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New York State Common Retirement Fund

PRI reporting framework 2019

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

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

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

The New York State Common Retirement Fund's investment philosophy includes that “we consider ESG factors in our investment process because they can influence both risk and return.” This philosophy affirms our belief that ESG factors can affect financial performance and should factor into investment decisions when they are material.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

01.6. Additional information [Optional].

          
        
I confirm I have read and understood the Accountability tab for SG 01 I confirm I have read and understood the Accountability tab for SG 01

SG 01 CC. Climate risk

01.6 CC. Indicate the climate-related risks and opportunities that have been identified and factored into the investment strategies and products, within the organisation's investment time horizon.

The New York State Common Retirement Fund (Fund) has identified the following climate risks and opportunities:

Transition risks: such as regulatory risks in light of the Paris Agreement and other expected policy actions; and, opportunities: new and expanded low carbon technologies, and infrastructure to support climate solutions.
Physical risks: including impacts from extreme weather events, water scarcity, and sea level rise on the Fund’s investments.

01.7 CC. Indicate whether the organisation has assessed the likelihood and impact of these climate risks?

01.8 CC. Indicate the associated timescales linked to these risks and opportunities.

The Fund believes that regulatory risks in developed markets are one of the most pressing short-term risks. Although low carbon technologies may pose risks for specific industries or companies, there will also be opportunities to invest in climate solutions over the short to medium term. Extreme weather events currently pose a threat to the Fund’s portfolio, but measuring risks is challenging due to difficulties in accurately projecting weather events at the local level.

01.9 CC. Indicate whether the organisation publicly supports the TCFD?

01.10 CC. Indicate whether there is an organisation-wide strategy in place to identify and manage material climate-related risks and opportunities.

Describe

The Fund has a multi-faceted approach to addressing climate risks and investing in opportunities, which includes sustainable investment, active ownership and public policy advocacy components.

The Fund has committed $10 billion to its Sustainable Investment Program focusing on investments in sustainable strategies including climate solutions.

The Fund filed over 140 climate-related shareholder resolutions, resulting in 55 agreements to analyze climate risks, to set goals for greenhouse gas emissions reductions, and to implement energy efficiency improvements and increase the use of clean energy.

The Fund provides public policy leadership on climate issues that may impact the Fund’s returns, at the global, federal and state levels.

1.12 CC. Indicate the documents and/or communications the organisation uses to publish TCFD disclosures.


SG 02. Publicly available RI policy or guidance documents

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

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

URL/Attachment

URL/Attachment

URL/Attachment

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Additional information [Optional].


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Managing potential conflicts of interests:

http://www.osc.state.ny.us/pension/reforms_pensionfund.htm

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Not Completed)


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