Public HTML RI reports - PRI reporting framework 2019

Impax Asset Management

PRI reporting framework 2019

Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Strategy and Governance

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Direct - Listed Equity Incorporation

ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 13]

Direct - Listed Equity Active Ownership

Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]

Direct - Fixed Income

ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (C) Implementation: Integration [FI 10 - 12] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]

Direct – Private Equity

Overview [PE 01 - 02] Fundraising of private equity funds [PE 03 - 04] Pre-investment (selection) [PE 05 - 08] Post-investment (monitoring) [PE 09 - 13] Outputs and outcomes [PE 14 - 15] Communication [PE 16]

Direct - Inclusive Finance

Context [IFD 01 - 06] PIIF Principle 1: Range of services [IFD 07 - 10] PIIF Principle 2: Client protection [IFD 11 - 13] PIIF Principle 3: Fair treatment [IFD 14 - 17] PIIF Principle 4: Responsible investment [IFD 18 - 24] PIIF Principle 5: Transparency [IFD 25 - 27] PIIF Principle 7: Standards [IFD 32 - 34]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (B) Implementation: Thematic

(B) Implementation: Thematic

FI 07. Thematic investing - overview

07.1. Indicate what proportion of your thematic investments are:

Green/SDG bonds linked to environmental goals

40.3 %

Social/SDG bonds linked to social goals

Sustainability/SDG bonds (combination of green and social linked to multiple SDG categories)

0.8 %

Other

Specify

          Community Investment Notes/CDs, Sustainable Public Financing, Impact Asset backed Securities (ABS).

58.9 %

07.2. Describe your organisation’s approach to thematic fixed income investing

Impact Bonds provide high credit quality, diversification, competitive returns and positive societal and environmental benefits. These bonds span the spectrum of traditional issuers across municipals, agencies and corporates and allocations are managed with primary consideration given to their traditional classification.

We have identified eight impact focus areas that we believe are most relevant to this asset class: Environment & Energy, Sustainable Infrastructure, Sustainable Development, Education, Affordable Housing, Agriculture, Community Development and Sustainable Products & Services.

Examples of impact investments categorized as “Other:”

-Community Investment Notes/CDs: Shorter-term instruments primarily focused on community development and issued by Community Development Financial Institutions (CDFIs) or credit unions.

-Sustainable Public Financing: Primarily municipal bonds focused on sustainable infrastructure solutions specific to municipalities, or federal government agency securities focused more broadly on issues such as housing and agriculture. Also, includes supranational issuers.

-Impact Asset Backed Securities (ABS): Includes securitizations of solar loans, payments on solar leases and power purchase agreements, electric vehicle leases, and education loans.

07.3. Additional information [OPTIONAL]

FI 08. Thematic investing - themed bond processes

08.1. Indicate whether you encourage transparency and disclosure relating to the issuance of themed bonds as per the Green Bonds Principles, Social Bond Principles, or Sustainability Bond Guidelines..

We require that themed bond proceeds are only allocated to environmentally or socially beneficial projects

We require the issuer (or 3rd party assurer) to demonstrate a process which determines the eligibility of projects to which themed bond proceeds are allocated

We require issuers to demonstrate a systematic and transparent process of disbursing themed bond proceeds to eligible projects until all funds are allocated

We require issuers to report at least once per year on the projects to which proceeds have been allocated including a description of those projects

Other, specify

None of the above

08.2. Describe the actions you take when issuers do not disburse bond proceeds as described in the offering documents.

We periodically review issuer updates regarding the themed bonds that we hold in our fixed income strategies. We have not discovered that these issuers have failed to disburse bond proceeds as described in their offering documents.

08.3. Additional information. [Optional]

FI 09. Thematic investing - assessing impact

09.1. Indicate how you assess the environmental or social impact of your thematic investments.

We require issuers to report at least once per year on specific environmental or social impacts resulting from our themed investments

We ensure independent audits are conducted on the environmental or social impact of our investments

We have a proprietary system to measure environmental and social impact

We measure the impact of our themed bond investments on specific ESG factors such as carbon emissions or human rights

Other, specify

None of the above

09.2. Additional information. [Optional]

Previous Section Next Section