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

PRI reporting framework 2018

You are in Strategy and Governance » Investment policy

投資ポリシー

SG 01. RI policy and coverage

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

当てはまるものをすべて選択してください。
ポリシーの構成要素/種類
AUMの対象範囲

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、ならびに、ESG 要因および実体経済の影響をどのように考慮に入れているのかについて説明して下さい。

UTAM's sole purpose is to manage certain assets of, or under the administration of, the University of Toronto. Our entire focus is on managing these assets prudently and in accordance with our client's objectives and constraints. As part of this process, a benchmark portfolio (aka the Reference Portfolio) has been created (see https://utam.utoronto.ca/reference-portfolio/). The Reference Portfolio serves as an objective benchmark to measure the value gained or lost by UTAM's active management activities.

In our investment of the university's assets, we are committed to a responsible investing approach because we believe that material ESG factors can have a significant impact on long-term investment returns. Therefore, we have incorporated ESG considerations into our investment analysis and decision-making processes, particularly with respect to our selection and monitoring of investment managers. As outlined elsewhere in this report, we have developed a comprehensive set of questions and activities that we undertake when selecting and monitoring investment managers. In addition, we've developed ways to engage with companies, to help ensure ESG-related risks are effectively managed. We also cast proxy votes, where possible, applying an ESG-focused policy. We believe that taking this broader perspective will result in better outcomes for our client.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。

Over the past two years, UTAM has worked with the University of Toronto leadership to strengthen and formalize our shared commitment to responsible investing.

As we balance prudent risk management with our efforts to generate sustainable returns, we also take a broader view of the managers we invest with - because we believe that material environmental, social and governance (ESG) considerations can have a significant impact on investment performance. We've therefore incorporated ESG considerations into our investment analysis and decision-making processes as part of our long-term strategy, as well as our day-to-day management of the university's pension, endowment and short-term working capital assets.

We define responsible investing as the incorporation of environmental, social and governance (ESG) factors into investment decision-making processes, active ownership - through proxy voting and engagement - and disclosure. UTAM pursues a responsible investing approach because we believe that material ESG factors can have a significant impact on long-term investment returns. ESG considerations are part of our investment analysis and decision-making processes, particularly in our selection of investment managers. We've developed ways to engage with companies, both directly and with other like-mind institutional investors, to help ensure ESG-related risks are effectively managed. We cast our proxy votes, where possible, applying an ESG-focused policy. Moreover, we disclose our responsible investing activities on a regular basis, via an annual responsible investing report (https://utam.utoronto.ca/utams-new-responsible-investing-report-is-now-available/) and through other updates published on our website (https://utam.utoronto.ca/news/). We believe that taking this broader perspective allows us to make better-informed decisions and ultimately results in better outcomes for our client.

The PRI framework guided us in crafting our comprehensive Responsible Investing Policy (https://issuu.com/utam/docs/utam-responsible-investing-policy?e=29566501/59442745), which was published in December 2017 and applies to all assets under our management. The six Principles also underpin the deliberations of our Responsible Investing Committee, which meets regularly to consider all matters relating to the development and implementation of our responsible investing practices. Although we have generally taken an integration approach to ESG considerations, our client has directed us to exclude certain tobacco-related securities in our investment universe within certain parameters. That is the only exception to our standard responsible investing approach.

Putting our principles into action

PRI Principle #1: We will incorporate ESG issues into investment analysis and decision-making processes.

UTAM Actions

  • Evaluate ESG-related risks across all portfolios.
  • Integrate consideration of ESG factors into our investment and operational due diligence policies, and into other policies where relevant and material.
  • Incorporate ESG considerations into our manager selection and monitoring processes, where relevant and material.
  • Support development of ESG-related tools, metrics and analyses.
  • Encourage academic and other research on ESG integration.
  • Provide and promote ESG training for our investment professionals.

PRI Principle #2: We will be active owners and incorporate ESG issues into our ownership policies and practices.

UTAM Actions

  • Adopt a proxy voting policy that is ESG-focused and apply this, where possible, to all public equity segregated account mandates, as well as to public equity funds in which the university's Pension and Endowment portfolios are the only investors.
  • Encourage managers to adopt ESG-focused voting policies, where relevant.
  • Support corporate and regulatory proposals that contribute to improved governance practices and more effective boards.
  • Participate in collaborative engagement initiatives.

PRI Principle #3: We will seek appropriate disclosure on ESG issues by the entities in which we invest.

UTAM Actions

  • Discuss ESG risks in managers' portfolios and in relation to particular securities those managers hold.
  • Ask managers to undertake and report on ESG-related engagements with companies in their portfolios.
  • Ask managers to report on ESG incidents in their portfolios.
  • Support collaborative initiatives promoting ESG disclosure by companies.

PRI Principle #4: We will promote acceptance and implementation of the Principles within the investment industry.

UTAM Actions

  • Encourage managers to become signatories to the PRI.
  • Communicate our ESG expectations to managers.
  • Support the development of tools for benchmarking ESG integration.
  • Support regulatory or policy developments that enable implementation of the Principles.

PRI Principle #5: We will work together to enhance our effectiveness in implementing the Principles.

UTAM Actions

  • Support and participate in networks and information platforms in order to share tools and pool resources.
  • Address relevant emerging issues collectively with other asset owners and managers.
  • Identify and support appropriate coalitions whose beliefs are aligned with the Principles.

PRI Principle #6: We will each report on our activities and progress towards implementing the Principles.

UTAM Actions

  • Disclose how ESG issues are integrated within our investment process.
  • Disclose active ownership activities (e.g., voting, engagement and policy dialogue).
  • Communicate with stakeholders on ESG issues and the Principles.
  • Report on progress and achievements relating to the Principles.
  • Make use of reporting to raise awareness among a wider group of stakeholders.

SG 02. Publicly available RI policy or guidance documents

この指標には新しい設問が追加されています。事前に入力されている回答を精査してください。

02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

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02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

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02.3. 組織の投資原則および全体の投資戦略が公表されているかどうかについて明示して下さい。

02.4. 補足情報 [任意]


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

The University of Toronto Funds Investment Policy has provisions addressing the management of potential conflicts of interest in the investment process and more broadly arising from other relationships and activities in the management of university investment assets.

UTAM has provisions within its Code of Ethics to identify actual or potential conflicts of interest between its staff and its client. Controls are prescribed for the disclosure, mitigation, or avoidance of such conflicts. In the investment management process, actual or perceived conflicts of interest that an external investment manager may have with UTAM and/or its client (ultimately, the investor) are addressed in both the investment and operational due diligence processes before investment and in ongoing monitoring following initial investment.

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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