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Stewardship at Fisher Investments


The objective of FI’s stewardship activities is to understand and evaluate companies to help reduce financially material risk and enhance returns. FI incorporates stewardship in a manner that simultaneously focuses on our fiduciary duty to clients and supporting client desires for long-term results whilst allowing for repeatability in the application of our investment process.

Stewardship involves multiple teams across FI’s Portfolio Management Group and Institutional Group. The teams work together to help ensure stewardship is aligned across the different functions.

FI does not undertake stewardship activities for purposes of changing or influencing control of a company.

Link to Stewardship Policy

Corporate Engagement Overview

As an active investment manager on behalf of its and its subsidiaries’ clients, FI engages with companies as part of its fundamental analysis and to clarify or express concerns over potential issues at the firm or industry level.

FI endeavours to engage with companies across sectors and in both developed and emerging markets. This includes companies in equity strategies and, to a lesser degree, fixed income strategies. Financially material information uncovered during engagement is incorporated into our fundamental analysis. The period of time needed to address engagement discussion topics may exceed our normal investment time horizon, and FI recognises engagement as a way to address longer-term risks and opportunities.

FI holds meetings with company management as necessary to discuss issues FI feels are pertinent to analysing the company or better understanding peers or relevant industry factors.

What we learn from these conversations is incorporated into our fundamental analysis. Our stewardship policy describes how we identify and prioritise engagement opportunities, our approach to collaborative engagements, and how we manage conflicts of interest.

Areas of Engagement

We prioritise multiple factors in each ESG category:

Environmental

  • Climate Change
  • Pollution & Toxic Waste
  • Water Stewardship
  • Biodiversity
Illustration of two people having a meeting with charts and graphs behind them

Social

  • Human Rights
  • Human Capital
  • Labor Relations
  • Community Impact

Governance

  • Executive Compensation
  • Board Independence
  • Board Diversity
  • Proxy Voting

We identify many of our engagement opportunities through a combination of top-down quantitative and qualitative information to generate focus lists. We further vet the lists based on bottom-up company research, which includes:

  • Company Financials
  • Sustainability Disclosures
  • Analysis From Our ESG Research Providers
  • Research From Responsible Investment Network Partners
  • Relevant NGO Reports

Engagement Process

The topics of engagements are informed by FI’s top-down Economic, Political and Sentiment drivers, country, sector and thematic preferences, as well as bottom-up fundamental analysis. Such topics may include ESG related topics to the extent they have a material impact on the risk or return of a security (‘Sustainability Risks’).

Our top-down engagement selection process uses multiple factors to identify potential risks and opportunities and allows us to generate focus lists. We further vet the lists based on bottom-up company research.

In addition to our primary engagement sources, we monitor our holdings on an ongoing basis utilising a combination of qualitative and quantitative resources. This information, supplemented by FI’s in-house company research, is used to identify companies where there may be opportunities for engagement.

We also consider engaging with management whenever concerns arise related to a company’s business.


Quarterly Engagement Reports

Quarterly corporate engagement reports describe the number of engagements with companies in which we invest, their sector, a summary of events, and conclusions to provide insight, transparency, and clarity to the ESG vetting process.

View the available reports:

Proxy Voting: Differentiated Approach

Where authorised to do so, FI votes proxies on behalf of clients. When doing so, FI votes with the best interests of our clients in mind. FI utilises Institutional Shareholder Services (ISS) as its third-party proxy voting service provider.

FI’s Proxy Voting Committee oversees the firm’s proxy voting and serves as the control point for decisions relating to proxy voting. The members of the Proxy Voting Committee include senior leadership from our Research, Portfolio Management, and Investment Operations groups.

Previous fiscal quarters’ proxy voting reports can be viewed below.

EU/EEA Equities Shareholder Engagement Policy

In accordance with our shareholder engagement policy, please review the proxy voting reports provided on this page for the annual disclosure on how such a policy has been implemented for the previous year.

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