x

x

KOC Holding

x

x

KOC Holding

x

Komercni banka

x

Kotak Mahindra Bank

x

Krka Novo mesto

x

Krka Novo mesto

x

Krka Novo mesto

x

Larsen & Toubro

x

x

Larsen & Toubro

x

x

Lenta

x

Lenta

x

Lenta

x

LG Chem

x

Linde

x

Localiza Rent a Car

x

Lojas Renner

x

LPP

x

LPP

x

x

LSR Group

x

x

LUKOIL

x

x

LUKOIL

x

x

Lundin Energy

x

M.Video

x

M.Video

x

Magazine Luiza

x

Magnit

x

Magnit

x

Magyar Telekom Telecommunications

x

Magyar Telekom Telecommunications

x

Mahindra & Mahindra

x

Mahindra & Mahindra Financial Services

x

Mail.Ru Group

x

Corporate governance (G)

x x

x

x

x x

x

x

x

x

x

x

x

x

engagementreport 2020

|

23


GROUP MEETINGS

Company

Focus Fundamental aspects

Environment (E)

Mail.Ru Group

x

Maruti Suzuki India

x

Mavi Giyimnayi Ve Ticaret

x

mBank

x

MediaTek

x

Merry Electronics Co

x

MHP

x

Minor International

x

Mitra Keluarga Karyasehat Tbk PT

x

MMC Norilsk Nickel

x

MMC Norilsk Nickel

x

x

MMC Norilsk Nickel

x

x

Mobile TeleSystems

x

Mobile TeleSystems

x

MOL Hungarian Oil & Gas

x

MOL Hungarian Oil & Gas

x

x

Moneta Money Bank

x

x

MorphoSys

x

Moscow Exchange MICEX-RTS

x

Moscow Exchange MICEX-RTS

x

Motherson Sumi Systems

x

Motor Oil Hellas Corinth Refineries

x

Motor Oil Hellas Corinth Refineries

x

Motorola

x

Muangthai Capital

x

MultiChoice Group

x

Mytilineos

x

National Bank of Kuwait

x

Natura & Co Holding

x

Natura & Co Holding

x

Nedbank Group

x

NEL Hydrogen

x

NEL Hydrogen

x

Neuca

x

24

|

Raiffeisen Capital Management

Social (S)

Corporate governance (G)

x

x

x

x

x

x x

x

x

x

x


GROUP MEETINGS

Company

Focus Fundamental aspects

Environment (E)

NextEra Energy

x

Nikola

x

Notre Dame Intermedica Participacoes

x

Nova Ljubljanska Banka

x

Nova Ljubljanska Banka

x

Nova Ljubljanska Banka

x

Novatek

x

Novatek

x

Novatek

x

x

OMV

x

x

OMV

x

x

OMV Petrom

x

Orange Polska

x

Ormat Technologies

x

Orpea

x

Orsted

x

Österreichische Post

x

OTP Bank Nyrt

x

OTP Bank Nyrt

x

OTP Bank Nyrt

x

OTP Bank Nyrt

x

Pagseguro Digital

x

Palfinger

x

Pegasus Hava Tasimaciligi

x

Peloton Interactive

x

Petrobras Distribuidora

x

PI Industries

x

PIK Group

x

PLDT

x

Plug Power

x

Plug Power

x

Plug Power

x

Podravka Prehrambena

x

Podravka Prehrambena Ind

x

Social (S)

Corporate governance (G)

x

x

x

x

x

x

x

x

x

x

x

x

x

engagementreport 2020

|

25


GROUP MEETINGS

Focus Fundamental aspects

Environment (E)

Polski Koncern Naftowy ORLEN

x

x

Polskie Gornictwo Naftowe i Gazownictwo

x

x

Polskie Gornictwo Naftowe i Gazownictwo

x

Polymetal International

x

x

Polymetal International

x

x

Polyus

x

Powszechna Kasa Oszczednosci Bank Polski

x

Powszechna Kasa Oszczednosci Bank Polski

x

Powszechny Zaklad Ubezpieczen

x

Powszechny Zaklad Ubezpieczen

x

Powszechny Zaklad Ubezpieczen

x

Promotora y Operadora de InfraestructuraB de CV

x

Promotora y Operadora de InfraestructuraB de CV

x

Promotora y Operadora de InfraestructuraB de CV

x

PTT

x

Puregold Price Club

x

Qatar Gas Transport Co Nakilat

x

Qatar National Bank

x

QIWI

x

QIWI

x

Quanta Computer

x

Raia Drogasil

x

Realtek Semiconductor

x

RIYAD BANK

x

Robinsons Retail Holdings

x

Rosneft Oil Co

x

Rosneft Oil Co

x

Rosneft Oil Co

x

x

Rosneft Oil Co

x

x

Rostelecom

x

x

Rostelecom

x

Royal Dutch Shell

x

Rumo

x

Samsung SDI Co

x

Company

26

|

Raiffeisen Capital Management

Social (S)

