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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes
Establish Investment Guidelines with explicit ESG requirements - covering investment process and active ownership practices.
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.
Where relevant to the investment strategy - we review the framework for measuring, monitoring and reporting on ESG risks and opportunities - including active ownership practices.
Climate-Related Risk Management Framework
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.
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.
Engagement - case studies
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.
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.
Manager monitoring of RI practices
We included an ESG Due Diligence Questionnaire in our regular Annual Manager Monitoring process. The questionnaire covered areas such as:
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).