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Breckinridge Capital Advisors

PRI reporting framework 2017

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

New selection options have been added to this indicator. Please review your prefilled responses carefully.

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Breckinridge remained involved with the PRI’s bondholder engagement and credit rating agency subcommittees in 2016.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Breckinridge made a donation to CDP in 2016 to support its CDP Cities initiative.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Breckinridge is a signatory and has participated in their organizational calls from time-to-time.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Breckinridge maintained our membership in ICCR in 2016. We have also attended conferences and had discussions with ICCR staff about how to enhance our corporate engagement efforts.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In May 2016, Rob Fernandez attended the INCR annual meeting and participated in a panel session on ESG integration at the full Ceres conference.

          US SIF
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

President Peter Coffin is a past member of the US SIF board and Breckinridge continued to sponsor their annual conference in 2016, and an analyst from Breckinridge attended the conference.

          SASB
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2016, Peter Coffin, president of Breckinridge, became a founding member of SASB's Investor Advisory Group (IAG). In addition, Ben Smelser, vice president, trader, at Breckinridge was also a member on the board. According to SASB, IAG members "recognize the need for consistent, comparable and reliable disclosure of material and decision-useful ESG information". IAG members will encourage companies to disclose ESG information, among other objectives. In addition, to highlight SASB's work, Breckinridge co-hosted a luncheon event in November 2016, in San Francisco for clients featuring Janine Guillot, SASB's Director of Capital Markets Policy and Outreach.


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate which of the following actions your organisation has taken to promote responsible investment, independently of collaborative initiatives.

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

Engagement:

Breckinridge believes that engagement leverages our voice as a stakeholder to bring greater focus on management's stewardship of ESG issues, in accordance with the Principles for Responsible Investment (PRI). Bondholders play a key role in the capital structure, but unlike shareowners, we have no formal venue such as proxy voting where our voice can be heard systematically. To address this, we direct our engagement efforts to private dialogues with management. During these discussions, we gain a better understanding of the credit and ESG profiles of borrowers and the material issues, opportunities and risks they face. At the same time, we proactively encourage transparent reporting on material ESG issues and the management of those risks, especially when disclosure falls below best practices.

In 2016, we hired a senior ESG analyst in order to refine and enhance our issuer engagement effort. We developed a structured process for corporate engagement that prioritizes questions such as the strategic significance of ESG to the issuer, the linkages between ESG factors and financial results, and the issuer's efforts toward integrated reporting. Additionally, our questions address material ESG factors, as determined by our Investment Team. We also shared key learnings from our engagement efforts as part of industry roundtable discussions with peers and ESG experts and through thought leadership. This includes:

  • UN PRI Bondholder Engagement Working Group
  • High Meadows Institute "Roundtable Discussion on Stakeholder Engagement" and case study titled “Incorporating ESG Considerations into Engagement Practices”
  • Breckinridge Blog “How Corporate Engagement Presents a Fuller Picture”
  • ESG Newsletter

ESG Newsletter:

To enhance our voice in the sustainable investment space, in 2016, Breckinridge launched a quarterly ESG Newsletter. Our ESG Newsletter features insights about Breckinridge's ESG integration approach, analysis of key industry trends, and commentary on the core thematic issues in the space. Selected articles include:

  • “Why ESG Integration Matters”
  • “When ESG and Impact Investing Align”
  • “Betting on Social Progress”
  • “Investors and the ‘Fiery Urgency of Now’”
  • “Incentivizing Corporate Long-Termism”
  • “Impact Reporting: A New Path Forward”

PR Activities: 

In 2016, Breckinridge was quoted in the following publications.

  • IFR/Reuters – “Green Bonds Go Social”
  • Global Water Intelligence – “Water asserts its authority as a viable subset of the green bonds market”
  • Global Capital – “Spotting losers and winners before the market does”
  • Water Deeply – “The Big Shortage: How Drought is Impacting Water Investment Markets”

Speaking Engagements:

In 2016, Breckinridge promoted responsible investment through speaking opportunities at the following events:

  • Net Impact - Career Summit
  • Morgan Stanley - Investing with Impact Forum: Sustainable Investment Strategies from Development to Implementation
  • Boston Municipal Analysts Forum – Green Bond Masterclass
  • Ceres - Annual Sustainability Conference 
  • CECP - Strategic Investor Initiative
  • New York Society of Security Analysts – Sustainability & Value Conference
  • CFA Institute - US SIF Webinar on ESG
  • Ceres - Municipal Water Utility Green Bond Webinar
  • Confluence - Philanthropy Conference
  • investMNt Conference - The CFA Society of Minnesota
  • UN PRI - Western North American Conference
  • Washington University - Impact Investing Symposium
  • Merrill Lynch - Impact Investing University
  • Intentional Endowment - Sustainability Forum
  • Morgan Stanley - Nonprofit Leadership Summi

2016 Conference Attendance:

  • Citigroup Engagement Meeting - Ceres Lead
  • Ceres Climate Summit
  • UN PRI - 10 Year Conference
  • US SIF Annual Conference
  • BASIC Investing for Impact
  • TOOLKIT Gender Lens Investing Workshop Conference
  • SRI in the Rockies (Conference on Sustainable, Responsible, Impact Investing)
  • Diocesan Fiscal Management Conference
  • World Resources Institute - Sustainable Investing Forum
  • SOCAP 16 Conference
  • Credit Suisse Conservation Finance Conference

In 2016, Breckinridge promoted responsible investment through sponsorship of the following organizations:

  • Sierra Club Trail Blazers Ball
  • SASB
  • Clean Fifteen Consortium - Croatan Institute & SOCAP
  • Morgan Stanley Nonprofit Leadership Summit – Breckinridge also spoke at the summit
  • CDP

In addition, in 2016, Breckinridge continued to work with CERES, NRDC and E2 (Environmental Entrepreneurs) to understand rules which govern a variety of federal and state issues surrounding renewable energy, efficiencies and electric sector emissions.


SG 11. Dialogue with public policy makers or standard setters (Private)


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