High compliance rate with Dutch Stewardship Code by Eumedion participants

News · 16-06-2021

Eumedion participants have been working to further improve the integration of the principles of the Dutch Stewardship Code into their policies and reports. This follows from the today published second Implementation Progress Report.


Compared to the first report (2019), this second report includes further qualitative assessments of the various ways Eumedion participants seek to comply with the Code in a meaningful way. As in 2019, the report addresses the key focus areas of transparency around voting behaviour and engagement programs. Additionally, the current report also discusses if and how participants communicate with other relevant stakeholders of investee companies, in order to enhance their engagement with these companies.


As in 2019, the report shows a high level of compliance with the requirements on voting behaviour transparency. In addition, the report presents the various methods used by participants to explain 'significant votes'. The report discusses and reiterates the importance of providing adequate and easily accessible information to show how participants use their voting rights to contribute to meaningful stewardship outcomes, better checks and balances within Dutch listed companies and long-term value creation of these companies. With regard to engagement programs, the report paints a similar picture. Here, too, the results show that participants can further improve their disclosure on engagement efforts by enhancing the consistency between their reporting on the selection and prioritisation of engagement themes, the objectives and targets that accompany those themes, and the subsequent results.


Lastly, the results confirm that collaboration with other shareholders is common practice among participants. However, it often remains unclear how communication with other stakeholders of an investee company takes shape. Striving to understand the aspirations and motivations of other relevant stakeholders of the company (e.g. banks, creditors, customers, suppliers, the works council and NGOs) may advance the goals of stewardship. Participants are therefore encouraged to show more clearly what their approach is to this aspect of the Code, and if and how such communication, in practice, informs their engagement activities.

Relevant documents

Second Implementation Report Dutch Stewardship Code

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Dutch Stewardship Code

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