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ESG Investing | T.Rowe Price
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class="hidden">{"usa":"trp-slogan-usa","canada":"trp-slogan-canada","estonia":"trp-slogan-estonia","japan":"trp-slogan-japan","liechtenstein":"trp-slogan-liechtenstein","norway":"trp-slogan-norway","iceland":"trp-slogan-iceland","australia":"trp-slogan-australia","lithuania":"trp-slogan-lithuania"}</div> <link rel="stylesheet" href="/etc/designs/trowecorp/clientlibs/pagealert/clientlibs.c9db8992b8a5b981ec52c4e6d8e39d08.css" type="text/css"> <script src="/etc/designs/trowecorp/clientlibs/pagealert/clientlibs.d41d8cd98f00b204e9800998ecf8427e.js"></script> <link rel="stylesheet" href="/etc/designs/trowecorp/clientlibs/employer-brand.bc6a915b13df5b7d83bd40facf3f1f00.css" type="text/css"> <script src="/etc/designs/trowecorp/clientlibs/employer-brand.2a77ac6557e66fb057a755e0a00ca939.js"></script> <div id="main_skip"> <div class="band-wrapper"> <div class="page-header-eb parbase"><div class="hidden-eb"> <img class="img-responsive ph-img-eb" alt src="/content/dam/trowecorp/band-backgrounds/Band_Background_EB/MOBILE_Band_Background_EB/ESG_HeaderImageDarker-Mobile.jpg"/> </div> <div id="page_header_eb" class="page_header_eb" data-attr="" alt="decorative image" style="background-image: url('/content/dam/trowecorp/band-backgrounds/Band_Background_EB/ESG_HeaderImageDarker-Desktop.jpg'); background-size: cover; background-repeat: no-repeat; background-position: center top; background-color: #000000;"> <div class="container-eb"> <div class="row row-frame row-sec"> <div class="col-md-12 col-lg-12 ph-align-eb"> <div class="ph-text-align-eb ph-bottom-align-eb"> <div class="quiet-eb"><h1>ENVIRONMENTAL, SOCIAL, GOVERNANCE</h1> </div> <div class="headline-eb"><p>Our thinking at T. Rowe Price</p> </div> </div> </div> </div> </div> </div> <style> @media screen and (max-width: 550px){ .page_header_eb{ background-image: none !important; background-color: #FFFFFF !important; } } </style> </div> <div class="paragraph-pdfs base6 baseSplit baseParent parbase"> <link rel="stylesheet" href="/etc/designs/trowecorp/clientlibs/base-all/clientlibs.d41d8cd98f00b204e9800998ecf8427e.css" type="text/css"> <script src="/etc/designs/trowecorp/clientlibs/base-all/clientlibs.d41d8cd98f00b204e9800998ecf8427e.js"></script> <div id="paragraph_pdfs_1785636601" class=" base-common base-bg-trpblue base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/paragraph_pdfs_1785636601-title" class="col-xs-12 base-header text-white"> <h2 class="base-header-headline base-headline-only"><a id="ESG"></a>ESG Annual Reports & Insights</h2> </div> <div class="col-md-6"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> <div class="trp-box-body trp-no-height left-text "> <i class='hidden-xs icon-md no-margin '></i> <i class='visible-xs-inline icon-md no-margin '></i> <div class=" mob-algn-btn-txt"> <h3><span class="text-white">2023 ESG Investing Annual Report</span></h3> <p><span class="text-white">Learn about our ESG capabilities, approach to ESG integration, company engagements, and proxy voting activities in our ESG Investing Annual Report.</span></p> </div> </div></div> </div> <style> .paragraph-pdfs .pdf-link a{ font-size: 20px; line-height: 24px; font-family: 'NimbusSansNovusLight'; font-family: var(--corporate-font-light); } </style> <div class="col-md-6"> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/esg/2023-esg-investing-annual-report.pdf" target="_blank"> <i class="icon-lg sl-fill-icon-doc text-bblue"></i> <span class="text-white">2023 ESG Investing Annual Report</span> </a> </div> </div> </div> <div> <div> </div> </div> <div> <div> </div> </div> </div> </div> </div> </div> </div> <div class="iconboxes baseParent parbase"> <div id="iconboxes" class=" base-common base-bg-white base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div class="group row1"> <div class="col-xs-12 col-sm-6 col-md-3 iconBox-bottom-margin"> <div class="icon-title-para-button"> <div