Corporate governance (G)

x

x x

x

x

x

x

x

x

x x

x x


GROUP MEETINGS

Company

Focus Fundamental aspects

Environment (E)

Social (S)

Santander Bank Polska

x

Santander Bank Polska

x

Saudi Basic Industries

x

Sberbank of Russia

x

Sberbank of Russia

x

Sberbank of Russia

x

SBI Life Insurance Co

x

Semen Indonesia Persero

x

Severstal

x

Shinhan Financial Group Co

x

Siam Cement/The

x

Siam Global House

x

Siemens Healthineers

x

Siltronic

x

Sistema

x

Sistema

x

SM Investments

x

x

SM Investments

x

x

SM Prime Holdings

x

SM Prime Holdings

x

Societatea Energetica Electrica

x

Societatea Energetica Electrica

x

Societatea Nationala de Gaze Naturale ROMGAZ

x

Societatea Nationala Nuclearelectrica

x

Sok Marketler Ticaret

x

Solaria

x

Solarpack Corp Tecnologica

x

Somany Ceramics

x

SRF

x

SSE

x

Standard Bank Group

x

State Bank of India

x

Stock Spirits Group

x

Stock Spirits Group

x

Corporate governance (G) x

x x

x

x

x

x

x

x

x x

engagementreport 2020

|

27


GROUP MEETINGS

Company

Focus Fundamental aspects

Environment (E)

Social (S)

Sunlight Financial

x

Sunrun

x

Supreme Industries

x

Suzano

x

Suzano

x

x

Tata Consultancy Services

x

x

Tata Consultancy Services

x

Tata Motors

x

Tata Motors

x

Tata Motors

x

Tata Power Co

x

x

Tatneft

x

x

Tatneft

x

Tauron Polska Energia

x

x

Tauron Polska Energia

x

x

Tauron Polska Energia

x

TCS Group Holding

x

TCS Group Holding

x

TCS Group Holding

x

Telefonica Brasil

x

Telekom Austria

x

TEN Square Games

x

TEN Square Games

x

Terna Energy

x

x

Terna Energy

x

x

Thyssenkrupp

x

TIM Participacoes

x

Tisco Financial Group

x

Tofas Turk Otomobil Fabrikasi

x

Total Access Communication

x

Transmissora Alianca de Energia Eletrica

x

Tupras Turkiye Petrol Rafinerileri

x

Tupras Turkiye Petrol Rafinerileri

x

Turk Telekomunikasyon

x

28

|

Raiffeisen Capital Management

Corporate governance (G)

x

x

x

x

x


GROUP MEETINGS

Company

Focus Fundamental aspects

Environment (E)

Turkcell Iletisim Hizmetleri

x

Turkiye Garanti Bankasi

x

UBM Development

x

UBM Development

x

x

UltraTech Cement

x

x

United Breweries

x

Universal Robina

x

UPM-Kymmene

x

Valamar Riviera

x

Vale

x

VEON

x

VIP Industries

x

Vivint Solar

x

VTB Bank

x

VTB Bank

x

Wacker Chemie

x

Wal-Mart de MexicoB de CV

x

Wal-Mart de MexicoB de CV

x

WEG

x

Wienerberger

x

Wienerberger

x

Wienerberger

x

Wilcon Depot

x

Wizz Air Holdings

x

x

Wizz Air Holdings

x

x

X5 Retail Group

x

X5 Retail Group

x

X5 Retail Group

x

Yandex

x

Yandex

x

Yapi ve Kredi Bankasi

x

Zavarovalnica Triglav

x

Zealand Pharma

x

Zumtobel

x

Social (S)

Corporate governance (G)

x

x

x x

x

x

x

x x

x

x

x

x

engagementreport 2020

|

29


IMPACTRESEARCH

Focus

Environment (E)

