Where the Pensions Board are part of a systematic engagement programme then monitoring and evaluation will be by the collaborative group in the first instance. We will actively participate in this process ensuring clear focus and objective. The systematic collaborative programme in which we participate will normally be subject to evaluation against external data - for example improvements in CDP or FTSE ESG ratings. In the case of the Church Investors Group climate change programme the effectiveness of the engagement programme has been evaluated academically and independently by the University of Edinburgh.
In addition the Engagement Team will assess against their own expectations the effectiveness of collaborative engagements. This will determine the prioritisation of engagement resources and input into the respective initiative. We also are conscious that we can maximize our impact through effective targeting of our engagement and participation.
Over the past year on climate change we have developed a major undertaking - The Transition Pathway Initiative (TPI) to have a transparent and academically robust tool to assess company performance against which we will target our engagement with other asset owners.