class="image" id="cq-image-jsp-/content/trowecorp/global/en/what-we-do/esg-approach/esg-investing/jcr:content/band-wrapper/iconboxes/left-iconbox-1"> <img src="/content/dam/trowecorp/images/esg/2022-esg-investing-annual-report-thumbnail.JPG" alt role="presentation" width="169px" height="150px"/> </div> <div class="itp-title"> ESG 2022 Annual Report </div> <div class="itp-text"> </div> <div class="itp-button group" style="margin-bottom:10px;"> <a class="btn-trp text-center btn-trp-primary btn-trp-arr" href="/content/dam/trowecorp/Pdfs/esg/2022-esg-investing-annual-report.pdf" target="_blank"> More <i class="icon-sm sl-icon-arrow-32"></i> </a> </div> </div> </div> <div class="col-xs-12 col-sm-6 col-md-3 iconBox-bottom-margin"> <div class="icon-title-para-button"> <div class="image" id="cq-image-jsp-/content/trowecorp/global/en/what-we-do/esg-approach/esg-investing/jcr:content/band-wrapper/iconboxes/left-iconbox-2"> <img src="/content/dam/trowecorp/images/esg/2021-esg-investing-annual-report-cover.png" alt role="presentation" width="174px" height="150px"/> </div> <div class="itp-title"> ESG 2021 Annual Report </div> <div class="itp-text"> </div> <div class="itp-button group" style="margin-bottom:10px;"> <a class="btn-trp text-center btn-trp-primary btn-trp-arr" href="/content/dam/trowecorp/Pdfs/TRP_ESG_AnnualReport2021_Web_GlobalStandard_13%20May.pdf" target="_blank"> More <i class="icon-sm sl-icon-arrow-32"></i> </a> </div> </div> </div> <div class="col-xs-12 col-sm-6 col-md-3 iconBox-bottom-margin"> <div class="icon-title-para-button"> <div class="image" id="cq-image-jsp-/content/trowecorp/global/en/what-we-do/esg-approach/esg-investing/jcr:content/band-wrapper/iconboxes/right-iconbox-1"> <img src="/content/dam/trowecorp/images/esg/proxy-voting-case-studies-TRPA-700x1000.png" alt role="presentation" width="150px" height="150px"/> </div> <div class="itp-title"> Proxy Voting Case Studies </div> <div class="itp-text"> </div> <div class="itp-button group" style="margin-bottom:10px;"> <a class="btn-trp text-center btn-trp-primary btn-trp-arr" href="/content/dam/trowecorp/Pdfs/esg/proxy-voting-case-studies-TRPA.pdf"> More <i class="icon-sm sl-icon-arrow-32"></i> </a> </div> </div> </div> <div class="col-xs-12 col-sm-6 col-md-3 iconBox-bottom-margin"> <div class="icon-title-para-button"> <div class="image" id="cq-image-jsp-/content/trowecorp/global/en/what-we-do/esg-approach/esg-investing/jcr:content/band-wrapper/iconboxes/right-iconbox-2"> <img src="/content/dam/trowecorp/for-or-against-article.JPG" alt role="presentation" width="150px" height="150px"/> </div> <div class="itp-title"> The Year in Shareholder Resolutions </div> <div class="itp-text"> </div> <div class="itp-button group" style="margin-bottom:10px;"> <a class="btn-trp text-center btn-trp-primary btn-trp-arr" href="/content/dam/trowecorp/Pdfs/For_or_Against_Shareholder_Resolutions.pdf" target="_blank"> More <i class="icon-sm sl-icon-arrow-32"></i> </a> </div> </div> </div> </div> </div> </div> </div> </div> <div class="title"> <h5 class="text-darkgray"><p style="text-align: center;margin-top: 64.0px;"><b>Initiatives Promoting Advocacy and Engagement</b></p> </h5> <div class="titleHeading text-headergray"> </div> <link rel="stylesheet" href="/etc.clientlibs/trowecorp/components/content/employer-brand/title/clientlib.bb6b3d3ba38781b2f95ae1ccd4d70c0b.css" type="text/css"> </div> <div class="image-fullwidth baseParent parbase"> <div id="image_fullwidth" class=" base-common " data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <style> .image-fullwidth .img-center .img-responsive{ margin-left: auto; margin-right: auto; } .image-fullwidth .img-left .img-responsive{ margin-right: auto; } .image-fullwidth .img-right .img-responsive{ margin-left: auto; } </style> <div class="col-xs-12 img-center"> <div> <div class="image-width"> <!