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University of Toronto Asset Management Corporation (re University of Toronto Endowment)

PRI reporting framework 2018

You are in Organisational Overview » Asset class implementation gateway indicators

ゲートウェイ資産クラス実施指標

OO 10. Active ownership practices for listed assets

10.1. 報告年度において組織が実施した積極的な保有活動(アクティブ・オーナーシップ)を選択してください。

上場株式 – エンゲージメント

上場株式 – 議決権行使

債券SSA – エンゲージメント

債券 - 社債(金融) – エンゲージメント

債券 - 社債(非金融) – エンゲージメント

債券 - 社債(証券化) – エンゲージメント

直接的にエンゲージメントを行わず、組織外の運用会社がESG要因について企業とエンゲージメントをすることを要求しない理由を示してください。

          We do not engage directly and do not require external managers to engage with companies on ESG factors due to the relatively small exposure to this asset class as well as the difficulty of engaging when investments are in a securitized structure.
        

OO 11. ESG incorporation practices for all assets

報告年度中に組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有に取り組んだ場合は、組織外で運用される資産クラスを選択してください。
アセット・クラス
組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有
上場株式

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – SSA

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – 社債 (金融)

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – 社債 (非金融)

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

債券 – 証券化商品

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

プライベートエクイティ

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

不動産

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

インフラ

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

ヘッジファンド

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

現金

組織外の運用会社の選定、指名や、モニタリングプロセスにおいてESGの組み入れや積極的な保有

11.4. 投資マネジャーの選定、任命、モニタリングプロセスに、投資に関する考慮事項がどのように含まれているかを簡単に説明してください。

UTAM incorporates responsible investment considerations into investment manager selection appointment and monitoring processes through the inclusion of the following factors, where appropriate to the mandate:

Selection:

  • Issue ESG due diligence questions, review responses and follow up where appropriate.
  • Review the manager's responsible investment policies.
  • Meet with staff members who are focused on responsible investing in order to assess their skills and competence.
  • Discuss current governance and management of the firm's responsible investing activities.
  • Assess any collaborative initiatives or direct engagements with the management teams of companies in the investment portfolio.
  • Evaluate the quality of the manager's investment policy and its reference to ESG.
  • Assess how ESG implementation is enforced.
  • Review how the manager evaluates ESG materiality.
  • Examine the process for defining and communicating ESG incidents.
  • Review the manager's proxy voting policy and processes (in cases where UTAM would not direct voting).
  • Determine whether the manager is a signatory to the PRI and/or other relevant initiatives and organizations.
  • Review responsible investment reporting to clients and/or the public.
  • Communicate our expectations for future ESG reporting.
  • Evaluate the coverage and quality of the firm's ESG-related research.
  • Assess current strategies for incorporating ESG factors, as well as the manager's ability to identify and manage ESG-related issues.
  • Review ESG-related characteristics of the investment portfolio.
  • Investigate the impact of ESG factors on specific investment decisions and, where relevant, subsequent stock and portfolio performance.
  • Discuss securities in the manager's portfolio that appear to have material ESG risks.
  • Incorporate a review of ESG considerations in our internal manager recommendation memos, including rating the manager's ESG capabilities.

Appointment:

When appointing managers, we will seek to include relevant ESG considerations into the investment mandate. Where appointing a manager under an investment management agreement, we will include specific investment parameters where applicable, as well as reporting obligations. Where investing in a manager's commingled product, we will seek to include terms specific to disclosure and reporting in any side letter we negotiate where applicable.

Monitoring:

  • Issue ESG due diligence questionnaires annually, following up on the manager's responses where appropriate.
  • Include responsible investment as a standard agenda item at annual performance review meetings.
  • Highlight examples of good practices by other managers in the area of responsible investing.
  • Encourage the manager to join responsible investing initiatives or organizations, and to participate in collaborative projects with other investors.
  • Review the manager's responsible investment reporting.
  • Meet regularly with staff members who are focused on responsible investing to discuss current research and review any changes in the manager's approach since the last meeting.
  • Review ESG-related characteristics of the investment portfolio.
  • Request details of the integration of ESG factors in specific investment decisions.
  • Discuss securities in the manager's portfolio that appear to have material ESG risks.
  • Incorporate a review of ESG considerations in our internal manager review memos, including rating the manager's ESG capabilities.

OO 12. Modules and sections required to complete

12.1. 自主的な報告を希望される場合には、該当するするモジュールやセクションを以下のリストから選択して下さい。組織のAUMの10%以上を占める資産クラスについてのみ報告が義務付けられています。

中核的なモジュール

直接またはサービスプロバイダーを経由したRI実施

自己運用 - 上場株式の積極的な保有

外部の運用会社を経由したRI実施

委託 - 組織外の運用会社の選定、指名、モニタリング

終了モジュール

12.2. Additional information. [Optional]


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