Stewardship Annual Report 2017

Stewardship is an integral part of our philosophy, and this manifests itself in our integration, engagement and voting activity. As such, I am delighted to introduce our 2017 Stewardship Annual Report, which highlights our approach, activity and outcomes in 2016.

3 April 2017

Last year reminded us of the constancy of change, with major political disruption globally and a surprisingly speedy ratification of the Paris Agreement on climate change – the latter of course, being of particular significance from a sustainability perspective.

We have continued to build on our integration and stewardship efforts, with a busy engagement schedule over the year. On the collaborative front, we saw the conclusion of a two-year PRI-coordinated initiative on fracking practices in the oil and gas industry, where we led a successful engagement with an Asian company. Encouragingly, our work continues to be acknowledged externally, with last year’s highlights including a top rating from the PRI (an A+) for our governance and sustainability (G&S) strategy, and being placed in the top category (Tier 1) by the FRC for our UK Stewardship Code statement.

Stewardship annual 2017 report

Looking at 2017, we certainly won’t be resting on our laurels, with many major issues – such as corporate governance reforms, climate change and the growing threat of antibiotic resistance – demanding significant attention.

Download Stewardship annual report 2017

Report summary

Achievements in 2016

  • Highest possible (A+) rating awarded by the PRI for our stewardship strategy
  • Top ranking (Tier 1) by the FRC for our statement of compliance with the UK Stewardship Code
  • Successful conclusion to collaborative engagement on ‘fracking’ practices in the oil & gas industry
  • Completion of proprietary industry frameworks, designed to aid integration


# companies engaged
with (private)
# companies engaged
with (collaborative)



PRI ratings history

Year Strategy Integration Active Ownership Reporting period
2016 A+ A+ A 1 Jan 15 – 31 Dec 15
2015 A+ A A 1 Jan 14 – 31 Dec 14
2014 A A A 1 Jan 13 – 31 Dec 13


Water risks
Water risks
Antibiotic use
Antibiotic use

PRI – Principles for Responsible Investment. FRC – Financial Reporting Council. Engagement and voting activity is for the period 1 January 2016 to 31 December 2016.

Important information
This information is issued and approved by Martin Currie Investment Management Limited (‘MCIM’). It does not constitute investment advice. The information provided should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the securities discussed were, or will prove to be, profitable.
Any distribution of this material in Australia is by Martin Currie Australia Limited (‘MCA’). Martin Currie Australia is a division of Legg Mason Asset Management Australia Limited (ABN 76 004 835 849). Legg Mason Australia Limited holds an Australian Financial Services Licence (ASFL No. AFSL240827) issued pursuant to the Corporations Act 2001.