-- AEM's out of the box image component does not handle well when included on a page and not used to import an image. If the component is included on the page, it tries to show the placeholder image in preview mode, which is undesirable. The following code checks to see if the author has uploaded an image or not. If they have, it displays the image. If not, it will ONLY show the placeholder image in author mode. If you're in preview mode, it won't show anything. Similar behavior can be found in this file: apps\trowecorp\components\content\trpcommon\Paragraph-with-subhead\Paragraph-with-subhead.jsp --> <img class="img-responsive" src="/content/dam/trowecorp/images/esg/membership-and-initiatives.jpg" alt role="presentation" width="960px" height="px"/> </div> <style> .image .cq-image-placeholder-off{ display: none !important; } </style> </div> </div> </div> </div> </div> </div> <div class="title"> <h5 class="text-darkgray"><p style="text-align: center;"><a href="/content/dam/tpd/global/en/pdfs/ESG_Memberships_and_Associations_Brochure.pdf"><b>Learn more about the various initiatives promoting advocacy and engagement that we have joined or led</b></a></p> </h5> <div class="titleHeading text-headergray"> </div> </div> <div class="band-employer-brand parbase"> <div id="band_employer_brand" data-attr="" class="base-bg-lightgray" alt="decorative image" style="background-image:url(''); background-size: cover; background-repeat: no-repeat; background-position: center top;"> <div class="container-eb band-eb"> <div class="band-employer-brand"> <div> <div class="carousel parbase"> <div id="myCarousel" class="carousel-eb carousel carousel-fade"> <div class="carousel-inner carousel-inner-eb"> <div class="item active" role="tabpanel" id="tabpanel-0-0" aria-labelledby="tab-0-0"> <img class="caro-headshot" src="/content/dam/trowecorp/Headshots%20-%20EB/Board_Sharps_Rob.png" style="width:100%" alt="Rob Sharps, President and Chief Executive Officer"/> <div class="overlay"></div> <div class="carousel-caption-eb"> <div class="description-eb"><p>Our goal is to help clients achieve their investing goals - whether financial, sustainable, or both.</p> </div> <div class="name-eb">Rob Sharps</div> <div class="title-eb"><p>President and CEO, T. Rowe Price</p> </div> </div> </div> </div> <div> <ol class="carousel-indicators" role="tablist"> <li data-target="#myCarousel" data-slide-to="0" class="active" role="tab" id="tab-0-0" aria-controls="tabpanel-0-0" aria-selected="true" tabindex="0"></li> </ol> </div> </div> </div> </div> </div> </div> </div> </div> <div class="button-two baseParent parbase"> <div id="button_two_1447796915" class=" base-common base-bg-trpblue base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/button_two_1447796915-title" class="col-xs-12 base-header text-white"> <h2 class="base-header-headline ">Our Thinking on ESG</h2> </div> <div class="col-xs-12 base-paragraph"> <p><p><span class="text-white">To learn more about our approach to ESG investing and explore our insights, please tell us who you are:</span></p> </p> </div> <style> .button-wrapper{ min-width: 100px; margin-right: 15px; float: left; } </style> <div class="col-xs-12 group"> <div class="button-wrapper"> <div><div class="group" style="margin-bottom:10px;white-space: nowrap;"> <a class=" btn-trp text-center btn-trp-callout-blu btn-trp-ghost " href="https://www.troweprice.com/institutional/us/en/lp/esg.html"> Institutional Investor / Consultant </a> </div></div> </div> <div class="button-wrapper"> <div><div class="group" style="margin-bottom:10px;white-space: nowrap;"> <a class=" btn-trp text-center btn-trp-callout-blu btn-trp-ghost " href="https://www.troweprice.com/financial-intermediary/us/en/investments/esg.html"> Financial Advisor / Intermediary </a> </div></div> </div> </div> </div> </div> </div> </div> <div class="three-col-image-text base4 baseSplit baseParent parbase"> <div id="three_col_image_text" class=" base-common base-bg-white base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/three_col_image_text-title" class="col-xs-12 base-header "> <h2 class="base-header-headline base-headline-only">Our ESG Integration Approach</h2> </div> <style> .three-col-image-text .heading { font-family: "NimbusSansNovusLight"; font-family: var(--corporate-font-light); line-height: 