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TPT Retirement Solutions

PRI reporting framework 2019

You are in Organisational Overview » Asset class implementation gateway indicators

Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement


OO 11. ESG incorporation practices for all assets

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Hedge funds

Hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fund of hedge funds

Fund of hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Cash

Cash - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (1)

Other (1) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Other (2)

Other (2) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.3b. If your organisation does not integrate ESG factors into investment decisions on your externally managed assets, explain why not.

The assets where we do not currently incorporate ESG factors primarily consists of money market instruments, where we believe ESG to be less relevant at the current time, and buy-in policies; the latter is an insurance policy that provides member income in retirement.

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

Manager Selection Process: TPT has drafted an internal document entitled 'key attributes of RI manager'.  This outlines our core preferences in respect of appropriate remuneration structures, long-term mind sets, low portfolio turnover, strong risk management, and decision-making processes that embed ESG. We also use Mercer's Global Investment Manager Database to conduct manager searches.  This database allows us to filter long lists of managers using Mercer's ESG ratings.

All of the managers short-listed by TPT are required to undergo a thorough interview process followed by detailed operational and legal due diligence, with selection and due dilligence including an examination of capabilities from an RI/ESG perspective. 

Manager Appointment: All of the legal contracts we put in place with new managers reflect our expectations on RI with the specific criteria tailored according to the asset class and investment strategy in question. This includes, where possible, the requirement to explicitly consider the impact of climate change in this investment underwriting process, as well as the use of fund structure located in jurisdictions highly rated by the OECD.   

Manager Monitoring: As part of TPT’s investment governance the Investment Management Team (IMT) meets with all of its investment managers on at least an annual basis. The discussions with our managers are an opportunity to receive updates on the firm’s overall business, its people and the investment process and these meetings are used to inform two ratings, an overall rating and an RI rating. 

TPT’s manager ratings are both formally reviewed by the Trustee body and TPT’s Senior Management Team (SMT) on at least a quarterly basis via TPT's Manager Dashboard.

Further information and a summary of our RI ratings is available in our 2018 Responsible Investment report online.

TPT's Manager Selection and Appointment is featured on page 73 of the PRI's Practical Guide to ESG Integration for Equity Investing as an example of best practice for asset owners in the PRI's Report https://www.unpri.org/listed-equity/a-practical-guide-to-esg-integration-for-equity-investing/10.article 

 

 

 


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity active ownership

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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