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Bank of America Global Wealth and Investment Management

PRI reporting framework 2018

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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.

We do not engage directly nor do we require external managers for our discretionary investment management to engage with companies on ESG factors.

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 do not require these external managers to engage companies in order to be on-boarded to our platform.  However, for ESG-classified managers/strategies we do inquire into their engagement practices as part of the due diligence process in order to understand if and how engagement is a part of the investment decision-making process.
        

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.

          We do not require these external managers to engage companies in order to be on-boarded to our platform.  However, for ESG-classified managers/strategies we do inquire into their engagement practices as part of the due diligence process in order to understand if and how engagement is a part of the investment decision-making process.
        

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.

          We do not require these external managers to engage companies in order to be on-boarded to our platform.  However, for ESG-classified managers/strategies we do inquire into their engagement practices as part of the due diligence process in order to understand if and how engagement is a part of the investment decision-making process.
        

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.

          We do not require these external managers to engage companies in order to be on-boarded to our platform.  However, for ESG-classified managers/strategies we do inquire into their engagement practices as part of the due diligence process in order to understand if and how engagement is a part of the investment decision-making process.
        

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

Fixed income - SSA

Fixed income - corporate (financial)

Fixed income - corporate (non-financial)

Fixed income - securitised

Cash

Other (1)

'Other (1)' [as defined in OO 05]

          This % is reflective of less than 1% in each of the following asset classes: Private Equity, Property, Commodities, Hedge Funds, and Farmland.
        
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

Cash

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

Other (1)

Other (1) - 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.

Currently, we practice the steps highlighted below for any ESG-classified managers/strategies our due diligence analysts cover, but this process has not been integrated across non-ESG classified managers/strategies on the platform.

1)     Our approach to selecting ESG-classified investment managers is based on the manager’s ability to effectively integrate both Environmental, Social, and Governance (ESG) factors and traditional risk-return criteria into their investment selection and risk management approach.

2)     Impact Criteria: The strategy integrates environmental, social or other governance factors into the daily process of investment decision making, portfolio construction and/or risk management. We use many data points and discussions with strategy providers to conduct this analysis, including MSCI ESG Ratings. Exclusionary screens can be used as part of the process, but are not considered a driving factor in selecting a strategy.

3)         Risk and Return Criteria: The strategy has the potential to meet or exceed the risk and return profiles of “traditional” (non-impact focused) strategies in its peer group. The risk and return profile of the strategies are in line with the expected risk and return of the underlying assets given the social or environmental mission.


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 - Fixed Income

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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