36px; font-size: 30px; color: inherit; margin: 0px; } .three-col-image-text .text p, .three-col-image-text .text h1, .three-col-image-text .text h2, .three-col-image-text .text h3, .three-col-image-text .text { color: inherit; margin: 0 0 10px; font-family: 'NimbusSansNovusLight'; font-family: var(--corporate-font-light); font-size: 15px; line-height: 17px; font-weight: bold; } </style> <div class="col-xs-12 col-sm-4 col-bottom" data-metrics-location="PROMO1"> <div class="center-image group"> <div> <div class="group"> <div class="image " id="cq-image-jsp-/content/trowecorp/global/en/what-we-do/esg-approach/esg-investing/jcr:content/band-wrapper/three_col_image_text/left-img"> <img class="img-responsive" src="/content/dam/trowecorp/Icons/Integration-309x150.png" aria-hidden="true"/> <div class="mobile-content"> <div style="display: none"></div> </div> </div> <div class="image-text "> <div class=" box-wrapper"> <div class="heading "> <div style="text-align: center;margin-top: 36.0px;"><strong>INTEGRATION</strong></div> </div> <div class="text "> <p style="text-align: center;margin-top: 16.0px;">At T. Rowe Price, we have embedded environmental, social, and governance analysis into the investment process, meaning the responsibility for integrating ESG factors into investment decisions lies with our analysts and portfolio managers.*</p> </div> </div> </div> </div> </div> </div> </div> <div class="col-xs-12 col-sm-4 col-bottom " data-metrics-location="PROMO2"> <div class="center-image group"> <div> <div class="group"> <div class="image " id="cq-image-jsp-/content/trowecorp/global/en/what-we-do/esg-approach/esg-investing/jcr:content/band-wrapper/three_col_image_text/center-img"> <img class="img-responsive" src="/content/dam/trowecorp/Icons/Collaboration-309x150.png" aria-hidden="true"/> <div class="mobile-content"> <div style="display: none"></div> </div> </div> <div class="image-text "> <div class=" box-wrapper"> <div class="heading "> <div style="text-align: center;margin-top: 36.0px;"><strong>COLLABORATION</strong></div> </div> <div class="text "> <p style="text-align: center;margin-top: 16.0px;">In order to support our investment professionals’ capacity to incorporate ESG factors into their decision-making, we have specialists in ESG and regulatory research within our investment research teams who work with our analysts and portfolio managers to delve into situations where these issues are particularly significant.</p> </div> </div> </div> </div> </div> </div> </div> <div class="col-xs-12 col-sm-4 col-bottom" data-metrics-location="PROMO3"> <div class="center-image group"> <div> <div class="group"> <div class="image " id="cq-image-jsp-/content/trowecorp/global/en/what-we-do/esg-approach/esg-investing/jcr:content/band-wrapper/three_col_image_text/right-img"> <img class="img-responsive" src="/content/dam/trowecorp/Icons/Materiality-309x150.png" aria-hidden="true"/> <div class="mobile-content"> <div style="display: none"></div> </div> </div> <div class="image-text "> <div class=" box-wrapper"> <div class="heading "> <div style="text-align: center;margin-top: 36.0px;"><strong>MATERIALITY</strong></div> </div> <div class="text "> <p style="text-align: center;margin-top: 16.0px;">We focus on the ESG factors we consider most likely to have a material impact on the performance of the investments in our clients’ portfolios.</p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="header-paragraph-eb parbase"><div class="header-paragraph-eb base-bg-white"> <div class="container-eb text-align-eb " style="margin-bottom: -10px;"> <div class="header-eb"></div> <div class="paragraph-eb"><p style="text-align: center;"><a href="https://bcove.video/4eEclnj" target="_blank"><b>Video: Find out more about how we integrate ESG into our investment research process</b></a></p> </div> </div> </div> </div> <div class="foot-notes baseParent parbase"> <div id="foot_notes_1124918529" class=" base-common base-bg-white base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div class="col-xs-12"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> <div class="trp-box-body trp-no-height left-text "> <i class='hidden-xs icon-md no-margin '></i> <i class='visible-xs-inline icon-md no-margin '></i> <div class=" mob-algn-btn-txt"> <p>* ESG considerations form a part of our overall research process, helping us alongside other factors to identify investment opportunities and manage investment risk. This is known as ESG integration. However, we may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions.