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Strathclyde Pension Fund

PRI reporting framework 2017

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

Appointment

SAM 07.1. Appointment processes (listed equity/fixed income)

07.1. Indicate if in the majority of cases and where the structure of the product allows, your organisation does any of the following as part of the manager appointment


SAM 07.2-5. Appointment processes (listed equity/fixed income)

07.2. Provide an example per asset class of your benchmarks, objectives, incentives/controls and reporting requirements that would typically be included in your managers’ appointment.

Asset class

Benchmark

Objectives

          Voting a contractual issue; Typical clause states;
The Client’s expectation is that the Manager will exercise votes, on behalf of the Client, on all UK equities held in the portfolio, taking into account the UK Stewardship Code. Votes attached to overseas investments should be exercised where the Manager reasonably considers economically viable.   The Manager should report back to the Client on its voting activity on a quarterly basis.
        
          Engagement is a contractual issue; Typical clause states;
The Client believes that, where they may be relevant to shareholder value, social, environmental and ethical considerations are among the factors which the Manager should take into account when selecting investments for purchase, retention or sale. Accordingly, the Manager is expected to initiate a process of active engagement on these issues with companies in which they have invested on behalf of the Client, where appropriate, and to report back to the Client on any engagements undertaken and progress made on a quarterly basis.
        

Incentives and controls

Reporting requirements

07.3. Explain how your organisation evaluates the reporting capacity of the manager to meet your reporting requirements during the selection process

Agree upon ESG reporting requirements

Review ESG reporting processes and capacity in place

Agree processes for raising ad-hoc ESG issues

Other, specify

None of the above

LE

Agree upon ESG reporting requirements
Review ESG reporting processes and capacity in place
Agree processes for raising ad-hoc ESG issues
Other, specify
None of the above

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

Managers are obliged to co-operate with the RI overlay provider GES. This is also subject to a contractual clause

07.4. Explain which of these actions your organisation might take if any of the requirements are not met

07.5. Provide additional information relevant to your organisation's appointment processes of external managers. [OPTIONAL]

          
        

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