A number of compliance regulations have been introduced in South Africa in recent years, which, while not binding as legislation, serve to provide guidance and to encourage commitment to the recommendation that retirement funds have a requirement for ESG in their investment mandates to asset managers.
This compliance requires boards of trustees to study investment policy statements, ensure the sustainability of investments and to set out disclosure and reporting. In addition, they are required to be stewards of the assets in their members’ fund portfolios; a noble idea in principle, but requiring far more involvement than one would assume.Taking these requirements into consideration, it is no wonder that many shareholders lack the confidence to hold investee companies to account.
at both a company and a market level – that ally with the UNSDGs and serve as a basis for fostering greater industry collaboration. No matter what ESG strategy is employed, stewardship is central to delivering long-term outcomes. Globally, we have seen an increasing number of large asset owners consolidate their stewardship activities to ensure a consistent outcome and expect that South Africa will be no different, with more active investors, bigger societal voice and stronger legislative enforcement, to support greater demand for stewardship services.
OMIG’s engagement activities with companies focus on key strategy and performance issues such as remuneration policy, climate change, audit quality, board succession, corporate governance, risk management, privacy and data security, to name a few. In 2019 alone, we interacted with 31 companies on 93 material ESG issues.
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