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Barclays Asset Management Limited

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

10.2. Indicate why you do not engage and do not require external managers to engage.

Since becoming a signatory to the PRI, BAML has been focused on ESG integration, and has not been involved in active engagement. Where however, capital is co-mingled or part of fund manager activities, we do not restrict investment managers from active engagement.

A forthcoming review will determine BAML’s approach to acting on behalf of our investment clients without generating conflicts with clients in other parts of the organisation.

Listed equity – voting

10.3. Indicate why you do not cast your votes

Currently, across our investment management activity, Barclays generally does not actively exercise voting rights against particular views or positions, nor, where capital is co-mingled, do we restrict investment managers from voting.

However, as and when Barclays does exercise its discretion to vote for or against a particular proposal it will be in a manner consistent with its clients' best interests.

This approach to proxy voting will be subject to a forthcoming review to determine an approach to act on behalf of investment clients without generating conflicts with clients in other parts of the organisation.

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.

          Since becoming a signatory to the PRI, BAML has been focused on ESG integration, and has not been involved in active engagement. Where however, capital is co-mingled or part of fund manager activities, we do not restrict investment managers from active engagement.

A forthcoming review will determine BAML’s approach to acting on behalf of our investment clients without generating conflicts with clients in other parts of the organisation.
        

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.

          Since becoming a signatory to the PRI, BAML has been focused on ESG integration, and has not been involved in active engagement. Where however, capital is co-mingled or part of fund manager activities, we do not restrict investment managers from active engagement.

A forthcoming review will determine BAML’s approach to acting on behalf of our investment clients without generating conflicts with clients in other parts of the organisation.
        

Fixed income Corporate (non-financial) – engagement

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

          Since becoming a signatory to the PRI, BAML has been focused on ESG integration, and has not been involved in active engagement. Where however, capital is co-mingled or part of fund manager activities, we do not restrict investment managers from active engagement.

A forthcoming review will determine BAML’s approach to acting on behalf of our investment clients without generating conflicts with clients in other parts of the organisation.
        

Fixed income Corporate (securitised) – engagement

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

          Since becoming a signatory to the PRI, BAML has been focused on ESG integration, and has not been involved in active engagement. Where however, capital is co-mingled or part of fund manager activities, we do not restrict investment managers from active engagement.

A forthcoming review will determine BAML’s approach to acting on behalf of our investment clients without generating conflicts with clients in other parts of the organisation.
        

OO 11. ESG incorporation practices for all assets

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

Fixed income - corporate (non-financial)

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

Fixed income - securitised

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

Property

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

Commodities

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

Hedge funds

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

Cash

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

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

Our ambition is for ESG integration to be at the core, rather than an additional element, of the investment process. In our investment process, we principally undertake asset allocation (where needed) and portfolio construction; and then delegate security selection to the third-party managers either through mandates or purchase of funds. (In some instances, this activity is carried out by internal investment managers.)

We select and continue to hold these managers based on our confidence in their ability to deliver their investment objectives, along with their associated strategies and practices to responsible investment. We inform our external managers of our focus on and commitment to the PRI principles.

As part of our due diligence and ongoing monitoring we review the managers’ integration of the principles and practices of responsible investing. This includes review of the ESG policies and governance of potential managers, identifying how effectively they integrate ESG factors into their  investment decisions, and how the fund communicates ESG information to its investors. Throughout the life of an investment, we monitor identified ESG risks and work with managers to ensure effective oversight.

We encourage managers to engage in an open dialogue with us about their own approach to responsible investment and how ESG factors impact their investment analysis and decision-making processes.

To support our ESG integration, we use external research sources to provide ESG data and insight and will use external data provider(s) to supplement our internal analysis by our investment teams. This includes company and industry reports and thematic research on specific ESG issues, as well as data and screens for our teams. We believe these insights, and in particular quantitative data, should be used alongside, rather than be a replacement for, our investment professionals’ analysis.


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 via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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