From 2021, BNP Paribas Asset Management (BNPP AM) will abstain or vote against board elections where the board is less than 15% WOB for Asian markets and the candidate is male
. This is an extension of their 2020 policy, where they called for at least one woman to be present on the board.
They could support male directors if, however, the company has made important improvements, in the case of a small board (8 directors maximum), if there is a commitment to reach the 15% threshold within two years, or the CEO or Chair is a woman.
The asset manager has a higher threshold of 30% women on board for the Europe, North America, Australia, New Zealand and South Africa markets.
The asset manager has also included a longer-term objective of at least 40% women on board by 2025.
BNPP AM pursued a focused engagement strategy with investee companies. In 2020, targeted 23 companies in actively managed portfolios that were not in line with their board diversity policy. Eventually, about 30% adopted changes in line with their voting policy.
Read more here.