Social (S)

Corporate governance (G)

Aareal Bank

x

x

x

Air Products & Chemicals

x

x

x

Akzo Nobel

x

x

x

Alphabet

x

x

x

Anheuser-Busch

x

x

x

Assa Abloy

x

x

x

Astellas Pharma

x

x

x

Autodesk

x

x

x

Becton Dickinson

x

x

x

Beiersdorf

x

x

x

Borregaard

x

x

x

BT Group

x

x

x

CBRE Group

x

x

x

Cellavision

x

x

x

Chr Hansen Holding

x

x

x

Croda International

x

x

x

Dassault Systemes

x

x

x

Denso

x

x

x

Elisa

x

x

x

EssilorLuxottica

x

x

x

Essity

x

x

x

Experian

x

x

x

Geberit

x

x

x

Georg Fischer

x

x

x

Halma

x

x

x

Hanesbrands

x

x

x

Hannover Rueck

x

x

x

Henkel

x

x

x

Ica Gruppen

x

x

x

Infineon Technologies

x

x

x

Johnson Matthey

x

x

x

Keysight Technologies

x

x

x

Koninklijke KPN

x

x

x

Kurita Water Industries

x

x

x

Company

30

|

Raiffeisen Capital Management

Fundamental aspects


IMPACTRESEARCH

Focus

Environment (E)

Social (S)

Corporate governance (G)

Legrand

x

x

x

Lenzing

x

x

x

Merck KGaA

x

x

x

Mettler-Toledo International

x

x

x

Michelin

x

x

x

Mondi

x

x

x

MSCI

x

x

x

Muenchener Rueck

x

x

x

National Grid

x

x

x

Novo Nordisk

x

x

x

Novozymes

x

x

x

NXP Semiconductors

x

x

x

Orpea

x

x

x

Owens Corning

x

x

x

Roche Holding

x

x

x

SAP

x

x

x

Schneider Electric

x

x

x

Sekisui Chemical

x

x

x

SGS

x

x

x

Smith & Nephew

x

x

x

Sonova

x

x

x

Sysmex

x

x

x

Temenos

x

x

x

Tomra Systems

x

x

x

Umicore

x

x

x

Vestas Wind Systems

x

x

x

Visa

x

x

x

Weyerhaeuser

x

x

x

Xylem

x

x

x

Company

Fundamental aspects

engagementreport 2020

|

31


THEMATIC RESEARCH

Focus Fundamental aspects

Environment (E)

Social (S)

Adidas

x

x

x

Adidas

x

x

x

Associated British Foods

x

x

x

AstraZeneca

x

Delta Air Lines

x

x

Deutsche Lufthansa

x

x

easyJet

x

x

Evotec

x

Fast Retailing

x

x

Finnair

x

x

H & M Hennes & Mauritz

x

x

x

Hugo Boss

x

x

x

Kering

x

x

x

Kering

x

x

x

LATAM Airlines Group

x

x

MERCK KGaA

x

NIKE

x

x

x

NIKE

x

x

x

Norwegian Air Shuttle

x

x

Novartis

x

x

Novo Nordisk

x

x

Ocado Group

x

x

x

Rakuten

x

x

x

Roche Holding

x

Ryanair Holdings

x

Sanofi

x

Walmart

x

Company

32

|

Raiffeisen Capital Management

x

x x

x

x x x x

x

Corporate governance (G)


UNPRI SUPPORTING INVESTOR

Focus Fundamental aspects

Environment (E)

Social (S)

Apple

x

x

x

BMW

x

x

x

Daimler

x

x

x

General Motors

x

x

x

HP

x

x

x

Infineon

x

x

x

Johnson Matthey

x

x

x

LG Chem

x

x

x

Microsoft

x

x

x

Panasonic

x

x

x

Renault

x

x

x

Samsung Electronics

x

x

x

Samsung SDI

x

x

x

Sony (Murata)

x

x

x

TDK

x

x

x

Tesla

x

x

x

Toyota Motor

x

x

x

Volkswagen

x

x

x

Company

Corporate governance (G)

engagementreport 2020

|

33


EXERCISE OF VOTING RIGHTS IN 2020

Voting behaviour (all items on the agenda)

Company

For

Abstentions

Against

3i Group plc

21

0

0

3M Co.

