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UBS Asset Management

PRI reporting framework 2019

Export Public Responses

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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

          Head - Sustainable and Impact Investing
        

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

UBS-AM

The Sustainable and Impact Investing ('SI') team, which is a dedicated team of 18 professionals, operates across all investment areas. The Head of the SI team has a direct reporting line to the Head of Investments, Suni Harford, who is a member of UBS-AM's Executive Committee, reporting to the President/CEO of UBS-AM, Ulrich Körner. The SI professionals are responsible for sourcing and distributing ESG data to investment teams across UBS-AM, educating and collaborating with investment teams on best practices around using material ESG data in forward-looking investment analysis, and overseeing UBS-AM's engagement and proxy voting programs. Also within the team are professionals responsible for the development and expansion of SI solutions. Finally, the SI team is responsible for content, including white papers, research reports, ESG and carbon related reporting, and other educational materials.

UBS Group

The Corporate Culture and Responsibility Committee (CCRC) is responsible for the main undertaking for corporate culture, responsibility and sustainability. As set out in its charter, the CCRC supports the Board in its duties to safeguard and advance the Group’s reputation for responsible and sustainable conduct. It monitors UBS in society's overall strategy and annual objectives, reviews that the UBS in society constitutional document is relevant and up to date, and oversees the program's annual management review.

 

The Group CEO proposes the UBS in society strategy and annual objectives to the CCRC, supervises their execution, and informs the Group Executive Board (GEB) and Corporate Culture and Responsibility Committee (CCRC) as appropriate.

 

The Head of UBS in society is UBS's senior level representative for environmental and sustainability issues. He or she is nominated by the Group CEO, chairs UBS in society Operating Committee, is a member of the Global Environmental Social Risk Committee, and is a permanent guest to the CCRC. He or she develops the UBS in society strategy, leads in its execution, and submits annual objectives to the CEO, as well as, a management review to the CCRC. He or she is supported by the UBS in society Executive Committee (EC) in this effort.

 

We then have the UBS in society Operating Committee (OC), which we established in 2015 to oversee and coordinate the execution of UBS in society. The OC ensures execution of UBS in society strategy across divisions and regions. The Committee is chaired by the Head UBS in society and is composed of divisional, APAC, and Group COO EC members, as well as, UBS in society EC members. OC members are nominated by their respective GEB members and/or the Head of UBS in society, and ensure plan and objective sign off by them.

 

The Global Environmental & Social Risk Committee, also at Group Executive Board (GEB) level, defines an Environmental & Social Risk (ESR) framework and independent controls that align UBS's environmental and social risk appetite with that of UBS in society. It is chaired by the Group Chief Risk Officer, who is responsible for the development and implementation of principles and appropriate independent control frameworks for environmental and social risks within UBS.

 

The Business Divisions are responsible for developing, providing resources to, and executing the UBS in society annual objectives in their division as they relate to client relationships, product development, investment management, distribution and risk management.

 

The Regions are responsible for developing, providing resources to, and executing objectives in their region relating to Community Affairs, within the global framework of UBS in society.

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

23 Number

07.4. Additional information. [Optional]

In addition to the 18 sustainability experts that make up our Sustainable and Impact Investing team, UBS AM also has dedicated investment professionals managing Sustainable and Impact- Focused strategies.

The Global Sustainable Equities team, made up of 5 investment professionals, is dedicated to Sustainable and Impact Investing and has an extensive track record of managing a specialist range of sustainable active equities strategies.

Moreover, we have investment professionals within our Real Estate and Private Markets and Fixed Income investment areas that specialize in assessing sustainable investment risks and opportunities.

Lastly, within our Systematic and Indexing capability, we have investment staff dedicated to our Climate Aware Rules-Based Equity strategy.

 

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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

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

On a group wide level, our climate change strategy is overseen by the Corporate Culture and Responsibility Committee (CCRC) as part of the UBS in society governance. The CCRC is Chaired by Axel Weber (UBS Chairman). Within the parameters set by the CCRC, climate-related opportunities are overseen by the UBS in society Operating Committee and climate change risks by the Global Environmental & Social Risk (ESR) Committee. The CCRC regularly and critically reviews the assessments and steps taken by these management bodies toward executing the climate change strategy. It approves UBS's annual climate change objectives and plans and decides on the progressive alignment of our climate change disclosure pathway with TCFD’s recommendations. These annual objectives and plans are managed as part of UBS's ISO 14001 certified environmental management system (EMS) with defined management accountabilities across the firm.

 

 

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

UBS Group

The Group Chief Executive Officer (Group CEO) proposes the UBS in society strategy and annual objectives to the CCRC, supervises their execution and informs the Group Executive Board (GEB) and CCRC, as appropriate. Reporting to the Group CEO, the Head UBS in society is UBS's senior-level representative for sustainability issues. The Group CEO and the Head UBS in society are permanent guests of the CCRC.

UBS's management publicly supports international, collaborative action against climate change. Our Chairman is signatory to the European Financial Services Round Table's statement in support of a strong, ambitious response to climate change. Our Group CEO is a member of the Alliance of CEO Climate Leaders, an informal network of CEOs convened by the World Economic Forum and committed to climate action. The Head of our Sustainable Investors team is a member of the TCFD.

UBS-AM

Our Sustainable and Impact Investing strategy is overseen by an Executive Management Committee comprised of senior leaders across the business. The committee addresses a range of topics including our response to climate change.

Our SI Analysts work with our portfolio managers (specifically across our equity platform) to assess and manage climate-related. Over the past year, the team has worked to develop the capability for equity portfolio managers to examine the carbon footprint of their portfolios and comparing the relative carbon footprints of their company holdings to that of the benchmark. Carbon emissions data is also made available to all equity portfolio managers through the Portfolio Optimization Platform, which allows portfolio managers and analysts to download carbon and carbon intensity data on over 6,000 companies.

Moreover, the SI Analysts and investment analyst work together to engage with companies on behalf of clients to discuss approaches to mitigating climate change risk, as well as actively voting on shareholder resolutions to improve transparency and disclosure around climate-related reporting. This includes participation in the global Climate Action 100+ collaboration.

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 (Private)


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