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Universities Superannuation Scheme - USS

PRI reporting framework 2018

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 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

You are in Direct - Property » Post-investment (monitoring and active ownership) » Property monitoring and management

Property monitoring and management

PR 09. Proportion of assets with ESG targets that were set and monitored

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

09.1. Indicate the proportion of property assets for which your organisation, and/or property managers, set and monitored ESG targets (KPIs or similar) during the reporting year.

>90% of property assets

51-90% of property assets

10-50% of property assets

<10% of property assets

(in terms of number of property assets)

09.2. Indicate which ESG targets your organisation and/or property managers typically set and monitor

Environmental

Target/KPI

Progress Achieved

          Reduction of energy consumption of 30% between 2010 and 2020.

          Monitor of water consumption.

          Diversion of waste from landfill across the whole portfolio.

          We are currently on track having reduced by 23% so far.

          Where viable we are installing waterless urinals, sensors on basins and dual flush toilets.

          96% of waste is currently diverted from landfill.

Social

Target/KPI

Progress Achieved

          To encourage charities to raise money in our shopping centres.

          Encourage our tenants to not drive but cycle.

          We now have dedicated charities across the portfolio which we support.

          In the past year we have installed new cycle stores into three of our office multi let buildings.

Governance

Target/KPI

Progress Achieved

          To communicate with our tenants more frequently in order to improve communications and inform decision making.

          We have dedicated monthly meetings, attended by the tenants, Building Manager and Property Manager at all our multi let assets, improving governance and communications.

We do not set and/or monitor against targets

09.3. Additional information. [Optional]

We closely monitor material ESG issues post acquisition. As part of our contractual agreement with our Property Managers, they support us in implementing ESG improvements. This may include the monitoring of waste, water and energy consumption data, comparing this against performance targets, and rolling out actions, where considered necessary, across the portfolio.

PR 10. Certification schemes, ratings and benchmarks

10.1. Indicate whether your property assets are assessed against certification schemes, ratings and/or benchmarks

Yes

10.2. List the certification schemes, ratings and/or benchmarks your property assets are assessed against and what proportion of your property assets they apply to.

Add certification scheme, rating and benchmark 1

Specify	EPCs
Proportion of property assets these apply to	>90% of property assets 51-90% of property assets 10-50% of property assets <10% of property assets (in terms of number of property assets)

Add certification scheme, rating and benchmark 2

Specify	GRESB
Proportion of property assets these apply to	>90% of property assets 51-90% of property assets 10-50% of property assets <10% of property assets (in terms of number of property assets)

Add certification scheme, rating and benchmark 3

Specify	BREEAM
Proportion of property assets these apply to	>90% of property assets 51-90% of property assets 10-50% of property assets <10% of property assets (in terms of number of property assets)

10.3. Indicate if your organisation uses property specific reporting standards to disclose information related to your property investments’ ESG performance.

Global Reporting Initiative (GRI) Construction & Real Estate Sector Supplement (CRESS)

Other property reporting standards, specify

No property specific reporting standards are used

10.4. Additional information.

We ensure all purchased assets include an Energy Performance Certificate (EPC). We have reviewed our EPCs across the whole portfolio against tenant leases and expires, and have set out an action plan for improvements. Where a property refurbishment or fit out occurs we ensure the works are undertaken in consideration of achieving as high an EPC grade as possible. We will be entering the whole portfolio within the GRESB assessment in 2018.

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