23

0

1

Aareal Bank AG

10

0

4

Accenture plc

4

0

0

Addiko Bank AG

19

0

0

Adobe Inc

4

0

0

Agilent Technologies Inc.

7

0

4

Agrana Beteiligungs AG

1

0

0

Air Products & Chemicals Inc.

12

7

0

Akzo Nobel N.V.

11

0

3

Alibaba Health Information Technology Limited

17

0

0

Alstom

6

0

0

Amadeus IT Group S.A.

13

0

2

AMAG Austria Metall AG

13

0

0

American Express Co.

13

0

0

ams AG

10

0

0

ams AG

12

0

0

Andritz AG

9

0

0

Apar Industries Ltd.

14

0

10

Applied Materials Inc.

14

0

1

ASML Holding NV

13

0

0

Astellas Pharma Inc.

15

0

1

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

8

0

0

AT&T, Inc.

8

0

2

Autodesk Inc.

8

0

0

Automatic Data Processing Inc.

11

0

1

Axa

16

0

1

Bank of Montreal

10

0

1

Bank Of New York Mellon Corp

18

0

0

Bank Of Nova Scotia

20

0

0

Bank of the Philippine Islands

14

0

1

Bawag Group AG

13

0

1

Beiersdorf AG

15

0

5

Best Buy Co. Inc.

13

0

0

34

|

Raiffeisen Capital Management


EXERCISE OF VOTING RIGHTS IN 2020

Company

Voting behaviour (all items on the agenda)

For

Abstentions

Against

Bharti Airtel Ltd.

10

0

0

Bharti Airtel Ltd.

22

0

0

Biogen Inc

8

2

0

BorgWarner Inc

13

0

3

Borregaard ASA

8

0

1

Bright Horizons Family Solutions, Inc.

19

0

0

British Land Co plc

14

0

2

BT Group

6

0

0

Bunzl plc

0

0

0

CA Immobilien Anlagen AG

16

0

2

Capgemini

4

0

0

Carl Zeiss Meditec A G

0

0

0

CBRE Group Inc

0

0

0

Cellavision AB

12

0

0

CenturyLink Inc

9

0

0

Chailease Holding Company Limited

11

0

0

China Merchants Bank

13

0

1

Chunghwa Telecom

22

0

1

Cisco Systems, Inc.

5

0

0

Clicks Group Limited

26

0

0

CognaEducacao S.A.

5

0

0

Country Garden Services Holdings Company Limited

10

0

0

Credicorp Ltd

12

0

0

Cree, Inc.

6

0

2

Croda International plc

15

0

0

CTBC Financial Holding Co Ltd

8

0

2

Cummins Inc.

6

0

0

Dabur India Ltd.

11

0

0

Dassault Systemes SA

11

0

0

Denso Corporation

9

0

0

Deutsche Post AG

9

0

1

Discovery Limited

11

0

1

DO & CO Aktiengesellschaft

10

0

0

E Sun Financial Hldgs

25

0

10

engagementreport 2020

|

35


EXERCISE OF VOTING RIGHTS IN 2020

Voting behaviour (all items on the agenda)

Company

For

Abstentions

Against

Ecolab, Inc.

11

0

2

EDP Renovaveis S.A.

3

0

0

Elisa Oyj

15

0

0

Enagas SA

18

0

1

Equatorial Energia

1

0

0

Erste Group Bank AG

13

0

10

Essilorluxottica

13

0

1

EVN AG

7

0

0

Experian Plc

2

0

0

Flughafen Wien AG

12

0

0

Geely Automobile Holdings Ltd.

17

0

0

Geely Automobile Holdings Ltd.

15

0

2

Gildan Activewear Inc

6

0

0

Google Inc

16

2

0

Grifols SA

19

0

1

Grupo Lala Sab De CV

1

0

0

Hain Celestial Group Inc

17

0

0

Halma plc

1

0

0

Hanesbrands Inc

13

0

0

Hannover Ruck SE

6

0

1

HCL Technologies Ltd.

4

0

1

Herman Miller Inc.

13

0

0

Home Depot, Inc.

2

0

1

Housing Development Finance Corporation Ltd.

3

4

0

Howden Joinery Group Plc

5

0

0

HP Inc

13

0

0

Immofinanz AG

4

0

3

Infineon Technologies AG

12

0

0

Ingenico Group

10

0

0

Intel Corp.

16

0

0

International Business Machines Corp.

10

0

4

International Flavors & Fragrances Inc.