</p> </div> </div></div> </div> </div> </div> </div> </div> <div class="paragraph-pdfs base6 baseSplit baseParent parbase"> <div id="paragraph_pdfs_20920" class=" base-common base-bg-trpblue base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/paragraph_pdfs_20920-title" class="col-xs-12 base-header text-white"> <h2 class="base-header-headline base-headline-only">Integration of Environmental, Social,<br />and Governance Factors</h2> </div> <div class="col-md-6"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> <div class="trp-box-body trp-no-height left-text "> <i class='hidden-xs icon-md no-margin '></i> <i class='visible-xs-inline icon-md no-margin '></i> <div class=" mob-algn-btn-txt"> <p><span class="text-white">Environmental, Social, and Governance factors comprise a broad spectrum of considerations --positive and negative --that our investment analysts, supported by our ESG specialist teams, consider in the context of any company, industry, or region of the world.</span></p> </div> </div></div> </div> <style> .paragraph-pdfs .pdf-link a{ font-size: 20px; line-height: 24px; font-family: 'NimbusSansNovusLight'; font-family: var(--corporate-font-light); } </style> <div class="col-md-6"> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/esg/esg-policy.pdf" target="_blank"> <i class="icon-lg sl-fill-icon-doc text-bblue"></i> <span class="text-white">Review our ESG Policy</span> </a> </div> </div> </div> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/esg/principal-adverse-impacts-PAI-policy.pdf" target="_blank"> <i class="icon-lg sl-fill-icon-doc text-bblue"></i> <span class="text-white">Review our PAI Policy</span> </a> </div> </div> </div> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/esg/exclusion-policy.pdf"> <i class="icon-lg sl-fill-icon-doc text-bblue"></i> <span class="text-white">Review our Exclusion Policy</span> </a> </div> </div> </div> </div> </div> </div> </div> </div> <div class="paragraph-pdfs base6 baseSplit baseParent parbase"> <div id="paragraph_pdfs_17856" class=" base-common base-bg-trpblue base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div class="col-md-6"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> </div> </div> <style> .paragraph-pdfs .pdf-link a{ font-size: 20px; line-height: 24px; font-family: 'NimbusSansNovusLight'; font-family: var(--corporate-font-light); } </style> <div class="col-md-6"> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/esg/investment-policy-on-climate-change.pdf" target="_blank"> <i class="icon-lg sl-fill-icon-doc text-bblue"></i> <span class="text-white">Review our Investment Policy on Climate Change</span> </a> </div> </div> </div> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/esg/investment-policy-on-biodiversity.pdf" target="_blank"> <i class="icon-lg sl-fill-icon-doc text-bblue"></i> <span class="text-white">Review our Investment Policy on Biodiversity</span> </a> </div> </div> </div> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/esg/investment-policy-on-human-rights.pdf" target="_blank"> <i class="icon-lg sl-fill-icon-doc text-bblue"></i> <span class="text-white">Review our Investment Policy on Human Rights</span> </a> </div> </div> </div> </div> </div> </div> </div> </div> <div class="paragraph-pdfs base6 baseSplit baseParent parbase"> <div id="paragraph_pdfs" class=" base-common base-bg-white " data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/paragraph_pdfs-title" class="col-xs-12 base-header "> <h2 class="base-header-headline base-headline-only">Our perspective on shareholder activism</h2> </div> <div class="col-md-6"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> <div class="trp-box-body trp-no-height left-text "> <i class='hidden-xs icon-md no-margin '></i> <i class='visible-xs-inline icon-md no-margin '></i> <div class=" mob-algn-btn-txt"> <p>The purpose of this statement is to share our philosophy and policies on shareholder activism with our clients, portfolio companies, activist investors and other market participants.