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TPT Retirement Solutions

PRI reporting framework 2019

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

成果および結果

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

08.1. 組織では、RIに関するベストプラクティスが保有資産の運用に確実に適用されるようどのようにして万全を図っているその内容を説明してください

方策

          We seek to work in partnership with our managers to ensure that RI practices are improving over time.
        

方策

          As we implement our investment strategy and diversify away from equities we have an opportunity to appoint managers that have better RI practices.
        

08.2. 補足情報 [任意]

A list of our managers is available on our website.  A small number of these managers, AllianceBernstein, LGIM and BlackRock account for a large proportion of our externally managed assets.

https://www.tpt.org.uk/investments/defined-benefit-investments


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

09.1. 報告年度において、運用会社の選定、指名やモニタリングプロセスの過程で、ESG問題がどのように対処されているかを示す事例を挙げてください。

トピックまたは問題
          Selection of a new manager.  ESG in Emerging Markets Mandate.
        
実行者
資産クラス
対象範囲およびプロセス

In 2018 Appointed new Emerging Market (EM) manager

- used Mercer and ESG scores as part of initial screen
- included RI in interview process
- incorporate ESG requirements into the IMA
- incorporated in client reports
- lower Carbon footprint
- reduce Carbon risk of equities

結果

RBC incorporates ESG metrics throughout the stock research and portfolio construction process, and it is able to articulate how ESG criteria have impacted the investment decision making process. 

Reporting includes carbon intensity data for the fund against the benchmark and a breakdown for the sectors and companies within the portfolio. The carbon intensity of the portfolio is significantly lower than the benchmark, due to the underweight position in energy and utilities.

We expect to be able to evidence this as part of a carbon footprinting exercise to be undertaken by TPT in 2019.

トピックまたは問題
          Meeting with Nephila on Climate Change
        
実行者
資産クラス
対象範囲およびプロセス

Nephila has a specialist research team which draws on a wide range of industry and academic research to better understand the climate factors that will impact severe weather events on an annual basis. They have built proprietary climate models, ShoeLeather and ClearView to incorporate more timely and granular data sets on an annual/seasonal basis. Also, their research and analysis on climate informs probabilities for the forthcoming season which influences their investment activity for the year. 

Nephila use this analysis to dial up or down the risk in its models for the forthcoming hurricane season which it refers to as its climate factor. The climate factor can be seen as a proxy for the expected activity level of the up-coming hurricane season; Nephila has back-tested data from 1950-2010 to demonstrate that this is accretive to the deal-sourcing process.

 

結果

TPT worked with Nephila to monitor their modelling capabilities and projections for climate change. This is in line with understanding their longer-term view of how more sever weather events might impact their own business and the re-insurance industry. This will inform our view on asset allocation decisions.

As long as there is risk to insure, Nephila believes it can benefit by being able to price the risk appropriately and it is currently exploring two new avenues for growth: new regions and sectors and environmental finance. In addition, TPT believes that providing cover to those in most need also represents a positive social outcome. 

 

トピックまたは問題
          Infrastructure Manager (IFM)
        
実行者
資産クラス
対象範囲およびプロセス

IFM is currently undertaking a bottom up assessment of their portfolio in order to determine any physical and structural risks associated with climate change, a 2 degrees scenario and rising sea levels. They are collaborating with ERM for this project in order to use their data and expertise. The final purpose of the project is to incorporate the conclusions of their report into IFM’s asset management and valuation models.

These efforts will complement current ESG metrics which IFM incorporates in their transactional due diligence and takes into consideration before the final investment decision is made. Furthermore, ESG KPIs are assigned to each asset (there is no one size fits all). Thanks to these IFM has been able to conduct carbon footprint exercises across the portfolio.

 

 

結果

TPT continues to monitor IFM's efforts to enhance their analysis of ESG risks that may impact the portfolio. Currently, IFM has a sound approach to ESG in place and we are encouraged to note that the Fund is taking a sector leading approach to assessing the impact of climate change both in terms of the physical and transition risks for the assets across the portfolio.

Furthermore, TPT encourages IFM to join the IIGCC which would provide an opportunity for IFM to collaborate with other investors on developing climate change metrics for infrastructure portfolios.

 

09.2. 補足情報 [任意]


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