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Stewardship & Engagement Report Stewardship & Engagement Report For the year to 31 December 2020 March 2021 Stewardship is the responsible “ allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits“ for the economy, the environment and society. Financial Reporting Council (UK Stewardship Code 2020) 2 Stewardship & Engagement Report for calendar year 2020 Contents 4 7 9 Introduction Welcome About Brewin Dolphin 10 11 12 Investment beliefs and Strategic objectives Governance philosophy and policies 16 18 20 Our commitment to Service providers ESG integration stewardship and ESG 22 26 30 How we engage Direct Collective engagement activity engagement activity 33 36 37 Our voting policy Escalation Engaging with our shareholders and other stakeholders 40 41 Conclusion Meeting the Principles of the Stewardship Code 2020 Stewardship & Engagement Report for calendar year 2020 3 We believe that Stewardship forms one pillar of being a sustainable wealth manager. At Brewin Dolphin, we break sustainability down into three pillars. Each of these pillars supports the other two, and together they are the foundation of a responsible, sustainable and thriving business. Responsible Stewardship Being a responsible investment business Highlights Creation of Sustainability team Creation of Sustainability Committee First CDP disclosure completed Signed C-19 Business Pledge Partnered with BMO reo® and CA100+ on engagements Our awards 4 Stewardship & Engagement Report for calendar year 2020 Stewardship & Engagement Report for calendar year 2020 5 Welcome Our commitment to sustainability and responsible investment has never been greater. When I became CEO in 2020, I set ESG as one of my top priorities, and Stewardship is a key part of our approach. We have taken great steps this year towards our strategic objectives and this report will outline some of the changes that have been made and how they support our Stewardship work. This has been a year unlike any other. With the wide-spread disruption caused by the Covid-19 pandemic we have had to adapt how we live and work, all against a backdrop of regulatory changes and increased focus on ESG and sustainability. Managing through this crisis will require the best of what we, as a company and as a society, have to offer. In the face of this upheaval, I have been overwhelmed by the response from our colleagues who have continued to embody our values as an organisation. I am proud to lead a business that has maintained exceptional standards of service to our clients, and I include in that the scrutiny of and engagement with the companies in which we invest. The Executive Committee of Brewin Dolphin, including myself, have reviewed and approved this Stewardship and Engagement Report. This report has also been shared with and reviewed by the Board. I hope you enjoy reading it and are encouraged by the work we are doing. Robin Beer, Chief Executive Officer 6 Stewardship & Engagement Report for calendar year 2020 As Chair of the Stewardship Committee, I am very proud of the progress we have made this year with our engagement work. To Brewin Dolphin, Stewardship means that we are taking care of our clients’ assets, whilst creating long-term value for them and for the wider society. We align our definition of Stewardship with that of the Financial Reporting Council (FRC). “Stewardship is the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.” I have been encouraged by the exceptional work our analysts have done in their engagements with the companies and funds in which we invest. I hope you will find reading the case studies included in this report interesting and informative. Richard Platt, Chair of the Stewardship Committee As the direct link between Brewin Dolphin and the companies we invest in, the research team is dedicated to excellent levels of Stewardship and we pride ourselves on the work we do. When we invest for our clients we do so believing that those investment decisions contribute to the efficient allocation of resources within the economy, and thereby support it in meeting the needs of our society. However, there are many instances of markets failing to deliver optimal outcomes. That happens when the interests of stakeholders diverge. We seek mission driven companies that see themselves as part of an interconnected system and seek to create win-win relationships with key stakeholders: customers, suppliers, employees, local communities, and shareholders. Investors are part of that system as well. That is reflected not only in the investment decisions we make but also in the Stewardship activities we undertake. This report will show how we act as responsible owners of companies. This can mean acting alone, or in conjunction with our fellow shareholders or with other stakeholders. In this way we seek to deliver to our investors profits they can be proud of. We have been delighted with the additional resources Brewin Dolphin has committed to ESG and Stewardship this year with new partnerships to support the integration of ESG factors into our research processes in a more robust way, and enhance our collective engagement capabilities. The Covid-19 pandemic has had a marked impact on companies and markets; and has forced a number of issues and market failures into the spotlight. We have not hesitated to hold companies and fund managers to account where we feel these issues have not been addressed well. The in-depth case study on our engagement surrounding garment factories in the UK provides a great insight into this work. My team and I fully embrace the fast-changing world of ESG and responsible investment and look forward to future developments and enhancements to our work next year. Guy Foster, Chief Strategist Stewardship & Engagement Report for calendar year 2020 7 About Brewin Dolphin Brewin Dolphin is one of the UK’s leading Our values independently-owned providers of discretionary wealth management. We offer award-winning Genuine personalised wealth management services that Heartfelt advice, delivered meet the varied needs of around 55,000 clients - by people who care individuals, family companies and trusts, charities, pension funds and advisory clients. Ambitious Long-termism has been crucial to our success. Nearly 260 years after our Making more of life’s establishment as one of the founding firms of the London Stock Exchange, we opportunities remain true to our values and they are at the heart of how we work with clients and one another. Our values include seeking to ensure clarity and stability in a complex world and balancing benefits today against future long-term security Expert and wealth creation. Rarely in our history have these values been more Skilfully facilitating important important than they have been this year. Below are our key stakeholders who decisions we take into consideration in our decision-making. We have a long tradition of good Stewardship, which is naturally aligned to our long-term view, our success and that of our clients. Over time our business Clients Employees Shareholders has seen the ebbs and flows of the markets, which has taught us the importance of being a responsible and sustainable business, and good Stewardship Suppliers Regulators Society helps to ensure that our investee companies think this way too. We are committed to building For further information on our stakeholders please see page 37. on this strong track record by delivering continued value to Brewin Dolphin is committed to the highest standards of client service, with our stakeholders. long-term thinking and an absolute focus on our clients’ needs at the core. We manage approximately £44.6 billion (31 Dec 2020) of client funds on a discretionary basis. We specialise in helping clients protect and grow their wealth by creating financial plans and investment portfolios that meet personal and professional objectives. Our clients have high aspirations for themselves, for their families and their futures, which includes the future of our planet. We support them in taking a responsible and long-term view throughout their financial journey. We believe that our business model mainly fits within the definition of asset manager. 8 Stewardship & Engagement Report for calendar year 2020 87% of our clients have a discretionary mandate* 69% of clients have a direct relationship with us* £800,000 average discretionary client size** Asset class breakdown** Geographical breakdown** Equity Direct 19.62% UK 40.00% Equity Collectives 54.10% Global 22.22% Property 2.10% North America 21.79% Cash 3.52% Europe 6.06% Fixed Income Direct 1.45% Japan 2.65% Fixed Income Collective 13.02% Asia ex Japan 5.67% Alternatives 4.06% Emerging Markets 1.60% Commodities 0.67% Other 1.45% * by value of client assets as at 31 December 2020 ** as at 31/12/2020 Stewardship & Engagement Report for calendar year 2020 9 Investment beliefs and philosophy What we believe: What we do: – The key to successful investment management is a – Our Research team keeps the core of our investee blend of robust and thoughtful management of the companies under constant review. assets and the wider relationship with our clients. – We engage several external research providers to – Economic and business cycles are the most important support the investment process and our ESG work. drivers of capital markets. – The Research team regularly meet management – Asset allocation, the balance between risk and return, of large companies and fund providers as part of diversification, income and inflation are primary the due diligence and engagement process. considerations for long-term investors. We define the – We consider current and prospective income streams, long-term as in excess of ten years. We recognise that market trends and changes in the geopolitical while most of our clients invest for the long-term, some landscape.
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