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Impax Asset Management

PRI reporting framework 2017

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Objectives and strategies

SG 05. RI goals and objectives

05.1. Indicate if and how frequently your organisation sets and reviews objectives for its responsible investment activities.

05.2. Additional information. [Optional]


SG 06. Main goals/objectives this year

06.1. List the main responsible investment objectives that your organisation set for the reporting year.

Responsible investment processes

Key performance indicator

          On-going ESG training in the investment team, company and sector-level. KPI is the time spent on ESG-training.
        

Progress achieved

Fully trained ESG-analysts in the investment team now 6, up from 4 in 2015.

Key performance indicator

          On-going training and communication in the investment team. KPI is the time spent on engagement training.
        

Progress achieved

ESG engagement is done across the investment team during company meetings.

Key performance indicator

          "ESG and Engagement" a standing agenda item at weekly Investment Committee meetings.
"Engagement Database" and specific engagements circulated and available on Impax's intranet.
        

Progress achieved

Improved awareness about on-going and planned engagements across the investment team and the firm.

Key performance indicator

          Increasingly prioritising most impactful engagement and increasing collaborative engagement to optimise use of time and resources.
        

Progress achieved

Increased levels of engagement and increased proportion of strategic and collborative engagement.

Financial performance of investments

Key performance indicator

          ESG-score (company quality) and share price performance.
        

Progress achieved

We continue to observe that the companies we rate most highly for ESG, have continued to outperform those that have weaker ESG-scores. We believe this is related to higher corporate quality.

ESG characteristics of investments

Key performance indicator

          ESG-score and position size cap.
        

Progress achieved

We continue to cap the position sizes in our portfolios, of those companies that score "fair" on our proprietory ESG-analysis, for risk management purposes.

Key performance indicator

          Engagement focus on smaller companies that have lacking sustainability processes and performance.
        

Progress achieved

We have been able to get 2-3 companies per year to launch materially-based sustainability processes, based on our cost-effective sustainbaility framework and hence these companies' ESG-ratings have also improved.

Other description (1)

          Measuring positive environmental impact in our Specialist and Leaders strategies, reporting enhancements.
        

Key performance indicator

          KPIs: 1. Net carbon emissions, 2. renewable energy generated, 3. water saved and treated and 4. materials recycled and recovered.
        

Progress achieved

Impax's Specialist and Leaders strategies have developed an impact measurement framework for measuring positive environmental impact through the investee companies' end products and services. The KPIs are: 1. Net carbon emissions, 2. renewable energy generated, 3. water saved and treated and 4. materials recycled and recovered.

The Net Carbon Emissions calculation entails a full carbon footprinting, but then calculating the carbon emissions avoided through the production and sales of environmental products and services by our investee companies. In 2016, the Specialist and Leaders strategies had both more carbon avoided than emitted on aggregate by the investee companies. This methodology, measurement and data has been assured by EY.

In 2016, we additionally calculated how this net carbon avoidance compared to investments into portfolios representing the global economy today and the 2 degree global economy that the Paris Climate Agreement requires, for comparison.

Other activities

Key performance indicator

          Participated in 30 collaborative RI engagements in 2016, participated in the SEC S-K Concept consultation, participated in the TCFD climate reporting consultation.
        

Progress achieved

Key performance indicator

          Regular educational sessions on ESG and sustainable investing for investors, students and other groups.
        

Progress achieved

  • Teach-in for a Japanese sell-side firm, considering intruding ESG-aspects in their analysis.
  • Teach-in for a Chinese investor delegation regarding ESG and recommended joining UN PRI, EMIA, (Emerging Markets Investor Association) and the ACGA (Asia Corporate Governance Association).

Key performance indicator

          Impax White Papers on sustainable investing.
        

Progress achieved

Key performance indicator

          Regular seminars and presentations on ESG and sustainable topics
        

Progress achieved

  • London and US-based seminars to investors demonstrating how ESG and sustainability analysis is used in practice in the Impax investment process, with a case study of the Aqua-culture sector. 

06.2. Additional information.


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