Stewardship activities in brief
ACADEMEDIA
A meeting to show our support for a shareholder proposal to return capital to investors.
ARCELORMITTAL
A Climate Action 100+ group meeting focused on the latest Net Zero benchmark results and progress made with the Science Based Targets initiative on developing a methodology for the steel sector. We also discussed the Just Transition and climate policy advocacy.
CML MICROSYSTEMS
A meeting on the potential for returning capital to shareholders through a buyback.
COMET HOLDINGS
A series of meetings with management and the board to discuss capital allocation and to encourage the company to repurchase shares, given its strong mid-term outlook and robust balance sheet.
COTY
A follow-up meeting to commend progress made over the last year, as well as continuing discussions on compensation, disclosures and relationships with ESG ratings agencies.
DASSAULT AVIATION
A meeting on a number of ESG topics, including the company’s focus on producing jets with a lower carbon footprint and the role sustainable aviation fuel will play in the transition, employee satisfaction and engagement with ESG ratings agencies.
DX GROUP
An opportunity to express our views on the succession plans for the CEO and the chair of the Board.
EPWIN GROUP
A meeting with a non-executive director to discuss possible improvements to the structure of the Board.
EQUINOR
A meeting to discuss the company’s energy transition plan, with a particular focus on its renewable energy and low-carbon solution pillars.
HAMAMATSU PHOTONICS
A meeting to communicate the rationale behind our votes at the upcoming AGM and to encourage further independence on the Board, as well as expressing concerns over the lack of statutory auditor independence.
KINOVO
With the current chair stepping down, we discussed the succession plans in place.
MERCIA ASSET MANAGEMENT
A meeting to discuss the company’s capital structure and to weigh up whether a buyback would be sensible.
MITSUBISHI ELECTRIC
A meeting to discuss how we voted at the most recent AGM and to express our support for a refresh of the Board.
NEWCORE GOLD
A discussion on the board’s strategic effectiveness when considering risk and ensuring alignment with shareholder interests.
NTT DATA
Whilst acknowledging that good progress had been made on corporate governance, we escalated our concerns over the independence of one of the Board directors.
RAISIO
A meeting with the chair to discuss a number of governance topics, including board diversity, executive remuneration and organisational structure and accountability.
RYANAIR
An introductory call to get a better understanding of the company’s transition plan and potential areas of competitive advantage.
SHIMADZU
A meeting to encourage a more ambitious target for women in management positions by March 2026.
SHIN-ETSU CHEMICAL
We reiterated our preference for the company to reduce its cross shareholdings.
VELOCYS
A meeting to discuss Board and management effectiveness.
4D PHARMA
An ongoing discussion with the CEO on strategic options for protecting shareholder value throughout the period the company was in administration.
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