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Universities Superannuation Scheme - USS

PRI reporting framework 2018

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG issues [LEI 08 - 10] Outputs and outcomes [LEI 12 - 14]
Direct - Listed Equity Active Ownership
Engagement [LEA 01 - 14] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] Process for engagements conducted with/on your behalf by service providers [LEA 07 - 08] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 14] (Proxy) voting and shareholder resolutions [LEA 15 - 24] Overview [LEA 15] Process [LEA 16 - 20] Outputs and outcomes [LEA 21 - 24]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 13] Implementation processes [FI 01 - 03] (C) Implementation: Integration [FI 11 - 13] ESG incorporation in passively managed fixed income [FI 14] Fixed income - Engagement [FI 15 - 17] Outputs and outcomes [FI 18 - 19]
Direct – Private Equity
Overview [PE 01 - 02] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Direct - Infrastructure
Overview [INF 01 - 02] Pre-investment (selection) [INF 05 - 09] Selection, appointment and monitoring of third-party operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure monitoring and operations [INF 12 - 14] Infrastructure maintenance [INF 15] Stakeholder engagement [INF 16] Outputs and outcomes [INF 17 - 18]
Assurance
Assurance [CM1 01.1 - 01.7]
Export Public Responses
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You are in Direct - Infrastructure » Post-investment (monitoring and active ownership) » Infrastructure monitoring and operations

Infrastructure monitoring and operations

INF 12. Proportion of assets with ESG performance targets

12.1. Indicate the proportion of infrastructure assets for which your organisation and/or operators included ESG performance in investment monitoring during the reporting year.

 (in terms of number of infrastructure assets)

12.2. Indicate ESG issues for which your organisation, and/or operators, typically sets and monitors targets (KPIs or similar) and provide examples per issue.

List up to three example targets per issue 

          Pollution incidents
        
          Energy efficiency
        
          Water use

List up to three example targets per issue 

          Community relations
        
          Human capital management
        
          Health and safety

List up to three example targets per issue 

          Internal controls and compliance
        
          Board reporting
        
          Shareholder rights (in line with the shareholder agreements)

12.3. Additional information. [Optional]

In 2017, the scheme became a member of the GRESB Infrastructure group. GRESB provides a detailed questionnaire and assessment process on ESG management for infrastructure assets. The tool will help USS and the operators to benchmark and track ESG related obligations and targets exist at individual asset level and to prioritise developments as appropriate. A significant proportion of USS’s infrastructure assets have completed the GRESB process in previous years, and the scheme is proposing to roll it out to other assets where it is advantageous to do so (some assets will not fit the GRESB model).  

The results of the assessment should also enable us to answer INF 13.1 in future years.

GRESB Infrastructure Questionnaire (2016)

http://gresb-public.s3.amazonaws.com/2016/content/2016-GRESB-Infra-Asset-Assessment.pdf

Management

MA1: Does the entity specifically address ESG issues in its long-term strategic plan(s)?

MA2: Does the entity have a senior decision-maker accountable for ESG issues?

MA3: Are ESG factors included in performance targets for the entity’s senior leadership?

MA4: Does the entity provide ESG-related training?

 

Policy & Disclosure

PD1: Has the entity formally adopted a policy or policies on environmental issues?

PD2: Has the entity formally adopted a policy or policies on social issues?

PD3: Has the entity formally adopted a policy or policies on governance issues?

PD4: Does the entity have a process for stakeholders to communicate grievances?

PD5: Does the entity have third-party review of its ESG reporting and/or data?

PD6: Did the entity publish formal impact assessments during the last 3 years?

PD7: Does the entity communicate its ESG activities?

PD8: Does the entity have a process to communicate about ESG-related misconduct or penalties?

 

Risks & Opportunities

RO1: Does the entity assess and mitigate risks associated with environmental issues?

RO2: Does the entity assess and mitigate risks associated with social issues?

RO3: Does the entity assess and mitigate risks associated with governance issues?

 

Implementation

IM1: Can the entity provide specific examples of actions taken to improve ESG management and performance?

 

Monitoring & EMS

ME1: Does the entity have an Environmental Management System or comparable framework?

ME2: Does the entity collect and manage ESG performance data?

Stakeholder Engagement

SE1: Does the entity have a stakeholder engagement program?

SE2: Can the entity describe specific examples of actions taken to implement its stakeholder engagement program?

 

Performance Indicators

PI1: Can the entity report on measures of output?

PI2: Can the entity report on health and safety performance over time?

PI3: Can the entity report on energy generated and purchased over time?

PI4: Can the entity report on greenhouse gas emissions over time?

PI5: Can the entity report on air pollutant emissions over time?

PI6: Can the entity report on water use over time?

PI7: Can the entity report on waste generation and disposal over time?

PI8: Can the entity report on biodiversity and habitat over time?

 

Certifications & Awards

CA1: Did the entity maintain or achieve entity-level certifications for ESG-related management and/or performance?

CA2: Did the entity maintain or achieve project-level certifications for ESG-related management and/or performance?

CA3: Did the entity receive awards for ESG-related actions, performance, or achievements?

CA4: Was the entity the subject of case studies, research, or similar publications describing its ESG management and/or performance?

INF 13. Proportion of portfolio companies with ESG/sustainability policy

13.1. Indicate whether you track the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

13.2. Indicate the proportion of your infrastructure investees that have an ESG/sustainability-related policy (or similar guidelines).

(in terms of number of infrastructure investees)

13.3. Describe how your organisation, and/or your operators, contribute to the infrastructure investees’ management of ESG issues. [Optional]

Please see our responses to the previous INF questions.

INF 14. Type and frequency of reports received from investees

14.1. Indicate the type and frequency of reports you request and/or receive from infrastructure investees covering ESG issues.

Type of Reporting

Typical reporting frequency

Typical reporting frequency

14.2. Additional information.

USS will request environmental and related policies and management process information as part of due diligence to assess the level of CSR management at assets prior to investment.  The vast majority of USS’s Infrastructure assets have such policies and detailed CSR strategies in place.  This includes certification to ISO14001 and others in many cases.

As noted, environmental and social issues are frequently covered in board papers, and USS will have these via board positions on its direct infrastructure assets.

In addition, many of the assets will also produce separate freestanding and publically available sustainability reports or cover sustainability and community matters on their websites. Examples of these are provided in INF 16.2 below. 

From 2017, the GRESB Infrastructure survey responses will help to capture the scheme's infrastructure assets' reporting and data collection on ESG matters in a more systematic format.

 
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