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Pendal

PRI reporting framework 2019

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

Outputs and outcomes

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

08.1. Describe how you ensure that best RI practice is applied to managing your assets

Measures

          Establish Investment Guidelines with explicit ESG requirements - covering investment process and active ownership practices.
        

Measures

          As part of the Annual Review process where there is an ongoing gap with Pendal's RI framework and industry fair practice, we would look to seek an alternative manager relationship.
        
          In the process of considering alternative managers and strategies to complement our existing external manager universe we are increasing the weight placed on ESG incorporation processes and overall RI best practice.
        

Measures

          Where relevant to the investment strategy - we review the framework for measuring, monitoring and reporting on ESG risks and opportunities - including active ownership practices.
        

08.2. Additional information. [Optional]


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

09.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          Climate-Related Risk Management Framework
        
Conducted by
Asset class
Scope and process

We conducted a questionnaire with external managers in listed equity seeking clarification of how they are managing climate-related risks across the investment strategy. 

We also asked for regular reporting on climate related risk metrics.

Outcomes

We received responses that outlined their governance structure and investment approach to managing climate related risks. Approaches varied from reporting on standard carbon intensity metrics to a proprietary stranded assets model. We also received commitments to incorporate reporting on climate related risks as part of the regular reporting cycle.

Topic or issue
          Engagement - case studies
        
Conducted by
Asset class
Scope and process

We requested an outline of the manager's engagement framework along with examples of case studies of ESG related engagement conducted during the reporting period.

Outcomes

The manager provided a copy of their organisation's Engagement Policy along with a report outlining engagements conducted by E,S, and G themes with underlying statistics and case studies included. 

Topic or issue
          Manager monitoring of RI practices
        
Conducted by
Asset class
Scope and process

We included an ESG Due Diligence Questionnaire in our regular Annual Manager Monitoring process. The questionnaire covered areas such as: 

  • Updates on governance structure, roles and responsibilities for ESG policy development and implementation.
  • ESG reporting / transparency initiatives.
  • ESG integration related data sources and research inputs.
  • ESG risk management framework - tools, review cycle, oversight and responsibilities - in particular climate-related risk management framework, tools and client reporting.
  • The organisation's latest PRI Transparency and Assessment Reports
  • Active Ownership practices - engagement and proxy voting policies, case studies, statistics.and related client disclosures.
  • Any enhancements / changes to RI related investment processes or policies.
  • The Sustainable Development Goals (SDGs) and whether their organisation is developing investment strategies or broader initiatives aligned with the SDGs.
  • Impact investing, in particular whether their organisation is involved in impact investing solutions with reference to asset classes and jurisdiction.

 

Outcomes

Managers responded in detail with supporting material provided in most cases to reinforce their responses (in particular on ESG risk management frameworks, climate-related reporting and active ownership practices).

09.2. Additional information.


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