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UBS Asset Management

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]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG issues [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] 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] 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] (A) Implementation: Screening [FI 04 - 07] (B) Implementation: Thematic [FI 08 - 10] (C) Implementation: Integration [FI 11 - 13] ESG incorporation in passively managed fixed income [FI 14] Outputs and outcomes [FI 18 - 19]
Direct - Property
Overview [PR 01] Fundraising of property funds [PR 02 - 03] 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] Fundraising of infrastructure funds [INF 03 - 04] 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] Communication [INF 19]
Assurance
Assurance [CM1 01.1 - 01.7]
Export Public Responses
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You are in Direct - Property » Post-investment (monitoring and active ownership)

Post-investment (monitoring and active ownership)

Overview

PR 08. ESG issues in post-investment activities

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

08.1. Indicate if your organisation, and/or property managers, considers ESG issues in post-investment activities relating to your property assets.

08.2. Indicate whether your organisation, and/or property managers, considers ESG issues in the following post-investment activities relating to your property assets. 

          Green building certification and Energy Star rating after acquisition

08.3. Describe how your organisation, and/or property managers, considers ESG issues in post-investment activities related to your property assets.

We provide policy guidelines to our property managers to implement sustainability measures. Property agents have to submit their annual budget including investment on sustainability measures. The approved budget is monitored on a quarterly basis. 

All of our property managers have been instructed to improve the efficiency of our properties and to implement sustainable measures. The measures vary by property type, but energy efficiency, water savings and recycling are encouraged for all properties. Key Performance Indicators (KPIs) are used to measure the following: integral planning of maintenance cost and projects; reduction of energy and water consumption; optimisation of lifecycle costs; security and environment. 

We collaborate with property management firms and ESG consultants on best practice ideas and ESG training. The ideas and strategies are jointly discussed before approved and implemented.

The property manager should manage the property in a sustainable way with the ultimate aim to reduce CO2 emissions in the lifecycle of a property. In this context the property manager should also encourage all suppliers to contribute to this objective. This may involve the following approaches and activities: 

  • Increasing the share of renewable energy in utility contracts 
  • Favouring regional suppliers who are close by for example less than 50km to reduce suppliers travelling long distance. 
  • Favouring suppliers who are proactive with respect to sustainable management, e.g. who are certified for quality and environmental management systems such as ISO 9001, ISO 14001 
  • The use of clean environmentally-friendly products. 
  • Implementing recycling programs 
  • Obtaining property-level green certifications

The property owner carries out a yearly sustainability rating of assets. The property manager or ESG consultant shall provide the necessary data at the owner's request (as far as this data is available) and shall help the owner to analyse the data in order to draw conclusions and develop measures for improvements.  

With regard to occupier engagement, our standard leases require our tenants to abide by all sustainability rules and regulations for the properties, including recycling, construction practices and disposal of pre-existing materials and encourages them to work with us to improve the asset.

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.

(in terms of number of property assets)

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

Target/KPI
Progress Achieved 
          Energy efficiency
        
          Water consumption
        
          Waste management
        
          please refer to section 9.3
        
          please refer to section 9.3
        
          please refer to section 9.3
Target/KPI
Progress Achieved 
          Accessibility
        
          Health and safety
        
          Infrastructure
        
          please refer to section 9.3
        
          please refer to section 9.3
        
          please refer to section 9.3
Target/KPI
Progress Achieved 
          Occupier guidelines
        
          Service provider guidelines
        
          Tenant engagement and meetings
        
          please refer to section 9.3
        
          please refer to section 9.3
        
          please refer to section 9.3

09.3. Additional information. [Optional]

We operate coordinated ESG programmes across portfolios and regions. These include energy audits and reduction plans. We benchmark individual assets. We perform occupier surveys. To provide a consistent approach to evaluating sustainability, the following items should be addressed during due diligence:

1. Legislation – building survey

2. Lease requirements – solicitor's report on title

3. Sustainable ratings and performance – building survey

4. HVAC / electrical system – building survey

5. Renewable energy – building survey

6. Lighting – building survey

7. Sustainable operations – property manager

8. Plumbing / fixtures – building survey

9. Site conditions – environmental report

10. Building envelope – building survey

11. Amenities – building survey

12. Climate change risks – building survey

13. Socio-economic risks – investment agent's purchase report

14. Transportation – investment agent's purchase report

Circa 90% of properties managed by the direct Real Estate business are included in the GRESB Real Estate assessment.

PR 10. Certification schemes, ratings and benchmarks (Private)

Property developments and major renovations

PR 11. Proportion of developments and refurbishments where ESG issues were considered

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

11.1. Indicate the proportion of active property developments and major renovations where ESG issues have been considered.

(by number of active property developments and refurbishments)

11.2. Indicate if the following ESG considerations are typically implemented and monitored in your property developments and major renovations. 

          Smart building technologies, Health and Wellbeing

11.3. Additional information. [Optional]

All of the above factors are considered as part of the initial appraisal process. We have pursued a number of schemes where environmental considerations have played a key role in the development planning and ultimately in the successful leasing and sale of the asset.

Occupier engagement

PR 12. Proportion of property occupiers that were engaged with

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

12.1. Indicate the proportion of property occupiers your organisation, and/or your property managers, engaged with on ESG issues during the reporting year.

(in terms of number of occupiers)

12.2. Indicate if the following practises and areas are typically part of your, and/or your property managers’, occupier engagements. 

          Sustainability requirements in construction guidelines

12.3. Additional information. [Optional]

ESG is a standard agenda item on our quarterly meetings with tenants. We carry out tenant surveys to better understand our occupiers ESG concerns and requirements. All of our new issued leases to tenants contain green lease provisions encouraging tenants to share data and work with us on best practice measures. We also have green fit out guides for minimum standards for tenant works to assets.

PR 13. Proportion of green leases or MOUs referencing ESG issues

13.1. Indicate the proportion of all leases signed during the reporting year that used green leases or the proportion of Memoranda of Understandings (MoUs) with reference to ESG issues.

(in terms of number of leases or MoUs)

13.2. Additional information.

Our green lease clause now features in every new European and US lease issued to tenants. The aim is to encourage landlord and tenant engagement and sharing of information on ESG issues.

Community engagement

PR 14. Proportion of assets engaged with on community issues (Private)

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