GPIF: Suspension of stock lending: multiple discussions at the Management Committee
GPIF: Stewardship responsibility
GPIF appropriately exercises the voting rights of all the shares held to the asset management organization in order to “execute stewardship responsibilities”.
In addition to the general meeting of shareholders, we are seeking to improve long-term corporate value through “constructive dialogue with investee companies throughout the year”.
GPIF: Securities loan management of stocks
This corporation (GPIF) is currently engaged in securities lending operations.
Stock lending (stock lending): problems
In stock lending (ownership), ownership is transferred to the borrower.
There is a “concern that lack of consistency with stewardship responsibilities” because there will be a substantial gap in GPIF ownership.
In addition, in the “current stock lending scheme”, the “final borrower and use of the loaned stock” cannot be confirmed, and there is a problem that transparency is not secured.
Future considerations:
In light of this situation, we decided to stop stock lending in light of the discussions held several times by the Management Committee.
In the future, if transparency is ensured and the above issues are expected to be improved, the stock lending scheme will be reconsidered.
We do not consider stopping lending for bonds.
https://www.gpif.go.jp/topics/lending_jp.pdf
Japan GPIF Suspends Equities Securities Lending to Short Sellers – SWFI