We use a variety of engagement methods, including meeting individually with the company or entity, collaboratively engaging alongside other investors, co-filing, or submitting shareholder resolutions or proposals, publicly engaging the entity, voting, and divesting or implementing an exit strategy. The specific strategies we use, and the sequence in which we use them, depend on the issues in question, the mechanisms of influence available to us, and the characteristics of the investment made. You can find more about our approach to engagement and relevant case studies in our Stewardship Code Report 2022.
On voting, we use our voting power at company AGMs to support climate change resolutions. While we support most climate related resolutions, we are discerning and will only support those which make sense for us as a long term investor with a primary duty to invest in the best interests of our members. We carefully consider each resolution on its merits before voting and often engage with other investors during this process. In the first half of 2022 (a year with more climate resolutions than before), we supported 74% of shareholder resolutions and 77% of company resolutions specifically on climate change. For high emitting companies that we invest in, we accompany our vote with an engagement letter setting out our expectations (for example, the inclusion of scope 3 metrics). However, in some cases it is important for us to show support for companies, so that we can use engagement as a way of driving positive change, further innovation, and development around climate change.