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KLP

PRI reporting framework 2019

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          CEOs of KLP's subsidiaries
        

Other description (2)

          Forum for Responsible Investments
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

The board: Approves investment strategy as well as "Guidelines for KLP as a responsible investor". Approves group strategy as well as KLP's strategy for corporate responsibility.

Executive management: Implementing investment strategy and guidelines. Has the responsibility to ensure that strategy and guidelines are integrated into all investment processes, and all investment mandates.

CEOs of investment related subsidiaries: Implement investment mandate given from KLP, overseeing responsible investment practices in their own organisation.

Portfolio managers/analysts: Responsible for RI practices and integration in their own portfolio.

Dedicated responsible investment staff: Dedicated to company analyses, engagement processes, assisting portfolio managers in integrating ESG, developing KLP's responsible investment practices.

Service providers: Data providing

Forum for responsible investments: KLP has a dedicated forum for responsible investments (where executive management is represented by several members, including CEO). This forum makes decision regarding exclusion, engagement and is overseeing responsible investments activities on a monthly basis.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

4 Number

07.4. Additional information. [Optional]

Dedicated responsible investment staff:

  • Three employees in asset management company (head of RI team + two team members)
  • One employee at group level (Vice President Corporate Responsibility)

Furthermore, KLP has the following staff dedicated to corporate responsibility/sustainability:

  • Adviser corporate responsibility
  • Consultant environment
  • Head of environment (property subsidiary KLP Eiendom)
I confirm I have read and understood the Accountability tab for SG 07 I confirm I have read and understood the Accountability tab for SG 07

SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or head of department

Portfolio managers

Investment analysts

Dedicated responsible investment staff

External managers or service providers

Other role, specify (2)

Other description (2)

          Other role, specify (2)
        

07.6 CC. For board level roles for which have climate-related issues oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

Climate change related issues have been discussed in relation to key processes and strategies, such as group level strategy, investment strategy, and strategy for corporate responsibility. The board has been introduced to TCFD and KLP's plan for implementation.

Climate change related issues have also been discussed at board level of some of the subsidiaries of KLP, for instance related to product development and ownership strategies.

 

07.7 CC. For the management-level roles that assess and manage climate-related issues, provide further information on the structure and process involved.

Climate change related issues have been discussed in relation to key processes and strategies, such as group level strategy, investment strategy, and strategy for corporate responsibility. Top management has been introduced to TCFD and KLP's plan for implementation.

Climate change related issues have also been discussed at management level of some of the subsidiaries of KLP, for instance related to product development and ownership strategies.

 

07.8 CC. Explain how the organisation engages external investment managers on the TCFD recommendations and its implementation.


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department

          CEOs of KLP's subsidiaries
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investment analysts

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other role (2) [from SG 07]

          Forum for Responsible Investments
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

There is not a formal personal development and/or training plan for those in "Forum for responsible investments". However, it is RI issues that are discussed in all these meetings. Hence there is training, as RI issues often are on top of the agenda.

08.4. Describe the level of experience board members/trustees/chief-level staff have with incorporating ESG factors into investment decision-making processes.

          Given KLP's long tradition for working with ESG, the board members and chief-level staff are familiar with the ESG factors. Chief-level staff are closely involved in the development of RI strategies and strategies to incorporate ESG factors and have a long experience, with ESG issues. It is important to us that we increase the level of competence on all levels as the ESG field is evolving and strategies becoming more sophisticated.
        

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