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UNISON Staff Pension Scheme

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

          example: Standard Life Global Equity Fund.  Standard benchmark is MSCI World Index (excl UK).  Our is customised to take into account our ethical screening.
        

Objectives

          manufacturers of cigarettes and other tobacco products, manufacturers of or marketers of armaments including weapons, weapons platforms and munitions, companies with significant involvement in PFIs or PPPs.
        

Incentives and controls

Reporting requirements

Benchmark

          70% IPD PPFI All Balanced Funds Index
30% INERV Continental European Index
        

Objectives

          The Trustees wish to avoid investments in any assets that imply diminution of their commitment to the public sector.  This is due to the nature of property investment, which offers less scope for engagement than equities, in part because property investors do not have voting rights.  In order to judge the suitability of investments for inclusion within the Scheme's property portfolio the Trustees have liaised with AVIVA.  The Trustees have identified three areas that they wish to avoid including in the Scheme's  property portfolio: 
- Private Healthcare
- Private Finance Initiatives and
NHS Local Improvement Finance Trusts

AVIVA invests in pooled property funds.  Due to the nature of these investments AVIVA cannot usually directly influence the underlying fund managers' policies on ESG.  However, AVIVA will apply screening criteria that reflect the above exclusions in the following ways:
- Specialist funds - AVIVA will not make any investment in pooled funds which specialise in, or could be reasonably expected to specialise in, investing in any of the above 3 areas, and 
- Non-specialist funds - AVIVA will not make any investment in funds which have more that a 10% allocation to the above 3 areas in total, or could be expected to increase the total allocation to these 3 areas above 10% in the short term.
        

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

Property
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

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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