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ACTIAM

PRI reporting framework 2019

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          Head of Fund Management
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

The CEO, CIO, Head of Fund Management and Head of ESG Research are all part of the ACTIAM ESG Committee. Furthermore, an external professor Business Ethics is part of the ACTIAM ESG Committee. 

The committee meets at least on a quarterly basis to discuss, approve/reject and monitor ESG policies, cases, developments, KPIs etc. The agenda and suggestions are drafted by the ESG Research department and are challenged by the committee, just as the progress and developments of running engagements. The committee members are closely involved in, for example, the development of new policies. In the last two years, the Committee is also called upon decision making several times via the FIP Fast track when new entries into the benchmark were advised by the ESG Team to be excluded. Furthermore, the Committee came together to discuss the status and progress of certain engagements. The milestones and status was challenged of these dialogues. 

Within the research process, the ESG team also collaborates with several other departments. This is mainly the portfolio managers, but can also be the treasury desk or risk management. When drafting the cases and coming to an advise, this is first challenged within the team before discussing in the meeting. 

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

10 Number

07.4. Additional information. [Optional]

At the start of 2018, we had seven FTE, and at the end of 2018, the team consisted of 10 full time staff. Furthermore, we have (on average) 2 interns. We also have a separate impact investing team (Inclusive Finance).

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SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or head of department

Portfolio managers

Investment analysts

Dedicated responsible investment staff

07.6 CC. For board level roles for which have climate-related issues oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

On a quarterly basis (at least), the ESG team informs and request approval on decisions from the ACTIAM ESG Committee. This committee consists of the CEO, CIO, Head of Fund Management, Head of ESG, and an external expert. The results of the quarterly investment universe screening, e.g. companies that violate our policies, are prepared for the ACTIAM ESG Committee meeting to be discussed. In addition, a progress report of engagements is sent to the committee. These screenings and engagements include several climate change and energy transition factors.
To monitor progress towards our carbon footprint reduction target, we measure our carbon footprint on at least an annual basis. This feeds into annual reports of investment funds. These annual reports are approved by the board and audited by an external auditor. 

07.7 CC. For the management-level roles that assess and manage climate-related issues, provide further information on the structure and process involved.

Main management of climate-related risks and opportunities lies with the ESG team. The team is responsible for policy drafting, and implementation and execution of those policies.
This includes multiple tasks:
- Screening of the portfolio on companies that violate ACTIAM's climate change policy: these companies are brought to the attention of the ESG Committee, with an advice from the ESG team (e.g. engagement, exclusion).
- If the ESG Committee decides that responsive engagement should be conducted, this is executed by the ESG team. The team sends quarterly updates back to the Committee. Depending on the progress of the company, the ESG team advises the committee after approx. 2 years of engagement. This advice could be to exclude to company (insufficient progress), to include the company (sufficient progress) or to continue engagement (more progress can and should be made).
- The team also conducts proactive engagement. This is conducted with companies that do not violate ACTIAM's policies, but face climate risks of which the management needs to be improved. The progress of these engagements is also shared with the ACTIAM ESG Committee.
- In collaboration with the portfolio managers, the ESG team constructs an ESG score for all companies and countries in the investment portfolio. This score includes climate-related factors. These scores are updated at least every six months.
- The team currently works on developing climate-related scenario analyses.
- The team is also responsible for ongoing policy development. ACTIAM's ESG team participates in multiple platforms to make sure that the policies that up to date and that the team is informed of the latest developments.

07.8 CC. Explain how the organisation engages external investment managers on the TCFD recommendations and its implementation.


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.

Our board members develop and maintain their RI skills via diverse training and conferences. For example, our CEO was active at the Sustainable & Positive Impact Finance Conference of Societe Generale Corporate and Investment Banking and the Caucasus & Central Asian Microfinance conference in Almaty. Our CFO entered an course on ESG given by our internal ESG department. 

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department

          Head of Fund Management+ESG
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investment analysts

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

ACTIAM's performance management and reward process is based on KPIs and key competencies. KPIs include ESG indicators for front office staff, including portfolio managers and management. ACTIAM has extensive education/personal development opportunities, which can include ESG trainings.


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