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Keva

PRI reporting framework 2017

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

Selection

SAM 05. Selection processes (LE and FI)

05.1. Indicate what RI-related information your organisation typically covers in the majority of selection documentation for your external managers

Investment strategy and how ESG objectives relate to it

ESG incorporation requirements

ESG reporting requirements

Other

No RI information covered in the RFPs

LE

FI - SSA
FI - Corporate (financial)?
FI - Corporate (non-financial)?
Private equity
Investment strategy and how ESG objectives relate to it
ESG incorporation requirements
ESG reporting requirements
Other
No RI information covered in the RFPs

If you select any 'Other' option(s), specify

In external equity and FI manager selection, we cover three ESG-related topics in our RFP: general approach to responsible investing, whether ESG is incorporated into research, and whether the manager has signed the UNPRI. Investment strategy is covered in a different section but naturally related to the question on RI approach.

In Private Equity ESG is covered in the DDQ we send to fund managers. Some managers provide their own DDQ's and ESG aspects are included in these DDQ usually as well.

05.2. Explain how your organisation evaluates the investment manager’s ability to align between your investment strategy and their investment approach

Strategy

Assess the time horizon of the investment manager’s investment strategy

Assess the quality of investment policy and its reference to ESG

Assess the investment approach and how ESG objectives are implemented in the investment process (asset class specific)

Assess the ESG definitions to be used

Other

None of the above

LE

FI - SSA
FI - Corporate (financial)?
FI - Corporate (non-financial)
Private equity
Assess the time horizon of the investment manager’s investment strategy
Assess the quality of investment policy and its reference to ESG
Assess the investment approach and how ESG objectives are implemented in the investment process (asset class specific)
Assess the ESG definitions to be used
Other
None of the above

ESG people/oversight

Assess ESG expertise of investment teams

Review the ownership of the ESG implementation

Review how ESG implementation is incentivised

Other

None of the above

LE

FI - SSA
FI - Corporate (financial)?
FI - Corporate (non-financial)?
Private equity
Assess ESG expertise of investment teams
Review the ownership of the ESG implementation
Review how is ESG implementation enforced /ensured
Other
None of the above

Process/portfolio construction/investment valuation

Review the process ensuring the quality of the ESG data used

Review and agree the investment decision making process (and ESG data use in it)

Review and agree the ESG incorporation strategy impact of ESG analysis on investment decisions

Review and agree how the manager is targeting returns and ESG objectives

Review and agree how the manager identifies, measures and manages ESG risk

Review and agree return and risk in combination at a portfolio level (portfolio construction) and ESG objectives

Review how ESG materiality is evaluated by the manager in the monitored period

Review process for defining and communicating on ESG incidents

Other, specify

None of the above

LE

FI - SSA
FI - Corporate (financial)?
FI - Corporate (non-financial)?
Private equity
Review the process ensuring the quality of the ESG data used
Review and agree the investment decision making process (and ESG data use in it)
Review and agree the ESG incorporation strategy impact of ESG analysis on investment decisions
Review and agree how the manager is targeting returns and ESG objectives
Review and agree how the manager identifies, measures and manages ESG risk
Review and agree return and risk in combination at a portfolio level (portfolio construction) and ESG objectives
Review how ESG materiality is evaluated by the manager in the monitored period
Review process for defining and communicating on ESG incidents
Other, specify
None of the above

If you select any 'Other' option(s), specify

05.3. Describe the selection process

          Quantitative holdings and returns based analysis, strategy/manager presentations, in some cases review of investment cases. ORA assessment is done by an external party but our internal PMs review and assess the results.
        

05.4. When selecting external managers does your organisation set any of the following:

ESG score

ESG weight

Real economy influence

Other RI considerations

None of the above

LE

FI - SSA
FI - Corporate (financial)?
FI - Corporate (non-financial)?
Private equity
ESG score
ESG weight
Real world economy targets
Other RI considerations
None of the above

If you select any 'Other' option(s), specify

05.5. Provide additional information relevant to your organisation's selection approach [OPTIONAL]

          In external equity, FI and Private Equity manager selection, we do not set scores or weights to any of the factors considered or asked in our RFP or DDQ. The assessment is made by our internal portfolio managers and is a qualitative one, considering all aspects related to the investment manager firm, people, process, philosophy etc.
        

SAM 06. Evaluating engagement and voting practices in manager selection (listed equity/fixed income)

06.1. Indicate how your organisation typically evaluates the manager’s active ownership practices in the majority of the manager.

Engagement

Review the manager’s engagement policy

Review the manager’s engagement process (with examples and outcomes)

Ensure that engagement outcomes feed back into the investment decision-making process

Other engagement issues in your selection process specify

None of the above

LE

FI - SSA
FI - Corporate (financial)
FI - Corporate (non-financial)
Review the manager’s engagement policy
Review the manager’s engagement process (with examples and outcomes)
Ensure that engagement outcomes feed back into the investment decision-making process
Other engagement issues in your selection process specify
None of the above

If you select any 'Other' option(s), specify

06.2. Describe how you assess if the manager’s engagement approach is effective.

06.4. Additional information [OPTIONAL]

          
        

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