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Each year we send out various letters to investee companies and request to have a constructive dialogue. The letters address changes to our corporate governance and proxy voting policies, as well as developments in our governance and sustainability activities or expectations on focus topics (thematic).
We, at DWS Investment GmbH, explain our expectations of enhanced governance practices that are aimed at protecting and promoting the interests of our clients in order to fulfill our fiduciary duties.
We at DWS Investment GmbH reiterate our commitment to fulfill our fiduciary duties in the best interest of our clients. We believe that sound corporate governance practices among our investee companies are both precondition and catalyst to achieving meaningful progress and create long-term sustainable value.
We expect companies that face substantial climate transition risks to accelerate their efforts in setting ambitious emission reduction targets and providing enhanced transparency on their roadmap towards climate neutrality.
In line with DWS’ commitment to drive towards net zero emissions in our portfolios well before 2050, DWS introduced the DWS Coal Policy in 2023. Guided by the science-based timelines for the phase out of thermal coal under the International Energy Agency (IEA) net zero pathway, our Coal Policy outlines specific actions, including investment restrictions and engagement strategies. We expect companies with a coal share of revenues between 5% and 25% to accelerate their phase-out from coal and publish transition plans by end of 2025 at the latest.
We at DWS Investment GmbH (DWS) remain fully committed to fulfill our duties as a fiduciary and we aim to protect the assets entrusted to us by our clients. Therefore, we continue to promote sound, robust governance standards and responsible transformations of business models. As a global fiduciary, we regard it as our responsibility to address challenges in the market.
We expect companies that face substantial climate transition risks to accelerate their efforts in setting ambitious emission reduction targets and providing enhanced transparency on their roadmap towards climate neutrality.
In line with DWS’ commitment to drive towards net zero emissions in our portfolios well before 2050, DWS introduced the DWS Coal Policy in 2023. Guided by the science-based timelines for the phase out of thermal coal under the International Energy Agency (IEA) net zero pathway, our Coal Policy outlines specific actions, including investment restrictions and engagement strategies. We expect companies with a coal share of revenues between 5% and 25% to accelerate their phase-out from coal and publish transition plans by end of 2025 at the latest.
Letters sent to 27 companies in the utility and coal mining sectors in December 2023.
Our thematic engagement activities and follow-up dialogues with these companies aim to determine whether investees are committed to phasing out thermal coal activities and to encourage them to publish credible transition plans for implementing this coal phase-out by 2025 at the latest.
Based on our continuous corporate governance activities and in line with our fiduciary duty, we have sent the following questions to the boards of some of our portfolio companies in written form:
Key elements of appropriate disclosure as the term of appointment of the lead audit partner as to demonstrate his/her independence and objectivity: max. 5 year rotation for the audit partner
Disclosure of the non-auditing services and the appropriateness of the related fees to validate the independence of the external auditors
Corporate Governance and Proxy Voting Policy (2025)
Corporate Governance and Proxy Voting Policy (2024)
Corporate Governance and Proxy Voting Policy (2023)
Active Ownership: Engagement & Proxy Voting Report (2022)
Active Ownership: Engagement & Proxy Voting Report (2021)
Active Ownership: Engagement & Proxy Voting Report (2020)
Annual governance letter to investees
One-on-one engagements via meetings/calls
Active participation in person in AGMs, raising our concerns publicly & Voting in accordance with our policy against Management and Board of Directors
Post-season letter to individual companies, where we voted against selected AGM items
Extraordinary escalation letters to the Board of Directors
Further escalation via the use of ownership rights
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*Notice:
Corporate Governance is conducted for DWS Investment GmbH, DWS Investment S.A. and for specific portfolio management mandates of DWS International GmbH.
The primary responsibility for the engagements and the exercise of voting rights outlined on this website lies with DWS Investment GmbH. To ensure an effective, efficient and consistent process, the following DWS legal entities have delegated the voting rights of their funds (in case of DWS Investment S.A.) respectively their institutional mandates (in case of DWS International GmbH) to DWS Investment GmbH:
- DWS International GmbH (applicable to mandates where the voting rights have been delegated by the institutional client)
- DWS Investment S.A
Reflecting our fiduciary duty to our clients, the exercise of our voting rights is made fully independent from any views or interests of our principal shareholder Deutsche Bank AG and other DWS legal entities.
Institutional Investor
Please read the following Important Information and then click the appropriate option box below.
This Australian website is operated by DWS Investments Australia Limited ABN 52 074 599 401 (“DWS Australia”).
DWS Australia is a company incorporated under the laws of the Australian Capital Territory, Australia with its principal place of business in Australia at Level 16, 126 Phillip Street, Sydney, New South Wales 2000 Australia. DWS Australia is the holder of Australian Financial Services Licence No. 499640. DWS Australia is an asset management subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”).
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Past performance is not indicative of future results. The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall. DWS Australia does not guarantee any particular rate or return, the performance of any investment or the repayment of capital from any investment.
DWS Australia does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Certain information contained on this website (including any forward-looking statements and economic and market information) has been obtained from published sources and/or prepared by third parties and may not be current. While such sources are believed to be reliable, DWS Australia, each of its officers, employees and affiliates do not assume any responsibility for the accuracy or completeness of such information. Any views or opinions expressed may not reflect those of DWS Australia, or any of its officers, employees and affiliates as a whole.
The information expressed on this website is subject to change without notice.
Your Use of the Website
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We may, in our absolute discretion, and without any liability or giving any reason to you, terminate, suspend or restrict your access or use of part or all of the website if we consider that you have breached any of the Website Terms or if we otherwise consider it necessary in order for the proper functioning of the website.
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The website, including information and materials contained in the website, text, graphics, software, links and other items are provided "as is" and/or "as available". DWS Australia does not warrant the accuracy, adequacy, completeness, timeliness or availability of the website, and expressly disclaims liability for errors or omissions in the website. To the maximum extent permitted by law, DWS Australia expressly disclaims any implied statutory guarantees and any express or implied warranties of any kind, including any warranties of merchantability, fitness for a particular purpose or non-infringement in conjunction with the website.
To the maximum extent permitted by law, DWS Australia and each of its officers, employees and affiliates, excludes all liability for any damages, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the website or use thereof or the inability by any party to use such website, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if DWS Australia, or representatives thereof, are advised of the possibility of such damages, losses or expenses. You release and discharge DWS Australia and each of its officers, employees and affiliates from and against any and all liabilities suffered or incurred by you as a result of your use of this website or any investment decision by any person made in reliance of any information sourced from this website.
Hypertext links to other internet websites or materials prepared by third-parties (’links’) are included as a convenience for our visitors. Certain hypertext links on the website may lead you to websites that are not under the control or charge of DWS Australia.
DWS Australia is not responsible and assumes no liability for the content of any linked websites and materials prepared by third-parties, including, without limitation, the accuracy, subject matter, quality or timeliness of the content of such linked external websites or materials. The fact that such links have been provided does not constitute an endorsement, authorization, sponsorship by or affiliation with DWS Australia with respect to any linked website or material or their sponsor or author. There are risks in using any information, software or product accessed on the Internet and we urge you to make sure you understand these risks before doing so.
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CONFIRMATION
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* I accept and agree to be bound by the current Website Terms.