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British Columbia Investment Management Corporation

PRI reporting framework 2019

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Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Collaborative Initiatives:

  • Advisory Committee on Credit Ratings: member
  • Climate Action 100+: member
  • Infrastructure Advisory Committee: member
  • Cyber Security Collaborative Engagement: member
  • Human Rights in Extractive Sector: steering committee member; BCI helped lay the ground work for this ongoing engagement
  • Infrastructure Advisory Committee: committee member
  • Methane Engagement Working Group: member
  • Private Equity Monitoring and Reporting Guidance Working Group: member
  • Sustainable Development Goals in Asset Allocation Working Group: member
  • Sustainable Stock Exchanges Working Group: member

Publications: contributed to the release of two follow-up reports on ESG, Credit Risk and Ratings: Part 1 -- The State of Play. The first is titled ESG, Credit Risk and Ratings: Part 2 -- Exploring the Disconnects; and the second is titled ESG, Credit Risk and Ratings: Part 3 -- From Disconnect to Action Areas. Contributed to the final outcome document titled Digging Deeper: Human Rights and the Extractives Sector.

PRI Event: Addressed Western North American PRI Network in Seattle, U.S. (topic - Overseeing ESG Integration)

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We participate in regular conference calls with staff and other investor members to stay informed on governance developments in the region and to share our experience and issues of concerns; and we support the association's regulatory efforts by providing comments on public policy submissions and by endorsing submissions to regulators as part of our own submissions.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI has been a signatory since 2006 and became an investor member in 2016. As an investor member, BCI contributes financially to the organization. We actively encourage companies to align their disclosure with the CDP framework.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI has been a supporting financial member of the CDP Water Program since inception. We use the information provided by CDP Water to understand how the companies we invest in address risk and opportunities.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI became a CII member in 2017. We attend conferences, and participate in conference calls and webinars with staff and other investor members to stay informed on governance developments in the United States. We support the association's regulatory efforts by providing comments on public policy submissions and by endorsing submissions to regulators as part of our own submissions.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI has been an investor signatory since 2011.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2015, BCI signed onto the Green Bond Principles. As a company we strive to adhere to the industry-recognized principles.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI is a member since 2005. 

          Responsible Investment Association - Canada
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We have been a member since 2007.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI encourages portfolio companies and our external managers to consider and integrate the principle-based framework into their operations and activities.

          30% Club Canada
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI has been a member since 2016 -- one of 271 Canadian chapter members. We are also a member of the steering committee and chair investor committee.

          Pension Investment Association of Canada (PIAC)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI staff holds various roles within PIAC, including serving on the board of directors, the investor stewardship committee, and the risk management committee.

          Prince of Wales' Accounting for Sustainability Project
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI's CFO joined the Canadian Chapter of this initiative in 2017.  BCI is an active participant in A4S and has attended summits and participated in speaking engagements.

          Canadian Bond Investors' Association/Association canadienne des investisseurs obligataires
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

BCI was a founding member since 2011. We attended the annual conference and, to strengthen BCI's involvement, have volunteered to be on the member services committee to raise awareness while helping with retention and recruitment.


SG 09.2. Assets managed by PRI signatories

Indicate approximately what percentage (+/- 5%) of your externally managed assets under management are managed by PRI signatories.

70 %

SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          BCI regularly hosts information events for clients that include a responsible investing (RI) component and also meets with individual clients to present on RI. To support education for employees, we invite guest speakers to discuss RI topics.
        

Frequency of contribution

Description

          Several BCI employees are actively involved in the University of Victoria Student Fund, including memberships on the investment advisory committee where ESG is a central theme.
        

Frequency of contribution

Description

          We post our policy submissions to our website. Additionally, our Responsible Investing Annual Report contains a list of our policy submissions, including those that pertain to reporting and disclosure.
        

Frequency of contribution

Description

          A list of the events BCI actively participated in throughout the year is disclosed in our Responsible Investing Annual Report.
        

Frequency of contribution

Description

          BCI encourages our external managers and partners, who are not members, to consider PRI.
        

Frequency of contribution

Description

          We are a member on 8 PRI committees/working groups.
• Advisory Committee on Credit Ratings: member 
• Climate Action 100+: member 
• Cyber Security Collaborative Engagement: member 
• Human Rights in Extractive Sector: steering committee member
• Infrastructure Advisory Committee: committee member
• Methane Engagement Working Group: member
• Private Equity Monitoring and Reporting Guidance Working Group: member
• Sustainable Stock Exchanges: member of working group
        

Frequency of contribution

Description

          BCI is a member of the SASB Investor Advisory Group.
        

Frequency of contribution

specify description

          We publicly posted BCI's Climate Action Plan (CAP) and Approach to the TCFD Recommendations, and our responsible investing annual report.
        

Description

          BCI's CAP builds on over a decade of climate-related work and includes new tools and metrics, and maps our strategy. The document also outlines our alignment with the TCFD recommendations.
Our Responsible Investing Annual Report provides an account of our activities for 2018, case studies from each asset class, and an overview of our engagement and advocacy initiatives.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

BCI advocates for legal and regulatory changes that make responsible investing principles part of the regulatory framework and improve the investment environment for all investors. By engaging with Canadian and international regulators and standard-setting bodies, our activities are aimed at addressing systemic risks, with the expectation that our efforts will lead to greater stability and integrity within the markets. As a long-term investor, we recognize that meaningful, large-scale change takes time.

In 2018, BCI submitted 17 policy submissions to Canadian and international regulators, and standard-setting bodies. Topics focused on advancing responsible investing within the investment industry, corporate governance, and reporting & disclosure. For a comprehensive list of our submissions for 2018 and a closer look at some of the more noteworthy submissions, please refer to the Public Equities section in our 2018 Responsible Investing Annual Report published on our website at https://www.bci.ca/approach/responsible-investing/.


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