Philosophy
We believe that an effective, sustainable global economy is essential to the creation of potential long-term value. We believe that transparency and reliability of information regarding all types of financially material investment topics benefit our clients and shareholders, and that consideration of financially relevant environmental, social, and governance (ESG) information can help contribute to fulfillment of our fiduciary duty.
- ESG integration at Putnam
- Stewardship
- Policies and Reports
ESG integration at Putnam
Putnam incorporates consideration of financially material ESG issues in our investment research processes. As active managers, we are committed to conducting thorough research when pursuing investment opportunities for our clients. We consider ESG analysis as additive and complementary to the fundamental understanding that is at the center of our investment philosophy. When focused on issues that are financially relevant to a particular business or security type, it has potential to add to overall investment insight and to improve decision making.
The investment relevance, or financial materiality, of specific ESG issues varies by sector, geography, asset class, and company context. Putnam's internally developed materiality map, inspired by the work of the Sustainability Accounting Standards Board (SASB), which is now part of the International Sustainability Standards Board (ISSB), illustrates how relevance of ESG issues can vary across sectors.
ESG Integration policy
As asset managers, we believe that an effective, sustainable global economy is essential to the creation of potential long-term value.
Equity materiality map
Our internally developed materiality map, which shows the degree of financial relevance of ESG issues across industry sectors, guides our investment research.
Stewardship
As an asset manager, our investment stewardship aims to provide long-term value through active ownership, monitoring, and engagement with the issuers of the securities we hold in our clients’ portfolios. As active managers, we are committed to conducting thorough research and to incorporating fundamental insight into all of our activities and decisions, including corporate engagement. We believe all investors benefit from effective governance practices and appropriate transparency regarding financially material business issues, including relevant ESG issues.
Approach
Our stewardship strategy has four components, including issuer-specific engagement that occurs in our investment process, thematic engagement, proxy voting, and participation in collaborative initiatives. All stewardship activity is undertaken with the goal of benefiting our clients and shareholders through long-term financial performance.
Stewardship policy
Our investment stewardship aims to provide long-term value through active ownership, monitoring, and engagement with the issuers of the securities we hold in our clients’ portfolios.
Stewardship Report
Our report illustrates Putnam’s continued conviction in the power of investment-centric stewardship and its central role in contributing to long-term financial results for our clients, ongoing progress for issuers and their governance, and a healthy global financial system.
Proxy overview, policies and voting records
Through proxy voting, the Trustees seek to make company management accountable and to align the interests of management with those of shareholders of the Funds.
Many of Putnam’s investment management clients, including the Putnam Funds, have delegated to Putnam the authority to vote proxies for shares held in the client accounts Putnam manages. These functions are managed by our internal Proxy Committee and Legal and Compliance Division and are undertaken with the consistent goal of promoting strong corporate governance, acting in the best interests of our shareholders and clients. Putnam will vote proxies and maintain records of voting of shares for which Putnam has proxy-voting authority in accordance with its fiduciary obligations and applicable law.
Policies and Reports
ESG Integration policy
As asset managers, we believe that an effective, sustainable global economy is essential to the creation of potential long-term value.
Stewardship Report
Our report illustrates Putnam's continued conviction in the power of investment-led stewardship and its central role in contributing to long-term financial results for our clients, ongoing progress for issuers and their governance, and a healthy global financial system.
Stewardship policy
Our investment stewardship aims to provide long-term value through active ownership, monitoring, and engagement with the issuers of the securities we hold in our clients’ portfolios.
Climate-Related Risk and Opportunity Report
Climate risk and environmental management are key focus areas for Putnam as these issues present increasingly notable risks and important opportunities for businesses and investors.
Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own financial professional or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.
This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. All investments involve risks, including possible loss of principal.
Americas:
Canada: Franklin Templeton Investments Corp., 200 King Street West, Suite 1500, Toronto, ON, M5H 3T4, (800) 387-0830, Fax: (416) 364-1163, www.franklintempleton.ca.
United States and Latin America: Franklin Resources, Inc. and its subsidiaries offer investment management services through multiple investment advisers registered with the SEC. Franklin Templeton, One Franklin Parkway, San Mateo, CA 94403-1906, 1-800-321-8563, ftinstitutional.com.
EMEA:
UK: Franklin Templeton Investment Management Limited (FTIML), registered office: Cannon Place, 78 Cannon Street, London, EC4N 6HL. Tel +44 (0)20 7073 8500. Authorised and regulated in the United Kingdom by the Financial Conduct Authority.
Luxembourg: Franklin Templeton International Services S.à r.l. (FTIS), registered office 8A, rue Albert Borschette, L-1246 Luxembourg. Authorised and regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF) and authorised to conduct specific investment business in other European countries via UCITS and AIFMD outward service or via any of the following outbound FTIS S.à.r.l. branches as listed below:
Germany: FTIS Branch Frankfurt, Mainzer Landstr. 16, 60325 Frankfurt/Main, Germany. Tel +49 (0) 69/27223-557, Fax +49 (0) 69/27223-622, [email protected].
Netherlands: Franklin Templeton International Services Sàrl, Dutch branch, NoMA House, Gustav Mahlerlaan 1212, 1081 LA, Amsterdam, Netherlands. Tel +31 (0) 20 575 2890.
Romania: Franklin Templeton International Services S.À R.L. Luxembourg, Bucharest Branch, at 78-80 Buzesti Str, Premium Point, 8th Floor, Bucharest 1, 011017, Romania. Registered with Romania Financial Supervisory Authority under no. PJM07.1AFIASMDLUX0037/10 March 2016 and authorized and regulated in Luxembourg by Commission de Surveillance du Secture Financiere. Telephone: + 40 21 200 9600.
Spain: Franklin Templeton International Services S.à r.l. -Spanish Branch, Professional of the Financial Sector under the Supervision of CNMV, José Ortega y Gasset 29, Madrid, Spain. Tel +34 91 426 3600, Fax +34 91 577 1857.
Sweden: Franklin Templeton International Services S.à.r.l., Swedish branch c/o Cecil Coworking, Norrlandsgatan 10, 111 43 Stockholm, Sweden. Tel +46 (0)8 545 012 30, [email protected].
South Africa: Franklin Templeton Investments SA (PTY) Ltd., which is an authorised Financial Services Provider. Kildare House, The Oval, 1 Oakdale Road,
Newlands, 7700 Cape Town, South Africa. Tel +27 (21) 831 7400, Fax +27 (11) 341 2301, www.franklintempleton.co.za.
Switzerland: Franklin Templeton Switzerland Ltd., Stockerstrasse 38, CH 8002 Zurich, Switzerland. Tel +41 44 217 81 81, Fax +41 44 217 81 82, [email protected].
United Arab Emirates: Issued by Franklin Templeton Investments (ME) Limited, authorised and regulated by the Dubai Financial Services Authority. Dubai office: Franklin Templeton Investments, The Gate, East Wing, Level 2, Dubai International Financial Centre, P.O. Box 506613, Dubai, U . E. Tel +9714 4284100, Fax +9714 4284140.
This is not an offer to sell or a solicitation of an offer to purchase securities in any jurisdiction where it would be illegal to do so.