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Universities Superannuation Scheme - USS

PRI reporting framework 2018

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Fixed income - Engagement

FI 15. Engagement overview and coverage

15.1. Indicate the proportion of your fixed income assets on which you engage. Please exclude any engagements carried out solely in your capacity as a shareholder.

Category
Proportion of assets
SSA

15.2. Indicate your motivations for conducting engagement (SSA fixed income assets).

other description

          Market level activities and collaborations, involving local stock exchanges, regulatory bodies and government functions intended to improve the transparency of markets.
        
Corporate (financial)

15.2. Indicate your motivations for conducting engagement (Corporate, Financial fixed income assets)

Corporate (non-financial)

15.2. Indicate your motivations for conducting engagement (Corporate, non-financial fixed income assets)

15.3. Additional information.[OPTIONAL]

Our in house credit analysts meet with firms regularly to discuss risks, including financially material ESG risks such as climate change and the transition to a lower carbon economy.

The credit team sits in close proximity to their colleagues in the Public Equities and RI teams and they meet formally and informally on a regular basis to discuss ideas and companies.  The Credit team also has access to all the engagement meeting notes which are saved on the internal research home page on Bloomberg.

 


FI 16. Engagement method

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

16.1. Indicate how you typically engage with issuers as a fixed income investor, or as both a fixed income and listed equity investor. (Please do not include engagements where you are both a bondholder and shareholder but engage as a listed equity investor only.)

Select all that apply
Type of engagement
SSA
Corporate (financial)
Corporate (non-financial)
Individual/Internal staff engagements
Collaborative engagements
Service provider engagements

16.2. Indicate how your organisation prioritises engagements with issuers

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Based on potential materiality of ESG factors
Based on systemic risks (e.g. low-carbon transition) to global portfolios
Based on our exposure (holdings)
Other

16.3. Indicate when your organisation conducts engagements with issuers.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Engagements are conducted pre-investment
Engagements are conducted post-investment 
Other, describe

If ‘other’ has been selected, please give a description

Credit

Engagements are undertaken where material risks are identified this may include ESG related risks where they are deemed material

SSA

We have not sought to engage with issuers of sovereign debt, some of the scheme's market level activities and collaboration, particularly where they involve local stock exchanges, regulatory bodies and government functions should be considered sovereign engagement.

16.4. Indicate how your organisation conducts engagements with issuers.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
We systematically engage prior to ESG-related divestments
We engage proactively in anticipation of specific ESG risks and/or opportunities
We engage in reaction to ESG issues which have already affected the issuer
Investment and ESG analysts systematically conduct ESG-related engagements together 
Other, describe

If ‘other’ has been selected, please give a description

Credit

With regards to Credit,  engagements are conducted pre and post investment for the purpose of information gathering to inform investment decisions.  This naturally includes the consideration of ESG risks where they are material.  Any insights gleaned from engagement activity undertaken by the RI Team and Equities Team  is shared with the credit team via the internal research homepage on Bloomberg and via interaction both formal and informal with equity portfolio managers and the RI team.

 The engagement is normally conducted by Credit analysts during company meetings and road shows.

SSA

With regard to SSA, some of the schemes market level activities and collaborations, particularly where they involve local stock exchanges, regulatory bodies and government functions are considered to be sovereign engagements as they address the transparency and efficiency of markets. 

See answers to LEA which outlines our approach to engagement.

16.5. Indicate what your organisation conducts engagements with issuers on.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
We conduct engagements with individual issuers
We conduct engagements within sectors and industries.
We conduct engagements on specific ESG themes (e.g. human rights)
Other, describe

If ‘other’ has been selected, please give a description

We conduct engagements with local stock exchanges, regulatory bodies, government functions and supra-national bodies.

16.6. Indicate how your organisation shares the outcomes of the engagements internally.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
We have a systematic process to ensure the outcomes of engagements are made available
We occasionally make the outcomes of engagements available
Other, describe
We do not make this information available
We do not share the outcomes of the engagements internally

16.7. Additional information.[OPTIONAL]

Meeting notes are deposited on the internal research home page on Bloomberg and are available to the Credit team, Equities team and the RI team.   The Credit team sits in close proximity to their colleagues in the Public Equities and RI teams and they meet formally and informally on a regular basis to discuss ideas and companies.  


FI 17. Engagement policy disclosure

17.1. Indicate if your publicly available policy documents explicitly refer to fixed income engagement separately from engagements in relation to other asset classes.

17.2. Please attach or provide a URL to your fixed income engagement policy document. [Optional]

17.3. Additional information [OPTIONAL]


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