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LarrainVial Asset Management

PRI reporting framework 2019

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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


OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Fixed income - corporate (financial)

Money market instruments

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

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

Our organization is in the process of formalizing, deepening and strengthening ESG incorporation. Consistent with our active management and bottom up philosophy, our investment decisions are based on an in-depth understanding of companies. Although not formalized and not expressed in terms of "ESG incorporation", our approach to investment has historically contained engagement and ESG integration features. 

LVAM has two dedicated research teams, one devoted to Latam Equities and another to Latam Corporate Debt. In both cases, fundamental analysts are organized by sector with a cross country view (covering Chile, Brazil, Colombia, Perú, México). Our research process involves frequent direct communication with companies (both through IR departments and also with the management) as well as visits to HQ and facilities in order to asess qualitative/soft aspects of management and get a further view on what is behind the company figures. This assessment has mainly addressed governance issues (such as ownership, minority shareholders rights), that are discussed within the committee and incorporated in the final decision making through risk assessment tools. The framework we are working on will include material environnemental and social criteria in the analysis, and will work as an official roadmap to engage with companies on the relevant ESG matters.

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

 

Externally managed assets include funds of funds (FoF) and delegation for some strategies. In both cases, their selection and/or appointment takes qualitative elements into account (team composition and experience, track record, risk management). We can expect to formalize the inclusion of ESG factors in this qualitative dimension of our fund selection process in a second stage, as the first step in our plan is limited to ESG integration in the investment process for both direct equities and direct corporate debt.

Not deliberately, most externally managed assets are managed by UNPRI signatories.


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

Closing module

12.2. Additional information. [Optional]


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