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SAS Trustee Corporation

PRI reporting framework 2019

You are in Strategy and Governance » Outsourcing to fiduciary managers and investment consultants

Outsourcing to fiduciary managers and investment consultants

SG 12. Role of investment consultants/fiduciary managers

New selection options have been added to this indicator. Please review your prefilled responses carefully.

12.1. Indicate whether your organisation uses investment consultants.

12.2. Indicate how your organisation uses investment consultants in the selection, appointment and/or monitoring of external managers.

Asset class

Asset class

12.3. Indicate if your organisation considers responsible investment in the selection, appointment and/or review processes for investment consultants.

12.4. Indicate whether you use investment consultants for any the following services. Describe the responsible investment components of these services.

Describe how responsible investment is incorporated

          Our investment consultants incorporate climate risk factors into the annual investment strategy review process (which includes SAA).
        

Describe how responsible investment is incorporated

          Our investment consultants provide ESG ratings and performance updates for prospective and current fund managers. Both maintain a central database with detailed information on the ESG credentials of fund managers, that can be accessed by the State Super investment team.
        

12.5. Indicate whether your organisation considers any of the following responsible investment factors in the monitoring of fiduciary managers

other description

          Reviewing proxy voting records
        

12.6. Describe the approach you take to monitoring your fiduciary managers and the reason(s) for this approach [Optional].

State Super is governed by the Superannuation Administration Act 1996 (NSW), which set out the functions, duties, powers and obligations for the management of NSW government defined benefit liabilities and additional member contributions. The Superannuation Investment Management Services Order 2016 (the Order) is a NSW ministerial directive for the management of the defined benefit (DB) portfolio to be undertaken by TCorp. Under the Order, the Master Financial Services Agreement 2018 (MFSA) provides additional detail about broader responsible investment related services to be provided by TCorp across the DB portfolio, including:

Policy & reporting:

  • “Advise on how to implement the State Super ESG policy where feasible (including providing input and advice on State Super’s ESG and PRI obligations)”; and
  • “Engage with State Super on its PRI and internal reporting requirements”.

ESG risks:

  • “Alerting State Super to emerging issues of which TCorp is aware and which TCorp considers could impact State Super’s reputation”; and
  • “Provide guidance and input on climate risk and exposures across the fund consistent with State Super’s ESG policy”.

Voting:

  • “Provide forward looking guidance on contentious proxy voting matters and coordinate votes across Investment Managers as required”;
  • “Engage with investment managers on proxy voting and their own ESG policies and activities”; and
  • “Provide information to, and receive input from the Client on contentious votes”.

TCorp are required to provide regular reporting on the above to enable effective monitoring of RI related activities across the DB portfolio.

12.7. Additional information [Optional].


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