</p> </div> </div></div> </div> <style> .paragraph-pdfs .pdf-link a{ font-size: 20px; line-height: 24px; font-family: 'NimbusSansNovusLight'; font-family: var(--corporate-font-light); } </style> <div class="col-md-6"> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/Investment-Philosophy-on-Shareholder-Activism_ESG-Spotlight.pdf" target="_blank"> <i class="icon-lg sl-fill-icon-doc text-trpblue"></i> <span class="text-trpblue">Shareholder Activism</span> </a> </div> </div> </div> <div> <div> </div> </div> <div> <div> </div> </div> </div> </div> </div> </div> </div> <div class="paragraph-questionary base6 baseSplit baseParent parbase"> <div id="paragraph_questionar" class=" base-common " data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/paragraph_questionar-title" class="col-xs-12 base-header "> <h2 class="base-header-headline base-headline-only">Engaging with portfolio companies in a variety of ways.</h2> </div> <div class="col-md-6"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> <div class="trp-box-body trp-no-height left-text "> <i class='hidden-xs icon-md no-margin '></i> <i class='visible-xs-inline icon-md no-margin '></i> <div class=" mob-algn-btn-txt"> <p>Assessing a broad range of investment concerns (including environmental and social issues) is integral to our investment process. Based on this view, our interactions with issuers of corporate securities are driven by portfolio management and supported by the expertise of our industry-focused analysts and our in-house specialists in corporate governance and sustainability.</p> <p>Our priorities in these efforts are tightly connected to our investment views on a company, so we generally conduct our company-level engagement activities privately. In contrast, we tend to collaborate with other shareholders on policy-level concerns, such as advocating with regulators for better disclosure or the protection of shareholder rights.</p> </div> </div></div> </div> <div class="col-md-6"> <div> <div class="trp-box-body trp-no-height question-title"> In our view, the following questions are investment issues: </div> <div class="trp-box-body trp-no-height trp-box-white question"> <ul> <li>Who represents shareholders on a company’s Board?</li> </ul> </div> <div class="trp-box-body trp-no-height trp-box-white question"> <ul> <li>What drives the executive incentive program?</li> </ul> </div> <div class="trp-box-body trp-no-height trp-box-white question"> <ul> <li>How robust are shareholders’ rights at the company?</li> </ul> </div> <div class="trp-box-body trp-no-height trp-box-white question"> <ul> <li>How is the company managing its environmental risks,human resources, facilities, stakeholder relations, and long-term access to critical resources?</li> </ul> </div> </div> </div> </div> </div> </div> </div> <div class="Lead-paragraphs base6 baseSplit baseParent parbase"> <div id="lead_paragraphs" class=" base-common base-bg-white base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/lead_paragraphs-title" class="col-xs-12 base-header "> <h2 class="base-header-headline ">Our approach to proxy voting</h2> </div> <div class="col-xs-12 base-paragraph"> <p><p>Proxy voting is a critical component of our approach to corporate governance. We offer our clients a high degree of transparency related to the votes we cast on their behalf.