11

0

2

International Flavors & Fragrances Inc.

8

0

3

Johnson Controls International plc

16

0

2

36

|

Raiffeisen Capital Management


EXERCISE OF VOTING RIGHTS IN 2020

Company

Voting behaviour (all items on the agenda)

For

Abstentions

Against

Johnson Matthey plc

4

0

0

Keysight Technologies Inc

12

0

0

Kingfisher plc

11

0

0

Komercni Banka, A.S.

4

0

0

Koninklijke KPN NV

5

0

0

Koninklijke KPN NV

12

0

0

Krones AG

9

0

1

Kurita Water Industries Ltd

17

0

2

Kvaerner ASA

10

0

0

Legrand SA

13

0

10

Lenzing AG

14

0

1

LG Household & Healthcare Ltd.

21

0

0

Lilly(Eli) & Co

0

0

0

Malayan Banking Bhd

13

0

0

Marsh & McLennan Cos., Inc.

2

0

1

Merck KGAA

11

0

0

Metro AG

7

0

1

Mettler-Toledo International, Inc.

21

0

0

Michelin (CGDE)-B

21

0

0

Microsoft Corporation

15

0

0

Mobile Telesystems PJSC

4

0

0

Mobile Telesystems PJSC

12

0

0

Mobile Telesystems PJSC

16

0

0

Molson Coors Beverage Company

11

0

0

Mondi

14

0

1

MSCI Inc

36

0

0

Muenchener Rueckversicherungs-Gesellschaft AG

17

0

1

Naspers Ltd

5

0

0

National Grid Plc

17

0

0

Natixis

14

0

1

Natura &Co Holding S.A.

14

0

0

Neste Corporation

14

0

0

Nokia Corp

5

0

1

Nordex SE

11

0

0

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EXERCISE OF VOTING RIGHTS IN 2020

Company

Voting behaviour (all items on the agenda)

For

Abstentions

Against

Northern Trust Corp.

13

0

0

NTT DoCoMo Inc

18

1

0

NVIDIA Corp

7

0

3

NXP Semiconductors NV

30

0

0

Oesterreichische Post AG

9

0

5

Omron Corporation

10

0

1

Orkla

6

0

0

Orpea

4

0

0

Owens Corning

11

0

0

Palfinger AG

12

0

3

PhosAgro PJSC

5

0

2

PJSC Lukoil

3

0

0

PNC Financial Services Group

0

0

0

Porr AG

13

0

0

President Chain Store Corporation

13

0

0

Procter & Gamble Co.

3

0

0

Public Joint Stock Company Polyus.

15

0

4

Public Joint Stock Company Polyus.

16

1

0

Randstad NV

14

0

2

Rational AG

4

0

1

RELX Plc

15

0

0

RHI Magnesita N.V.

9

0

1

S IMMO AG

15

0

4

S&P Global Inc

22

0

0

S&T AG

16

0

0

Salesforce.Com Inc

12

0

0

Sap SE

14

0

1

Sberbank of Russia

37

1

2

Schneider Electric SE

7

0

3

Sekisui Chemical Co. Ltd.

27

0

0

Semiconductor Manufacturing Intl Co

8

0

0

Semiconductor Manufacturing Intl Co

14

0

0

Semperit AG Holding

5

0

0

Shinhan Financial Group Co. Ltd.

7

0

0

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Raiffeisen Capital Management


EXERCISE OF VOTING RIGHTS IN 2020

Voting behaviour (all items on the agenda)

Company

For

Abstentions

Against

Siemens AG

18

0

0

SK Hynix Inc

5

0

0

SK Telecom Co Ltd

18

0

0

Smith & Nephew plc

8

7

0

Sodexo

4

0

2

Solaria Energia Y Medio Ambiente SA

15

0

0

Spar Group Ltd.

16

0

3

Sumitomo Mitsui Trust Holdings Inc.

13

0

1

Sun Art Retail Group Limited

14

0

0

Sysmex Corporation

13

0

0

Tata Consultancy Services

17

0

0

Tauron Polska Energia SA

26

0

0

Telekom Austria AG

21

0

7

Telenor ASA

27

0

0

Telkom SA SOC Ltd

11

0

0

Telstra Corporation

24

0

0

Tencent Holdings Ltd.

20

0

0

Texas Instruments Inc.

12

0

0

Tiffany & Co.

23

0

0

Tiffany & Co.

