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.