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United Nations Joint Staff Pension Fund

PRI reporting framework 2018

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Engagement

Overview

LEA 01. Description of approach to engagement

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

01.1. Indicate whether your organisation has a formal engagement policy.

01.2. Attach or provide a URL to your engagement policy.

01.3. Indicate what your engagement policy covers:

01.4. Provide a brief overview of your organization’s approach to engagement

Periodically, ISS engages in dialogue with issuers and other market participants when doing so is likely to inform clients' voting decisions. While vote recommendations are based on publicly available information, ISS strongly believes that engagement leads to more balanced, accurate and informed research reports and voting decisions.

The on-the-ground presence includes approximately 500 data and research staff based in global offices around the world. As members of their respective governance communities, analysts frequently engage with investors, issuers, regulators, other market participants and governance constituents in their local markets. The purpose of ISS’ engagement activities with global companies is to gain understanding and to check facts with issuers to ensure that ISS has the best possible information upon which to base its reports and recommendations to clients.

ISS is fully transparent about its issuer communication and indicates on each report whether ISS engaged with the company to glean further information or clarity. ISS has long committed to proactive engagement as part of the research process and firmly believes that this commitment – although sometimes resource-intensive – ensures that its research and vote recommendations are more objective, comprehensive, and well-informed.

01.6. Additional information [optional]


LEA 02. Reasoning for interaction on ESG issues

02.1. Indicate the method of engagement, giving reasons for the interaction.

Type of engagement

Reason for interaction

Individual/Internal staff engagements
Collaborative engagements
Service provider engagements

02.2. Additional information. [Optional]

UNJSPF has a customized ESG proxy voting policy, and this represents the majority of the Fund's engagement activity.


Process

Process for engagements run internally

LEA 03. Process for identifying and prioritising engagement activities

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

03.1. Indicate whether your organisation has a formal process for identifying and prioritising engagement activities carried out by internal staff.

03.2. Describe the criteria used to identify and prioritise engagement activities carried out by internal staff.

03.3. Additional information. [Optional]

All related to our proxy voting.

Proactively defining tobacco and armanents sales thresholds to ensure proper exclusionary measures.

Engage on corporate goverance and board independance 

 

 


LEA 04. Objectives for engagement activities

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

04.1. Indicate if you define specific objectives for your engagement activities.

04.2. Indicate if you monitor the actions that companies take during and following your engagements activities carried out by internal staff.

04.3. Indicate if you do any of the following to monitor and evaluate the progress of your engagement activities carried out by internal staff.

04.4. Additional information. [Optional]

All related to proxy voting. Custom exclusionary benchmark structure.


Process for engagements conducted via collaborations

LEA 05. Process for identifying and prioritising collaborative engagement

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

05.1. Indicate whether your organisation has a formal process for identifying and prioritising collaborative engagements

05.2. Describe the criteria used to identify and prioritise collaborative engagements.

05.3. Additional information [Optional]

UNJSPF is particpating/supporting investor in the Climate Aciton 100+ working group with the stated goal of: 

"Climate Action 100+ is a five-year initiative led by investors to engage with the world’s largest corporate greenhouse gas emitters to improve governance on climate change, curb emissions and strengthen climate-related financial disclosures. To date, 256 investors with USD $28 trillion in assets under management have signed on to the initiative."

The initiative is designed to implement the investor commitment first set out in the Global Investor Statement on Climate Change in the months leading up to the adoption of the historic Paris Agreement in 2015.

http://www.climateaction100.org/

 


LEA 06. Objectives for engagement activities

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

06.1. Indicate if you define specific objectives for your engagement activities carried out collaboratively.

06.2. Indicate if you monitor the actions companies take during and following your collaborative engagements.

06.3. Indicate if you do any of the following to monitor and evaluate the progress of your collaborative engagement activities.

06.4. Additional information. [Optional]

We have a customized ESG proxy voting policy, which includes engagement.