</p> </p> </div> <div class="col-xs-12 col-sm-6 lead-paragraph"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> <div class="trp-box-body trp-no-height left-text "> <i class='hidden-xs icon-md no-margin '></i> <i class='visible-xs-inline icon-md no-margin '></i> <div class=" mob-algn-btn-txt"> <p><b>T. Rowe Price Associates, Inc. (TRPA)</b></p> <p><a href="/content/dam/trowecorp/Pdfs/esg/proxy-voting-guidelines-TRPA.pdf" title="Proxy Voting Guidelines: April 2024">Proxy voting guidelines</a><br /> <a href="/content/dam/trowecorp/Pdfs/esg/proxy-voting-case-studies-TRPA.pdf">Proxy voting case studies</a><br /> <a href="https://vds.issgovernance.com/vds/#/OTk5NA==/">Proxy voting records</a><br /> <a href="/content/dam/trowecorp/Pdfs/esg/aggregate-proxy-voting-summary-trpa.pdf" title="2024 Aggregate Proxy Voting Summary">2024 Proxy voting summary</a></p> </div> </div></div> </div> <div class="col-xs-12 col-sm-6 lead-paragraph"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> <div class="trp-box-body trp-no-height left-text "> <i class='hidden-xs icon-md no-margin '></i> <i class='visible-xs-inline icon-md no-margin '></i> <div class=" mob-algn-btn-txt"> <p><b>T. Rowe Price Investment Management, Inc. (TRPIM)</b></p> <p><a href="/content/dam/trowecorp/Pdfs/esg/proxy-voting-guidelines-TRPIM.pdf">Proxy voting guidelines</a><br /> <a href="https://vds.issgovernance.com/vds/#/MTMxMzk=">Proxy voting records</a><br /> <a title="2024 TRPIM Aggregate Proxy Voting Summary" href="/content/dam/trowecorp/Pdfs/esg/aggregate-proxy-voting-summary-tprim.pdf">2024 Proxy voting summary</a></p> </div> </div></div> </div> </div> </div> </div> </div> <div class="foot-notes baseParent parbase"> <div id="foot_notes_1512382995" class=" base-common base-bg-white base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div class="col-xs-12 base-paragraph"> <p><p>T. Rowe Price Investment Management, Inc. (TRPIM) makes independent proxy voting decisions, as described in their proxy voting guidelines, from T. Rowe Price Associates, Inc. (TRPA) and its investment advisory affiliates.</p> </p> </div> <div class="col-xs-12"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> </div> </div> </div> </div> </div> </div> <div class="paragraph-pdfs base6 baseSplit baseParent parbase"> <div id="paragraph_pdfs_1362150493" class=" base-common base-bg-white base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/paragraph_pdfs_1362150493-title" class="col-xs-12 base-header "> <h2 class="base-header-headline base-headline-only">Our approach to engagement</h2> </div> <div class="col-md-6"> <div> <style> .enlargeText p{ font-family: 'NimbusSansNovusLight' !important; font-family: var(--corporate-font-light) !important; font-size: 25px !important; line-height: 35px !important; } @media screen and (max-width: 480px) { .eight-tile-center{ text-align: center; } } </style> <div class="trp-box-body trp-no-height left-text "> <i class='hidden-xs icon-md no-margin '></i> <i class='visible-xs-inline icon-md no-margin '></i> <div class=" mob-algn-btn-txt"> <p>We maintain regular dialogue with the managements of issuers represented across our portfolios.</p> <p>Where we find areas of concern, we make those concerns known to them.</p> <p> </p> </div> </div></div> </div> <style> .paragraph-pdfs .pdf-link a{ font-size: 20px; line-height: 24px; font-family: 'NimbusSansNovusLight'; font-family: var(--corporate-font-light); } </style> <div class="col-md-6"> <div> <div> <div class="doc-link"> <a href="/content/dam/trowecorp/Pdfs/esg/engagement-policy.pdf" target="_blank"> <i class="icon-lg sl-fill-icon-doc text-bblue"></i> <span class="text-trpblue">View our engagement policy.</span> </a> </div> </div> </div> <div> <div> </div> </div> <div> <div> </div> </div> </div> </div> </div> </div> </div> <div class="button-two baseParent parbase"> <div id="button_two" class=" base-common base-common-slim" data-attr="" alt="decorative image"> <div class="band"> <div class="row base-component locations-row-base-block"> <div id="a082eba1-336f-43db-b927-64f6af754834/band-wrapper/button_two-title" class="col-xs-12 base-header "> <h2 class="base-header-headline base-headline-only">Other Areas of Interest</h2> </div> <style> .button-wrapper{ min-width: 100px; 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