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World Bank Group Retirement Benefit Plans

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

          ESG Policy
        

other (2) description

          Investment Beliefs
        

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

other (1) description

          Based on comprehensive review of peers’ policies and practices, informed by PRI principles and recommendations (in various technical docs), through consultations with expert practitioners.
        

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]

The Plan has a responsible investment policy in place since 2004. This policy has been regularly reviewed in light of new developments in responsible investing, or as part of regular strategic discussions. More recently, the Plan’s oversight committee approved in July 2014 an updated and reinforced policy on ESG integration based on a principled and pragmatic approach in accordance with the fiduciary standard applicable to the administration and investment of Plan assets, and endorsed an investment approach that encompasses an informed consideration of ESG risks and opportunities underlying plan investments, where such issues are material and relevant.

Thus, the Plan’s ESG Policy is based on the following principles:

  1. It is important for the Plan – as long-term investors and asset owner – to integrate environmental, social and governance (ESG) factors in the overall investment decision-making process.
  2. Consideration of ESG factors, including but not limited to environmental practices, worker safety and health standards, and corporate governance, can add value to the Plan’s investment process, and can affect the assessment of the risk and return characteristics of investments, even as the relative importance of these factors can vary across asset classes, industry sectors, geography, time, and structure of the investment opportunities.
  3. Commitment to encouraging external managers that manage plans assets to adopt policies and practices that enhance good governance and long-term corporate financial performance.

In the context of the objective of seeking the best risk-adjusted returns compatible with its risk profile and in line with the applicable fiduciary standards, staff implement this policy and its underlying principles by, inter alia:

  1. Integrating ESG factors into investment and risk analysis.
  2. Taking into account ESG factors in due diligence, manager selection, structuring and monitoring of investments and assessment of portfolio risks in asset classes and investments, particularly where such factors are considered likely to be significant, and in keeping with applicable regulatory standards, industry norms and investment best practices.
  3. Staying abreast of evolving developments and best practices by engaging with and reaching out to like-minded institutional investors and asset owners, and by collaborating on improved and greater ESG-related disclosures.

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.

URL/Attachment

02.4. Additional information [Optional].

Comprehensive information and full documentation on the Plan’s Investment Policy, Investment Beliefs and ESG Policy is available to beneficiaries through a secure website. This interface allows beneficiaries to access all information and documents on the Plan’s governance, investments, funding, pension benefits and annual reports.

Summary information of relevant elements of these policies have been made available to the wider public online via the link provided above. This information may be expanded in the future as further relevant information is collected and compiled for public reference through the implementation of the Plan’s responsible investment and ESG policy.

In addition, we actively participate in various investment fora, disclose and promote our investment beliefs during our engagement with other pension plans and asset owners, including through advisory activities undertaken by the Plan's sponsor.


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.

We follow below mentioned policy, guidelines and trainings for managing potential conflict of interest which include:

- Internal staff rule which specifically covers how to avoid and manage conflict of interest.

- Annual financial disclosure policy for staff over a certain grade level.

- Mandatory ethics training.

- Follow the CFA institute code of ethics.

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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