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Christian Brothers Investment Services, Inc.

PRI reporting framework 2017

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

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

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

          PRI Principles Implementation Policy

other (2) description

          Alignment with USCCB Guidelines

01.4. Indicate what norms you have used to develop your investment policy that covers your responsible investment approach.

other (1) description

          PRI Principles

other (2) description

          core documents of Catholic Social Teaching, including Economic Justice for All, Centesimus Annus, Laudato Si, and others

other (3) description

          US Conference of Catholic Bishops  (USCCB) Guidelines

01.6. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

Our approach to ESG is one specialized for our Catholic fund investors, which we describe as Catholic Responsible Investing, or CRI. CRI is very compatible with global norms, like environmental protections, worker rights, fair finance and lending, aiding the poor and most vulnerable among us, and sound governance and moral leadership. Our voting, engagement, screening and policy work prioritizes issues based on Catholic ethical and social teaching, which are often core issues featured on the PRI "clearinghouse."

SG 02. Publicly available RI policy or guidance documents

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

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.


Other, specify (1) description

          PRI Principles Implementation Policy


Other, specify (2) description

          Policy on alignment with USCCB Guidelines

02.4. Additional information [Optional].

CBIS' policy documents are provided to all CBIS fund investors (whom we call participants) and prospective investors. Since CBIS only markets its services to Catholic institutional investors, our definition of public availability is sometimes limited to those institutions that fall within that category--although many core policies and documents on RI are public, including regular updates on our engagement and policy work, real-time disclosure of our proxy voting record, screening process summaries, and many others. While we try to be as transparent as possible, we do not publish some documents available to our investors on our website when we feel the information is proprietary to our business. This is true of the details of our screening policy and process.

We have publicly disclosed our proxy votes since the technology was available and well before public funds were required to do so. We make our proxy voting guidelines available on our website, along with summary graphics to highlight key themes in our voting. The public can look up any vote cast by us in near-real time on a mini-portal on our main website.

Other Core CRI documents not listed above:

Proxy Voting Dashboard and Summary Graphics and vote look-up online:

2016 Active Ownership Annual Plan:

Sept. 2016 Active Ownership Update:

PRI Implementation Summary Public Document:

***we have a much longer response to PRI principles implementation that is an internal document, and for consultant platforms and clients. The one above is public.

Summary CRI Strategy Development Process: (summary of process, plus link to locked document)

2017 Active Ownership/Engagement Summary:

ESG/CRI Issue reports:

We also feature blogs, news articles, key ESG events and Days of Action and victories on our website on a very regular basis. We sometimes feature recorded plenary sessions and speeches on ESG topics as well.

SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

CBIS' Conflict of Interest Policy covers all employees. The policy defines conflicts of interest, indicates steps to avoid conflicts of interest, highlights conflict resolution procedures, key factors to consider in determining conflicts, and provides expectations for how any potential conflicts will be addressed. The 5-page policy is private, but can be made available to PRI for review.

03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios

04.1. Indicate if your organisation has a process for identifying and managing incidents that occur within portfolio companies.

04.2. Describe your process on managing incidents

          For ESG incidents occurring in our portfolio, we weigh the following factors when deciding if we will engage with that company or sector or policymakers as a result of a specific event, including:
--Have we had an engagement history with that company, or that sector before, where we have expertise on the issue at hand?
--Do we have capacity to not just inquire about an incident, but follow through on getting answers to drive real change?
--Are clients asking specifically about that issue and company or industry?
--Has the company or industry made a past commitment in solving the issue at hand, but had a significant relapse? (Especially a commitment to us)
--Are our coalitional partners asking us for help in building support for a robust response from the company or sector?
--Is the company a significant holding and is the issue one that is material from an ESG perspective?
--Do we have access to that company's executive management team or board of directors to drive discussions and a response?
--Would a swift policy response now curb the company and industry's ability to repeat the incident, and is policy a likely scenario with concerted action?
--Does the issue/incident violate core Catholic ethical and social teaching?