SRD II

How does Candriam address requirements from the EU Shareholder Rights Directive II?

Background

The Shareholder Rights Directive II (SRD II) is a European Union (EU) directive (EU 2017/828)1 which aims  at encouraging long-term shareholder engagement, by:

  • Easing the identification of shareholders, transmission of information and exercise of shareholder rights
  • Enhancing the transparency of Institutional Investors, Asset Managers and Proxy Advisors.

SRD II, as an amending Directive, requires transposition into each Member State’s national law. It is important to note that the directive is closely linked to the EU Sustainable Finance Disclosure Regulation (SFDR - Implementation deadline  Q1 2021) through the focus on ‘non-financial’ / ‘sustainable’ aspects.

Requirements for Institutional Investors & Asset Managers

You will find below a summary of Candriam's responses to the new regulatory requirements, as well as links to documents that will allow you to delve more deeply into these points. All the following links are accessible from our Publications page, on our website.

 

Target Candriam and Institutional Investors
SRDII Requirement Develop and publicly disclose an engagement policy that describes how shareholder engagement (vote/dialogue) is integrated to investment strategy
SRDII Requirement Publicly available on Candriam website. Candriam Engagement policy describes how both dialogue, cooperation and voting are integrated into its investment strategy
Links Candriam Engagement Policy
Further comments Annual update a minima
   
Target Candriam and Institutional Investors
SRDII Requirement On an annual basis, publicly disclose how engagement policy has been implemented
Answer Publicly available on our website. Candriam publishes on an annual basis how engagement and voting policies have been implemented.  Candriam also publishes twice a year all  its  votes, which are available on its SRI publication page.
Links Engagement & Voting report 
Details of vote accessible here
List of resolutions at assembly general meetings is also available in funds’ annual reports.
Further comments On an annual basis, publicly disclose how engagement policy has been implemented
   
Target Institutional Investors
SRDII Requirement Where Candriam implements the engagement policy, including voting, on behalf of an institutional investor, the institutional investor shall make a reference as to where such voting information has been published by Candriam.
Answer The institutional clients will find voting information in  the above mentioned reports but also in dedicated reports communicated to them, including details of vote, in compliance with Candriam voting policy or their customized voting policy.
Links Candriam provides its institutional clients with an Annual report of the institutional dedicated fund or mandate (non-public). In case institutional clients have chosen to invest in one of Candriam open funds, all needed information is available on Candriam website, as described above.
   
Target Candriam
SRDII Requirement Identify  and prevent or manage conflicts of interest
Answer The way Candriam identifies and managed with conflicts of interest is detailed in Candriam publicly available engagement policy. 
Links Candriam Engagement Policy
Further comments Annual update a minima
   
Target Candriam
SRDII Requirement Publicly disclose how the main elements of our equity investment strategy are consistent with the profile and duration of our liabilities
Answer Information available in annual reports sent to institutional client
   
Target Candriam
SRDII Requirement Candriam discloses, on an annual basis, to the institutional investor with which we have entered into the arrangements, how our investment strategy and implementation thereof complies with that arrangement and contributes to the medium to long-term performance of the assets of the institutional investor or of the fund, including related turnover costs
Answer Information available in annual reports sent to institutional clients
Links Annual report
Further comments Annual review

 

1 https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32017L0828

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