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NN Investment Partners

PRI reporting framework 2019

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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

成果および結果

SAM 08. Percentage of externally managed assets managed by PRI signatories

08.1. 組織では、RIに関するベストプラクティスが保有資産の運用に確実に適用されるようどのようにして万全を図っているその内容を説明してください

方策

          We typically provide feedback when we conduct an initial ESG review or update ESG review. This knowledge allows us also to provide feedback to managers who are 'behind the curve' in terms of ESG commitment and processes. Red flags are:
•	ESG factors are not integrated in any investment strategy
•	External managers that are not a PRI signatory 
•	Low UN PRI scores (E or D) on relevant investment modules (direct investments) 
We consider it as part of our fiduciary task to flag such issues and try to persuade the manager to better integrate ESG criteria in their investment process
        
          Engagement with external managers on RI shortcomings
        

方策

          Highlight examples of good responsible investment practice by other managers
•	Global US-based asset manager: For an Asia Pacific active equity strategy, they were lacking ESG reporting capabilities that are of importance to the client and Altis. Altis has discussed this with them, and they have purchased new services to receive the required ESG data and implement those in their standard reports.
•	Global US-based asset manager: Altis advised them to report on ESG training for their employees, which they have now included in their annual client reports (although the amount of training is limited).
•	UK-based asset manager: Altis is covering one of their EAFE strategies for a client as a legacy strategy. However, after indicating that they would not be considered for all of the equity searches in 2018 without the UN PRI signature, they have become a signature by the end of 2018.
•	More examples are available. The general changes that we have accomplished from an ESG perspective are on the reporting / disclosing side.
        

08.2. 補足情報 [任意]

There are only two situations, whereby Altis invests through managers, not yet being a PRI signatory:

·         Altis would typically urge the manager to start the process to become a PRI signatory and possibly also attach a timeframe to this. For certain niche asset classes, the universe of managers is limited, and therefore it can be difficult to select proper managers already being PRI signatories.

·         'Legacy investments' from new clients, for which immediate redemption is not possible or highly costly.


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. 報告年度において、運用会社の選定、指名やモニタリングプロセスの過程で、ESG問題がどのように対処されているかを示す事例を挙げてください。

トピックまたは問題
          ESG data reporting
        
実行者
資産クラス
対象範囲およびプロセス

A manager in an Asia Pacific equity search, was lacking ESG reporting capabilities that are of importance to the client and Altis. Altis has emphasized the importance of this.

結果

The manager has purchased new services to receive the required ESG data and implement those in their client reports. Following this, the score of the particular question in the ESG scorecard was adjusted after the change.

トピックまたは問題
          Corporate ESG policy
        
実行者
資産クラス
対象範囲およびプロセス

 Altis advised a US-based manager (with current investments by our clients) to report on ESG training for their employees.

結果

They have now included ESG training in their annual client reports (although the amount of training is limited). This resulted in an increased score for the particular question in the ESG scorecard.

トピックまたは問題
          governance- un PRI signatory
        
実行者
資産クラス
対象範囲およびプロセス

Altis is covering one of the manager’s EAFE strategies for a client as a legacy strategy. However, Altis indicated that they would not be considered for any equity search in 2018 without the UN PRI signature

結果

The manager has become a signature by the end of 2018. This was however too late for any equity search in 2018, and therefore the manager was not taken into account.

トピックまたは問題
          social activism
        
実行者
資産クラス
対象範囲およびプロセス

Following a review of small US-based boutique manager, Altis notified that the manager was supporting a few local charity/social initiatives, but never reported/disclosed this. In our view this is a missed opportunity to demonstrate the firm's social side.

結果

The manager was unaware that these things are worth communicating but will include these items in our renewed ESG questionnaire, which will increase his points on this subject.

トピックまたは問題
          ESG - incorrect communications / disclosure
        
実行者
資産クラス
対象範囲およびプロセス

For a Global Responsible Equity search, Altis applied several filters (incl. ESG criteria) to narrow down the list of managers. After filling out the Altis RFP, it became clear that ESG details (like exclusions) that were posted in the database, were actually not applied in the strategy.

結果

Altis has informed the managers about this discrepancy and has advised the manager to adjust it in the relevant databases, as Altis can not influence the content of the databases such as Mercer or Morningstar. As the manager was not factual in its communication, the manager was no longer considered for the search.

09.2. 補足情報 [任意]

Altis integrates ESG factors in selecting and monitoring external managers. This is reflected in the adoption of two ESG Scorecards that evaluates the performance of the asset management company as well as the ESG performance of the investment strategy or strategies itself. The scorecards are based on two questionnaires; a dedicated Investment Manager questionnaire and a Strategy questionnaire.

 

Manager scorecard

Factors that are assessed from an ESG perspective include:

• Governance of the Corporate, Ownership Structure, Independence of the Board, Diversity of the Board, diversity among the total workforce. Compensation Policies (independent committee, compliant with international regulations and standards, etc.

• Business Ethics – code of conduct policy, periodical training of employees, signatory, member or signatory of ethical codes and principles

• Active ownership – voting policy, focus on ESG issues and shareholder resolutions at shareholder meetings, disclosure of voting results, engagement policy, engagement activities (which engagement themes, what numbers and disclosure of engagement results), in-house voting and engagement specialists or outsourced to providers of these services

• Exclusion policy – exclusion criteria, number of excluded companies and countries, major changes in last 12 months

• Environmental Policies - setting environmental targets (e.g. carbon reduction, water use, energy consumption, waste generation), measuring and reporting on these targets, environmental collaborations and initiatives, etc.

• Social Policies -setting social targets (e.g. staff diversity, inclusiveness), measuring and reporting on these targets, social collaborations and initiatives,

 

Investment strategy scorecard

• Strategy specific (exclusion, voting and engagement) policies

• Strategy specific ESG resources (staff and ESG data/research)

• Integration of ESG factors in which phases of the investment process

• Strategy specific ESG targets regarding environmental impact (e.g. reduction CO2 emissions), social impact (e.g. job creation) and/or contribution to specific Sustainable Development Goals (SDGs)?

• Measurement, monitoring and reporting on these targets


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