The Private Markets Group and RI teams worked together to develop a new process to more systematically review ESG management of the scheme's direct assets.
For corporate governance the IFC corporate governance framework has been adapted for internal use. On environmental and social matters, the scheme adopted the GRESB infrastructure process to help monitor and benchmark environmental and social performance indicators. The results of face to face monitoring meetings on ESG matters are also fed into an assessment.
The process enables the assessment and comparability of the current status of ESG management of USS' assets, and working with PMG, the RI team makes recommendations for improvements to the managers of the assets.
The review process was undertaken at one asset in 2017 with further reviews planned for 2018. The process will continue to be enhanced to reflect experience, feedback and the lessons learned from within the USS and asset-based teams involved such reviews.