At ATP, we actively investigate how the companies we invest in behave and develop. We are looking for knowledge and insight of our companies and we use our influence - both via direct dialogue with the companies and by voting at their annual general meetings. This is what we call stewardship.
Dialogue is the key tool in ATP’s stewardship activities. The dialogue with listed companies may, for instance, concern strategy, results, risk, capital structure, corporate governance, corporate culture, management remuneration and general responsibility.
ATP often exchanges views with other investors on the companies in which ATP invests. Where ATP finds that it is necessary to have greater clout in order to make ATP’s stewardship felt on a specific point, ATP will seek collaboration with other investors.
Read more about Policy of Stewardship in the ATP Group or view our responsibility reports and publications
ATP manages its own stewardship
ATP believes that by placing investments and stewardship under one roof, it may ultimately lead to better investment decisions. ATP’s internal portfolio managers invest in listed equities, and all dialogue with the companies are handled internally by ATP. This ensures that ATP’s investment work is consistent and of a high quality. It can also lead to synergy between the processes, so that information gained via dialogues can result in better investment decisions.
ATP votes at the annual general meetings of its listed companies
One of the ways that ATP engages in a dialogue with its portfolio companies is by voting at the annual general meetings. In fact, ATP votes at all annual general meetings of the listed companies in ATP’s share portfolio - both in Denmark and abroad. Among other things, this means that ATP will not make its shares available to other actors via stock lending.
Ensuring greater transparency is a focus area for ATP, and therefore ATP publishes its entire voting record.
ATP’s use of asset managers and how that fits into the overall strategy
In April 2019, the Danish Parliament adopted a change to the Shareholder Rights Directive (aktionærrettighedsdirektivet) which encourages a long-term stewardship.
Therefore, ATP must now, pursuant to Section 26(e)(2), report on our use of asset managers.
ATP’s contribution to annual general meetings of companies in the Nordic region
ATP often speaks at annual general meetings in Danish and some Nordic companies once ATP has a significant number of shares in a company. Go to the Danish edition of this web page to view our contributions over the past year at annual general meetings (in Danish only).
ATP has chosen to vote by mail when there are proposals put forth at annual general meetings in Danish listed companies. This is the result of the changed circumstances due to COVID-19 and the associated restrictions for mass gatherings.