Helping activate change with active ownership
We believe we can create better outcomes for our clients by actively engaging when we invest. Investors can use their voice to press for positive changes through a combination of dialogue with companies and voting at shareholder meetings.
How have we helped?
We believe we can create better outcomes for our clients by actively engaging when we invest. Below are some case studies that highlight some of the ways we engage with companies through our engagement partner EOS at Federated Hermes.
CASE STUDIES
Engagement with companies
Human capital management and digital rights
Apple
Overview
Apple is one of the world’s largest technology companies and a global leader in consumer electronics and digital services. Our engagement provider for the 2025 reporting period, EOS at Federated Hermes, engaged with the company on human capital management, civil rights oversight and the governance implications associated with digital rights and machine learning technologies.
Engagement Activities and Outcomes
EOS began engaging with Apple in 2022, encouraging the company to undertake a third-party civil rights audit to assess risks relating to discrimination, workforce practices and customer impacts.
EOS also supported a shareholder proposal requesting such an audit and provided feedback on the company’s ESG disclosures and oversight practices. In 2023, Apple completed a third-party civil rights audit which included 40 recommendations covering workforce practices, customer interactions and governance oversight. Subsequent engagement focused on implementation of the audit recommendations, including oversight of workplace misconduct, employee retention metrics and the management of algorithmic and digital rights risks.
EOS continues to engage with the company on embedding these practices more deeply across the organisation to support long-term innovation, productivity and shareholder value
Labour rights and supply chain oversight
BYD
Overview
BYD is a leading Chinese electric vehicle manufacturer that has expanded rapidly into international markets. In 2025, the company faced allegations relating to labour conditions at a factory construction site in Brazil, raising concerns around human rights oversight, governance and supply chain management.
Engagement Activities and Outcomes
EOS engaged with BYD from January 2025 onwards, encouraging the company to strengthen governance structures, risk management processes and oversight of overseas operations. Engagement discussions focused on improving board-level accountability, increasing the use of third-party audits and enhancing local compliance expertise.
Following the controversy, the company terminated the contractor involved, repatriated workers and established a compliance committee. EOS continues to advocate for more systematic oversight measures to help mitigate legal, operational and reputational risks and support long-term shareholder value.
Audit committee independence and governance
Siemens Energy
Overview
Siemens Energy is a German-listed energy company formed through the spin-off of Siemens AG’s former gas and power division. Following the spin-off, concerns emerged regarding board and audit committee independence due to the continued influence of Siemens AG representatives within the company’s governance structure.
Engagement Activities and Outcomes
EOS engaged with Siemens Energy between 2021 and 2025 on improving board and audit committee independence. Engagement activities included written correspondence with the chair, discussions with board representatives and questions raised at annual general meetings. EOS advocated for the appointment of an independent audit committee chair and stronger independent oversight structures.
Over the engagement period, the company implemented several governance changes, including replacing the non-independent audit committee chair with an independent member, reducing non-independent representation on the audit committee and removing the non-independent board chair from the committee in 2025.
EOS believes these changes have strengthened governance oversight and improved the company’s ability to identify and manage risks and opportunities.
Taking responsibility
Our parent company Quintet are proud members of the Climate Action 100+ initiative, a leading collaborative investor engagement on climate change. They are also signatories of the Principles for Responsible Investment (PRI), the world’s leading proponent of responsible and sustainable investing. By participating in these influential networks, we reinforce our commitment to driving meaningful change.
Active ownership report
How we vote
How we engage
Source
^Period 2023. Glass Lewis reported in 2023 that average shareholder support for environmental and social proposals was respectively 23% and 18%.