We engaged with directors of a U.S. financial company that was fined for fraud, expressing our concerns about the board's responsibility in preventing and responding to the matter.
You can expect us to speak out when we detect threats to our shareholders' economic interests.
Although this move is directionally correct, it does not fully address our concerns; we will continue to encourage the company to add gender diversity to its ranks of independent directors.
This year, for the first time, our funds supported a number of climate-related shareholder resolutions opposed by company management. We are also discussing climate risk with company management and boards more than ever before.
That's where the bulk of the assets are. In a world where action speaks louder than words, their hands are tied.