13

0

3

Tomra Systems ASA

16

0

0

Turkcell Iletisim Hizmetleri A.S.

10

6

0

UBM Development AG

6

0

5

Unibail-Rodamco-Westfield

4

0

1

Union Pacific Corp.

8

0

5

Uni-President Enterprises Corporation

1

0

0

United Utilities Group PLC

11

0

2

Varian Medical Systems, Inc.

22

0

0

Ventas Inc

21

0

0

VEON Ltd

7

0

1

Verizon Communications Inc

0

0

0

Visa Inc

8

0

0

Warimpex Finanz- und Beteiligungs AG

12

0

2

Weyerhaeuser Co.

11

0

2

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EXERCISE OF VOTING RIGHTS IN 2020

Company

Voting behaviour (all items on the agenda)

For

Abstentions

Against

Whitbread plc

21

0

0

Wienerberger AG

17

0

0

Woongjin Coway

18

0

1

Workday Inc

8

0

0

Wuxi Biologics (Cayman) Inc.

32

0

2

Xinjiang Goldwind Science & Technology Co Ltd

18

0

0

Xinyi Solar Holdings Limited

29

0

0

Xylem Inc

15

0

0

Yamaha Corporation

13

0

0

Zoomlion Heavy Industry Science and Technology Co., Ltd

9

0

1

Detailed voting behaviour Detailed depiction of our voting behaviour at the five most important annual general meetings as measured by the percentage share held in the respective company.

UBM DEVELOPMENT AG

Proposal Description

Management Recommendation

Vote Decision

Allocation of Profits/Dividends

For

For

Ratification of Management Board Acts

For

For

Ratification of Supervisory Board Acts

For

For

Appointment of Auditor

For

For

Remuneration Policy

For

For

Management Recommendation

Vote Decision

Accounts and Reports

For

For

Allocation of Profits/Dividends

For

For

Elect Chaitanya N. Desai

For

For

Appointment of Auditor and Authority to Set Fees

For

For

Authority to Set Cost Auditor's Fees

For

For

APAR INDUSTRIES LTD.

Proposal Description

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Raiffeisen Capital Management


WARIMPEX FINANZ- UND BETEILIGUNGS AG

Proposal Description

Management Recommendation

Vote Decision

Allocation of Profits/Dividends

For

For

Ratification of Management Board Acts

For

For

Ratification of Supervisory Board Acts

For

For

Supervisory Board Members' Fees

For

For

Appointment of Auditor

For

For

Remuneration Policy

For

For

Management Recommendation

Vote Decision

Allocation of Profits/Dividends

For

For

Transfer of Reserves

For

For

Ratification of Management Board Acts

For

For

Ratification of Supervisory Board Acts

For

For

Supervisory Board Member's Fees

For

For

Appointment of Auditor

For

For

Supervisory Board Size

For

For

Elect Hannes Androsch

For

Against

Elect Lars Reger

For

For

Elect Hermann Eul

For

For

Elect Robert Lasshofer

For

For

Elect Georg Hansis

For

For

Management Board Remuneration Policy

For

For

Supervisory Board Remuneration Policy

For

Against

Adoption of New Articles of Association

For

Against

Management Recommendation

Vote Decision

Elect Mary Vermeer Andringa

For

For

Ratification of Auditor

For

For

Approval of the 2020 Long-Term Incentive Plan

For

For

Advisory Vote on Executive Compensation

For

For

AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT Proposal Description

HERMAN MILLER INC.

Proposal Description

engagementreport 2020

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Prepared by: Raiffeisen Kapitalanlage-Gesellschaft m.b.H. Mooslackengasse 12, A-1190 Vienna As of 31 December 2020 Raiffeisen Capital Management stands for Raiffeisen Kapitalanlage GmbH, or short Raiffeisen KAG.

42

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Raiffeisen Capital Management


Raiffeisen Capital Management is a partner and member of

engagementreport 2020

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43


www.rcm-international.com

Raiffeisen Capital Management is the umbrella brand for: Raiffeisen Kapitalanlage-Gesellschaft m.b.H. Raiffeisen Immobilien Kapitalanlage-Gesellschaft m.b.H Raiffeisen Salzburg Invest GmbH Mooslackengasse 12 1190 Vienna, Austria t I +43 1 711 70-0 f I +43 1 711 70-761092 e I info@rcm.at w I www.rcm-international.com