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QBE Insurance Group Limited

PRI reporting framework 2019

You are in Organisational Overview » Asset class implementation gateway indicators

Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

10.2. Indicate why you do not engage and do not require external managers to engage.

In 2018, QBE used passive, index ETFs to gain exposure to developed market and emerging markets equities. 

Listed equity – voting

10.3. Indicate why you do not cast your votes

In 2018, QBE used a passive, index ETFs to gain exposure to developed market and emerging markets equities. 

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          On SSAs we do not engage, we engage corporate credit issuers on material ESG factors.
        

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement

Fixed income Corporate (securitised) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          On Fixed Income Corporate (securitised) we do not engage, we engage corporate credit issuers on material ESG factors.
        

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Fixed income - SSA

Fixed income - corporate (financial)

Fixed income - corporate (non-financial)

Fixed income - securitised

Cash

Money market instruments

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

QBE invests in several asset classes using external managers. More than 85% of the external investment managers are PRI signatories.  QBE continued to enhance the annual external manager review process in 2018, including updating the RFP and manager review process to include the PRI "LIMITED PARTNERS’ RESPONSIBLE INVESTMENT DUE DILIGENCE QUESTIONNAIRE"

As well as this, manager reviews include the following ESG considerations.

When considering whether to select or appoint an external fund manager, QBE will consider the extent to which managers incorporate ESG factors into investment processes and operational areas.

As part of initial and ongoing due diligence, QBE’s external investment managers are expected to provide details of the manager’s ESG processes and guidelines, including how they integrate ESG into their investment decisions; the competence and drivers for their staff to incorporate ESG considerations. Key areas are: compliance, strategy, and management across both investment and operational areas; the manager’s ESG activities, including research, voting and engagement, and seeking examples of how the manager integrates consideration of the ESG issues into its investment analysis and decision-making processes.

QBE will monitor the performance of its fund managers about ESG and sustainability issues through formal "ESG Review" meetings as well as constructive, ongoing dialog with managers. ESG is incorporated in the schedule of quarterly external manager meetings.

QBE will monitor and review the manager's implementation of the QBE Responsible Investment Guidelines.

11.5. For your externally managed pooled funds, describe any mechanisms in place to set expectations as part of the appointment or commitment process.

When identifying an externally managed pooled fund (none of which are ETFs) ESG considerations form part of the due diligence process to ensure that we are targeting managers that are aligned as closely with our RI philosophy as is feasible.

Once we are invested in a managed pooled fund QBE still outline our expectations and preferences, regarding ESG factors and RI, in the formal "manager review" meetings, held quarterly. Where we have a role on investment committees, or in annual investor forums and site visits, we engage actively to raise relevant ESG issues.  For example, QBE is a supporter of the TCFD and in 2018 have engaged with managers of our managed pooled vehicles to communicate this, and to understand their progress and intent to report in line with the TCFD.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Fixed Income

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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