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Colleges of Applied Arts & Technology Pension Plan CAAT

PRI reporting framework 2018

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

Outputs and outcomes

SAM 08. Percentage of externally managed assets managed by PRI signatories (Private)


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          Volkswagen diesel emissions scandal
        
Conducted by
Asset class
Scope and process

When the Volkswagen diesel emissions scandal came to light, CAAT engaged the investment manager to understand the severity of the situation and determine if the investment thesis was still valid.  

Outcomes

Investment manager provided us with a full write up of their investment thesis on Volkswagen.  Though they acknowledged the headwinds VW faces (diesel scandal, industry uncertainties over electric vehicles and autonomous driving), they believe the current share price was attractive and significantly below the intrinsic value of the company. 

09.2. Additional information.


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