When AllianceBernstein became a PRI signatory in November 2011, we created a formal management infrastructure for responsible investment (RI) leadership to drive our RI strategy and ensure commitment to, and a coordinated, consistent approach to, these issues across the firm. Since 2011, we have steadily increased our firm’s resource commitment in this important area. At the start of 2019, AllianceBernstein has the equivalent of approximately 15 full-time professionals focused on various aspects of ESG. These include:
Chief Corporate Responsibility Officer: Paul DeNoon, a Senior Vice President, is our firm’s Chief Corporate Responsibility Officer. In this role, Mr. DeNoon coordinates across AllianceBernstein to define and coordinate all of our Corporate Responsibility efforts as they relate to our clients, shareholders, employees, and communities. In this role, Mr. DeNoon also oversees our firm’s responsible investing platform, charged with driving and implementing AB’s responsible investment strategy and best-in-class approach to responsible investing across our firm. Mr. DeNoon works closely with both our Head of Responsible Investment (see below) and our fixed income and equity investment organizations to ensure best-in-class approaches and methodologies are being implemented consistently firm-wide.
Head of Responsible Investment: Linda Giuliano, Senior Vice President, is our Head of Responsible Investment. She is also Chair of our Proxy Voting and Governance Committee and our Responsible Investment Committee. She dedicates all of her time to responsible investment-related activities, including working with Mr. DeNoon to continue to refine the firm's responsible investment strategy, enhancing AB's processes on ESG integration, and organizing the efforts, and leading both, of our Responsible Investment Committee and Proxy Voting and Governance Committee. She also organizes and administers ESG integration training, seminars and events at the firm. For example, we organized and co-hosted an event at AB called "ESG in Real Assets". Ms. Giuliano is involved in RI-related industry organizations and keeps abreast of responsible investment-related best practices and relevant industry trends. She is currently a member of ICGN’s Board Governance Committee and the PRI’s Global Policy Reference Group. She was formerly a member of the PRI’s Reporting and Assessment Committee and their Equity Working group, and CII’s Corporate Governance Advisory Council.
Head of Corporate Governance and Proxy Voting Associates: We have a Global Head of Corporate Governance and Proxy Voting Associates who are responsible for our firm’s proxy voting. Under the guidance of our Head of Responsible Investment and the Proxy and Governance Committee, our Global Head of Corporate Governance and Associates vote our proxies globally based on our in-house policy, implement other elements of our firm’s proxy voting, maintain and update our firm's proxy policies and procedures, and provides input to the portfolio teams on a variety of Governance-related issues.
Senior Investment Strategist, Responsible Investment: We have a client-facing Senior Investment Strategist who focuses on responsible investing. She regularly meets with AllianceBernstein’s clients, as well as prospects and consultants, to provide insight on AllianceBernstein’s responsible investing initiatives and approach. She is also an expert on our value equity portfolios and research approaches. She works closely with our Head of Responsible Investment on product development and thought leadership.
Dedicated ESG Analysts: We maintain dedicated ESG Analysts to work with our equity investment teams to identify trends, themes and case studies and to assist with all aspects of ESG integration and monitoring. They provide input to the portfolio teams on a variety of ESG-related issues, and design and implement ongoing RI training programs for AllianceBernstein employees. These analysts also handle a range of other RI projects, including coordinating AllianceBernstein’s PRI Report each year. One of the analysts is a member of both our Responsible Investment Committee and our Proxy Voting and Governance Committee.
Summary of Dedicated Resources: In addition to their specific functions outlined above, our Responsible Investing team also maintains our firm’s ESG engagement framework. Collectively, they speak regularly with AllianceBernstein’s clients, prospects, and consultants regarding Responsible Investing. They also conduct numerous training sessions for AllianceBernstein staff on a variety of RI/ESG topics. While these dedicated resources provide valuable guidance to our investment teams, we note again that ESG integration in client portfolios remains the primary responsibility of all portfolio managers and analysts at AllianceBernstein.
Some portfolio managers/analysts are ESG-Focused: we have certain portfolio managers and analysts within our investment organizations who, given their research and management roles on certain ESG-focused strategies and funds, can be considered ESG-focused resources as well. These include:
- The portfolio manager and analysts who work on AllianceBernstein’s Next 50 Frontier Markets Strategy/Fund can be considered the equivalent of four full-time employees (FTEs) to ESG.
- The portfolio manager and analysts who work on AllianceBernstein’s Sustainable Global Thematic Strategy/Fund can be considered the equivalent of two full-time employees (FTEs) to ESG.
- We have an ESG Analyst on our Large Cap Growth Team.
- The portfolio manager who manages our Municipal Impact Strategy can be considered the equivalent of one full-time employee (FTE) to ESG.
- The CIO, senior portfolio manager and associate who work on AllianceBernstein's RE-USE Strategy/Fund can be considered the equivalent of two full-time employees (FTEs) to ESG.
- The CIO, portfolio managers and analysts who work on AllianceBernstein's Global Improvers and Green Alpha Strategies/Funds can be considered the equivalent of three full-time employees (FTEs) to ESG.
- Additionally, we have other portfolio managers, research analysts, and risk managers within our fixed income organization who work together to support ESG integration across all fixed income portfolios. Taken together, we consider this the equivalent of one full-time employee (FTE) to ESG.