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Impax Asset Management

PRI reporting framework 2019

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Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • Impax is part of the PRI/Ceres Investor Working Group on Sustainable Soy and Cattle (deforestation). Impax is the lead engager on 3 US large-cap consumer companies and co-lead on one US food retailer in this IWG. 
  • Impax is part of the PRI Sustainable Stock Exchanges Investor Working Group.
  • Impax has been discussing impact measurement methodologies with members of the PRI team and attending Impact working group calls.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2018, Impax has been in close conversations with ACGA to become a member in 2019. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • Impax has annually completed the CDP carbon reporting since 2009
  • Impax is an investor member of the CDP
  • Impax presented on a CDP panel "Investor perspectives regarding TCFD" (New York, Oct 2018)

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • In October 2018, Impax supported an investor letter urging companies in the energy sector to respond to the 2019 investor request for water information via CDP.   

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Impax hosted and presented at the CII Fall Conference in Oct 2018 In New York, on 2 topics:

  • Plastics - Risks and Opportunities
  • TCFD disclosures

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2018 Impax continued environmental impact measurement following an externally assured methodology and reporting approach. It is measuring net carbon emissions, renewable energy generated, water saved and materials recovered by the listed companies in three of our active thematic equity strategies.

As part of our work around impact measuring and reporting, we joined GIIN as members and have extensively engaged with GIIN around environmental impact metrics, also feeding in to GIIN's IRIS impact metric taxonomy consultation, particularly regarding environmental impact metrics.

In Q4 2018, Impax attended the annual GIIN conference. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Impax has provided insights in the area of sustainable property investment, by undertaking research regarding energy efficiency and property yields, which found evidence of "Green Alpha" in Property. White Paper: https://www.impaxam.com/sites/default/files/White-paper-Quantifying-Green-Alpha.pdf

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Actively part of the programs and engagements of the IIGCC initiative.

  • Impax part of the Scenario Analysis Working Group
  • Impax part of the Policy Working Group
  • Impax regularly signs and comments on letters and consultations coordinated by the IIGCC
  • Signed the 2018 "Global Investor Statement to Governments on Climate Change" letter

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • In January 2018, Impax joined the Investor Alliance for Human Rights, lead by ICCR
  • In March 2018, Impax signed the ICCR Investor Statement on Gun Violence
  • In August 2018, Impax signed a statement, co-driven by ICCR, to the Canadian Government to enact legislation to help investors and Canadian companies identify and address modern slavery and child labour in supply chains through effective due diligence and disclosure
  • In August 2018, Impax signed an ICCR statement to the Bangladeshi government in Support of the "Continued Functioning of the Accord to Ensure Bangladesh Factories are Safe for Garment Workers". 
  • In October 2018, Impax supported an ICCR investor letter urging companies in the energy sector to respond to the 2019 investor request for water information via CDP.   
  • In November 2018, Impax signed an ICCR letter to 30 Oil & Gas companies urging them to convey to the US EPA the importance of supporting sensible U.S. methane regulation. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Actively part of the programs of this organisation:

  • Impax served as advisor/contributor to three Ceres reports:​
  1. Disclose What Matters and Lead From the Top
  2. Building Sustainability Competence on Corporate Boards
  3. Getting Climate Smart: A Primer for Corporate Directors in a Changing Environment
  • Impax directed the development of Ceres project on enhanced insurance company investment in clean energy; keynote address at associated investor conference, presentation at UN Investor Summit panel on the same topic.

  • Impax of several Ceres' working groups; Policy, Carbon Asset Risk, Water Hub, Low Carbon/Clean Energy Investment (typically monthly calls).

  • Inaugural member of the Ceres Investor Advisory Committee.

  • July 2018, Impax signed a Ceres/INCR letter to oppose anti-Carbon tax resolution in the US House of Representatives. 

  • August 2018, Impax signed an Investor Statement in Support of a Low Carbon Economy

  • October 2018, Impax signed INCR investor letter opposing EPA/NHTSA rule to roll back fuel economy standards 

  • October 2018, Impax signed INCR investor letter to the US SEC, to defend the current shareholder resolution rule (known as 14a-8) as well as the important role of proxy advisory firms.

 

          Member of UKSIF, US SIF
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • An Impax employee serves on the USSIF Board of Directors

  • Impax serves on the Policy Committee for USSIF

  • Impax part of USSIF Asset Management Agenda Committee

  • Impax gave input for biennial USSIF "Trends" report

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • Impax employee serves on the Investment Committee (advisory group) for the UNEP FI
  • Impax signed the Tobacco-Free Finance Pledge, an initiative by UNEP FI, August 2018

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • Impax reports annually to the UN Global Compact (including on Women's Empowerment Principles).
          FAIRR
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Collaborative engagements, initiated by FAIRR, regarding:

  1. Antibiotics resistance (food companies and restaurants)
  2. Sustainable proteins (food producers and food retailers)
  3. Deforestation statement (Cerrado biome, Brazil)

Impax participated in several FAIRR panels regarding sustainable proteins in 2018

          ShareAction initiative Workforce Disclosure Initiative, focuses on labour practices in global companies and their supply chains.
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Signatory to the initiative, signed relevant engagement letters and have attended meetings by the WDI.

