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United Nations Joint Staff Pension Fund

PRI reporting framework 2018

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ESG incorporation in actively managed listed equities

Implementation processes

LEI 01. Percentage of each incorporation strategy

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate (1) which ESG incorporation strategy and/or combination of strategies you apply to your actively managed listed equities and (2) the breakdown of your actively managed listed equities by strategy or combination of strategies (+/- 5%)

ESG incorporation strategy (select all that apply)

Percentage of active listed equity to which the strategy is applied
93 %
Percentage of active listed equity to which the strategy is applied
2.0 %
Percentage of active listed equity to which no strategy is applied
5 %
Total actively managed listed equities 100%

01.2. Describe your organisation’s approach to incorporation and the reasons for choosing the particular ESG incorporation strategy/strategies.

The UNJSPF is a leader in ESG.  We were founded in the late 1940's and we have never invested in arms.  We initiated tobacco restrictions in the 1970's.  We were one of the first investors in green bonds in 2008.  since then, we have increased our emphasis on climate change oriented investments.   

Our investment policy states:  "As part of an international organization committed to social progress, better living standards and human rights and as a founding signatory to the United Nations supported Principles for Responsible Investment (PRI) Initiative and in association with the United Nations Global Compact (UNGC) and the UNEP Finance Initiative (UNEP FI) - IMD acknowledges its responsibility to society."

01.3. If assets are managed using a combination of ESG incorporation strategies, briefly describe how these combinations are used. [Optional]

UNJSPF is integrating ESG screening, thematic and integration strategies on the policy, asset, portfolio, company and engagement level. RepRisk, MSCI ESG, Bloomberg ESG, Arabesque and ISS Auto Pro SRI/ESG/UNSDG voting.  As mentioned earlier, our low carbon ETFs are explicitly managed using a combination of ESG incorporation strategies.


LEI 02. Type of ESG information used in investment decision (Private)


LEI 03. Information from engagement and/or voting used in investment decision-making (Private)


(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by

Description

Tobacco and armament restrictions.

 

Screened by

Description

New holistic methodology applied across all equities utilitizing RepRisk, MSCI ESG, Bloomberg, Arabesque, Entelligent, ESG - Sustainalytics and ISS ESG Proxy Voting. Measures all the above areas and metrics. The UNJSPF is not only holistically integrating into current process, but is applied complete system metrics to the past eights years on the active equity portfolio thereby constucting a history from which the Fund can measure its progress retroactively against itself and peers.

Screened by

Description

UNJSPF examines social, environmental and ethical issues on a case-by-case basis, taking special regard for the effects proposed actions will have on the corporation’s long-term value, costs and the financial well being of beneficiaries.  Risks to the company’s short-and/or long-term value arising from social, environmental and/or ethical issues should be identified and assessed and companies should institute policies and procedures aimed at mitigating the risks associated with social, environmental and/or ethical issues.

04.2. Describe how the screening criteria are established, how often the criteria are reviewed and how you notify clients and/or beneficiaries when changes are made.

The screening criteria is ultimately decided upon by the Representative of the Secretary-General for the Investments of the UNJSPF in consultation with the Fund's Pension Board, Investments Committee and Investment Management Division staff.


LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure screening is based on robust analysis.

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.3. Indicate how frequently third party ESG ratings are updated for screening purposes.

05.4. Indicate how frequently you review internal research that builds your ESG screens.

05.5. Additional information. [Optional]

*The United Nations Joint Staff Pension Fund holistically integrates ESG into the entire lifecycle of the internal equity investment process. Honoring the Fund’ commitment to PRI, UNEP FI and UNGC, as outlined in the IPS, the UNJSPF considers ESG as standard due diligence risk exercise within the overall investment process, including risk monitoring, universe selection and stock selection.


LEI 06. Processes to ensure fund criteria are not breached (Private)


(B) Implementation: Thematic

LEI 07. Types of sustainability thematic funds/mandates

07.1. Indicate the type of sustainability thematic funds or mandates your organisation manages.

07.2. Describe your organisation’s processes relating to sustainability themed funds. [Optional]

Tobacco Security Restrictions:

Investments in companies that derive any revenue from the production of tobacco and that primarily deal with manufacturing and distribution of tobacco and tobacco related products are prohibited.

Armaments or other Military Equipments Security Restrictions:

The Fund does not invest in securities of companies that derive any revenue from the production of military weapons, weapons systems or weapons of mass destruction, including nuclear, chemical or biological weapons, or derive more than 10 per cent of their revenue from the production of customized components for purposes of the production of military weapons, weapons systems or weapons of mass destruction.

ESG Integration:

*The United Nations Joint Staff Pension Fund holistically integrates ESG into the entire lifecycle of the internal equity investment process. Honoring the Fund’ commitment to PRI, UNEP FI and UNGC, as outlined in the IPS, the UNJSPF considers ESG as standard due diligence risk exercise within the overall investment process, including risk monitoring, universe selection and stock selection.


(C) Implementation: Integration of ESG issues

LEI 08. Review ESG issues while researching companies/sectors

08.1. Indicate which ESG factors you systematically research as part of your investment analysis and the proportion of actively managed listed equity portfolios that is impacted by this analysis.

ESG issues

Proportion impacted by analysis
Environmental

Environmental

Social

Social

Corporate Governance

Corporate Governance

08.2. Additional information. [Optional]

Possible actions taken include asking the entities in which the Fund invests:  

1)  Standardised reporting on ESG issues (using tools such as the Global Reporting Initiative), 2)  for ESG issues to be integrated within annual financial reports, 3)  for information from companies regarding adoption of/adherence to relevant norms, standards, codes of conduct or international initiatives (such as the UN Global Compact), and 4) for support shareholder initiatives and resolutions promoting ESG disclosure.

​*The United Nations Joint Staff Pension Fund holistically integrates ESG into the entire lifecycle of the internal equity investment process. Honoring the Fund’ commitment to PRI, UNEP FI and UNGC, as outlined in the IPS, the UNJSPF considers ESG as standard due diligence risk exercise within the overall investment process, including risk monitoring, universe selection and stock selection.


LEI 09. Processes to ensure integration is based on robust analysis (Private)


LEI 10. Aspects of analysis ESG information is integrated into (Private)


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