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 through advisor, Hermes Equity Ownership Services. Issues discussed included board structure, executive remuneration, child labor, 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.
I’ve heard of many such campaigns by public pension funds and TIAA-CREF but this is the first I recall by a private pension fund, though I’m relatively certain there have been others. Let’s hope it is part of an accelerating trend. (Shell’s Dutch pension fund engages with 117 companies, Responsible Investor, 5/13/10. Report) Hat tip to Tim Smith of Walden Asset Management for heads up on this issue.