          Intentional Endowments Network
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

  • Impax employee IEN Executive Committee member
  • Impax employee IEN Steering Committee member
  • Impax employee in the IEN working group for gender lens investing
  • Impax employee Co-Chair, Clean Energy Working Group
  • Impax Co-drafter, “The Business Case for Clean Energy”
          Plastic Solutions Investor Alliance (by As You Sow)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

The Plastic Solutions Investor Alliance, driven and coordinated by "As You Sow" designed a company engagement programme focused on global consumer product companies. This initiative aims to set best standards and practices for disclosure and performance (recyclability and reduction targets) for the management of plastics (mainly in packaging). 


SG 09.2. Assets managed by PRI signatories (Not Applicable)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Collaboration with Imperial College in London, presentations at student events and establishing an intern program between Imperial's "Climate and Finance" Masters program and Impax. Impax also provided training in the USA for financial advisors on responsible investment topics, such as gender lens investing, including training programs that qualified for continuing education (CE) credits.
        

Frequency of contribution

Description

          Financial support for Ashden and its Award for Energy Innovation and ClientEarth, lawyers pushing governments to implement strong environmental laws locally and globally. Through the Climate Bonds Partner Programme, Impax provides Partners with the opportunity to both support and take part in our work to grow a robust green and climate bonds market, we also provide Partners with our market database.
        

Frequency of contribution

Description

          Collaboration with Imperial college on the "Smart Carbon" methodology.
        

Frequency of contribution

Description

          Numerous relevant memberships, including early signatory of the TCFD recommendations for improved management and transparency in investment community and companies to mitigate climate risks. Support of various public policy initiatives that promote greater corporate sustainability, transparency and accountability.
        

Frequency of contribution

Description

          Numerous examples, but a few 2018 highlights are:
- Impax's Chief Executive's speech at the United Nations in New York on climate risks in 2018. 
- Impax's President's speech “Gender Diversity in the Investment Management Industry” at the 6th Annual Sustainable Investing Seminar, CFA Society, Boston.
- Impax's employees regularly participate in and speak at events that promote responsible investment.
        

Frequency of contribution

Description

          Numerous examples, but highlighting White Papers on Smart Carbon, Impact Reporting, Gender Investing and Climate Risks. 

https://www.impaxam.com/media-centre/thought-leadership

Pax World Funds Helps Advance Gender Diversity at Beacon Roofing Supply, Heather Smith (December 2018)

How Climate Change Affects Financial Performance, Julie Gorte (September 2018)

International Markets: Evidence of Positive ESG Effect, Steve Falci, Scott LaBreche and Greg Hasevlat (June 2018)
        

Frequency of contribution

Description

          Regularly presenting to investor delegations on ESG and RI and highlighting the importance of the PRI.
        

Frequency of contribution

Description

          Frequently participates in RI related consultations, such as the FSB/TCFD, EU Green Taxonomy.
        

Frequency of contribution

Description

          Impax is frequently in the media as a commentator and contributor regarding various RI related topics. 
https://www.impaxam.com/media-centre/impax-news
https://paxworld.com/category/insights/thought-leadership/
        

Frequency of contribution

Description

          Member of the PRI Sustainable Stock Exchanges working group, participated in the work of the PRI impact working group and the PRI Deforestation investor working group.
        

Frequency of contribution

Description

          Impax is an USSIF International Working Group member and member of the USSIF “Member Program Committee". Impax staff are on the boards or advisory boards of Carbon Tracker, Ceres, World Resource Institute (WRI) and the USSIF.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

In 2018 Impax continued its support of Ashden and ClientEarth.

We are now in our seventh year of partnership with Ashden and are proud supporters of the Impax Ashden Award for Energy Innovation. Ashden champions practical, local energy, solutions that cut greenhouse gas emissions, protect the environment, reduce poverty and improve people’s lives. Several of our staff are involved in the evaluation and judging of the award submissions, as well as on-going mentoring and support work with previous award winners.

ClientEarth is a legal firm which is “committed to ensuring a healthy planet”. ClientEarth’s lawyers are pushing governments to implement strong environmental laws locally and globally.

Impax also sponsors research projects of the Climate Bond Initiative's (CBI) Partnership Program. 

 


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

Impax engaged with policy-makers on the following topics in 2018:

  • Letter to the IOSCO Secretariat and its board on the importance of comprehensive and consistent ESG disclosure by companies
  • Signed investor statement asking governments to achieve Paris Agreement goals, accelerate private sector investment into the low carbon transition and to commit to improving climate-related financial reporting (The Investor Agenda)
  • Investor letter to the SEC to defend the current US shareholder resolution rule (known as 14-a-8) as well as the important role of proxy advisory firms in advance of the SEC’s November roundtable on the Proxy Process (INCR)
  • Investor letter opposing an anti-carbon tax resolution in the US House of Representatives
  • Signed petition to the SEC requesting rulemaking on ESG risk disclosure
  • Letter to US Congress opposing proposed legislation that would restrict disclosure of toxic chemicals to consumers
  • Investor statement in support of a Low Carbon Economy (ahead of the Global Climate Action Summit)
  • Investor statement in support of the continued accord to ensure Bangladesh Factories are Safe for Garment Workers
  • Investor letter opposing US EPA/NHTSA rule to roll back fuel economy standards
  • Signed a petition to SEC to improve disclosures of GHG from biomass power
  • Investor letter calling US governors for a regional approach to curb transportation emissions (70 signatories)
  • Impax participated in an EU Globe Seminar regarding the EU Sustainable Finance Package (EU Parliament, Brussels)
  • Impax is part of the UK Green Finance Taskforce Steering Committee

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