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BT Pension Scheme

PRI reporting framework 2016

You are in Indirect – Manager Selection, Appointment and Monitoring » Overview


SAM 01. Role of investment consultants/fiduciary managers

01.1. Indicate whether your organisation uses investment consultants and/or fiduciary managers.

01.7. Additional information [Optional].

We do not have an investment consultant on retainer. We use investment consultants on an ad-hoc basis. For example, following from its 2011 study, the Scheme again sponsored Mercer in 2015 to undertake a study on climate change and asset allocation.

SAM 02. RI factors in selection, appointment and monitoring across asset classes

02.1. Indicate for which of the following externally managed asset classes your organisation, and/or your investment consultants, consider responsible investment factors in investment manager: (a) Selection, (b) Appointment (investment management agreements/contracts), and (c) Monitoring

Select all that apply

Asset classes

(a) Selection

(b) Appointment

(c) Monitoring

Listed equity

Fixed income - Corporate (financial)
Fixed income - Corporate (non-financial)


02.2. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

1. Portfolio design: what outcome should the mandate achieve for the Scheme?

  • We ensure portfolios align with our RI mission statement & beliefs
  • Assess materiality of ESG factors for the investment strategy under consideration
  • Assess the degree of ownership rights and ability to add value post-investment

2. Manager selection: which managers can best deliver the desired outcome?

  • We evaluate how managers incorproate RI (where relevant) and generate a score for each area including: strategy; investment process; reporting; legal agreements.

3. Ongoing monitoring: is the mandate still fit for purpose?

  • regular portfolio review meetings
  • clear expectations on the depth and quality of RI reporting required
  • review of manager ratings
  • escalation to the trustee where appropriate

02.3. Additional information. [Optional]

Our focus on manager RI evaluation is based on three quality metrics:

Integration- RI embedded in the process

Consistency- application of RI consistent with strategy

Evidence -of examples and process documentation