Process for engagements conducted with/on your behalf by service providers

LEA 07. Role in engagement process

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

07.1. Indicate if you play a role in the engagement process that your service provider conducts on your behalf.

07.2. Indicate the role(s) you play in engagements that your service provider conducts on your behalf.

07.3. Additional information. [Optional]

UNJSPF engages through its customized ESG proxy policy through dialogue with its proxy voting service provider.


LEA 08. Monitor / discuss service provider information

08.1. Do you monitor and review the outcomes of the engagement activities undertaken by your service providers on your behalf?

Please select all that apply

08.2. Additional information. [Optional]

Yes, on a quarterly basis. In addition, being signatory and member of the Climate 100+ initiative working group, the UNJSPF reveiews the custom implementation and engagement policy to ensure consistency with stated goals and outcomes of the Climate 100 initiatives.


General processes for all three groups of engagers

LEA 09. Share insights from engagements with internal/external managers

09.1. Indicate if insights gained from your engagements are shared with your internal or external investment managers.

Type of engagement

Insights shared

Individual/Internal staff engagements

Collaborative engagements

Service provider engagements

09.2. Additional information. [Optional]

IMD has holistically merged the ESG/engagement process into all internal equity teams. Corporate 1 x 1 meetings discuss the following aspects of each engagement:

  • Portfolio investment theme
  • Investment theme
  • Catalysts
  • Risks
  • ESG Engagement (Qualitative Analysis)
    • Enviromental 
    • Social
    • Corporate Governance
  • Materaility Matrix
    • Quantitative Validation 
  • ISS - UNGC - PRI Benchmarking
  • Internal Overall Assessment Recommendation 
  • Validate Engagement

 


LEA 10. Tracking number of engagements

10.1. Indicate if you track the number of your engagement activities.

Type of engagement
Tracking engagements

Individual / Internal staff engagements

Collaborative engagements

Service provider engagements

10.2. Additional information. [OPTIONAL]

Engagement is tracked through the  customized Proxy Voting metrics of our proxy voting service provider, which utilize strict sustainbale voting guidleines as a benchmark.

ISS has, therefore, developed proxy voting guidelines that are consistent with the objectives of sustainability-minded investors and fiduciaries.  On matters of ESG import, ISS' Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices advocating for stewardship of environment, fair labor practices, non-discrimination, and the protection of human rights. Generally, ISS' Sustainability Policy will  take as its frame of reference internationally recognized sustainability-related initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), United Nations Principles for Responsible Investment (UNPRI), United Nations Global Compact, Global Reporting Initiative (GRI), Carbon Principles, International Labour Organization Conventions (ILO), CERES Principles, Global Sullivan Principles, MacBride Principles, and environmental and social European Union Directives. Each of these efforts promote a fair, unified and productive reporting and compliance environment which advances positive corporate ESG actions that promote practices that present new opportunities or that mitigate related financial and reputational risks. 
On matters of corporate governance, executive compensation, and corporate structure, the Sustainability Policy guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance. 
These guidelines provide an overview of how ISS approaches proxy voting issues for subscribers of the Sustainability Policy.  We note there may be cases in which the final vote recommendation at a particular company varies from the voting guidelines due to the fact that we closely examine the merits of each proposal and consider relevant information and company-specific circumstances in arriving at our decisions.  To that end, ISS engages with both interested shareholders as well as issuers to gain further insight into contentious issues facing the company. Where ISS acts as voting agent for clients, it follows each client’s voting policy, which may differ in some cases from the policies outlined in this document.  ISS updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social and corporate governance topics, as well as the evolution of market standards, regulatory changes and client feedback


Outputs and outcomes

LEA 11. Number of companies engaged with, intensity of engagement and effort (Private)


LEA 12. Engagement methods (Private)


LEA 13. Companies changing practices / behaviour following engagement (Private)


LEA 14. Examples of ESG engagements (Private)


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