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BP Pension Fund

PRI reporting framework 2018

You are in Organisational Overview » Asset class implementation gateway indicators

Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          We engage primarily through our listed equity holdings but are monitoring developments since best practice on investors engaging with SSA issuers on ESG factors is evolving
        

Fixed income Corporate (financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          Similar to SSAs, we engage primarily through our listed equity holdings but are monitoring developments since best practice on investors engaging with corporate issuers on ESG factors is also evolving
        

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Private equity

Property

Cash

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.3b. If your organisation does not integrate ESG factors into investment decisions on your externally managed assets, explain why not.

External managers of listed equities manage approximately 1% of the Fund's assets. ESG considerations for their holdings are taken into account when voting rights are exercised. Our internal manager, BP Investment Management Ltd (BPIM), exercises our voting rights consistent with our policy, for all equity holdings, regardless of manager.

We are monitoring developments for integrating ESG factors into investment decisions on fixed income managed by external managers, as best practice on investors engaging with issuers on ESG factors is evolving.

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

As noted in 11.3 and given the small scale of our external listed equity holdings, we are monitoring the development of industry practice in reflecting responsible investment considerations for fixed income.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity incorporation

Direct - Listed Equity active ownership

Direct - Other asset classes with dedicated modules

RI implementation via external managers

Closing module

12.2. Additional information. [Optional]


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