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British Columbia Investment Management Corporation

PRI reporting framework 2019

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Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

Our Board of Directors is briefed on our PRI Assessment results each year as is our Executive Management Team so they are aware of our results and if action is required in areas of concern. The Board is informed and receives all RI materials and updates.

Portfolio Managers and Analysts are responsible for integrating responsible investing into their practices, procedures, and responsibilities during due diligence and ongoing asset management. In the Public Markets department, analysts are assigned to companies and are responsible for monitoring and jointly assigning ESG scores.

Dedicated RI staff in the Public Markets department are responsible for assessing and voting all proxies, engaging with companies, leading and/or participating in collaborative engagements, as well as preparing submissions to regulators and public policy bodies. RI staff are responsible for ESG evaluations of portfolio companies, and sharing the results with portfolio managers and analysts with whom ESG scores are assigned.

Dedicated ESG Manager in the Investment Strategy & Risk department is responsible for the assessment and management of ESG risks and opportunities at the total fund level. This will include the ongoing monitoring and management of material climate change related risks and opportunities across all investments.

External Managers: Prior to committing clients’ funds to a new fund manager, we analyze and assess how they incorporate ESG factors into their processes. During the due diligence phase, BCI will review and question the internal policies and steps taken to address, manage and mitigate material ESG risks. Our assessment includes the manager’s track record with managing environmental risks, governance practices, compliance with applicable laws and regulations, as well as their overall approach to responsible investing. ILPA’s Private Equity Principles informed the development of a checklist for fund investments, which is incorporated into our standard operating procedures and each fund investment memorandum. Once invested, we regularly promote our responsible investing principles and expect each fund manager to acknowledge their understanding of BCI’s approach and beliefs. We also monitor the agreements, treaties and international standards that fund managers may or may not endorse.

Our Communication group is accountable for the communication to clients and the public in accordance with the approved responsible investing communication strategy. The group is also accountable for informing staff of responsible investing initiatives and activities. They liaise with organizations and parties on RI initiatives that are publicly announced.

 

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

8 Number

07.4. Additional information. [Optional]

There are five full-time employees dedicated to ESG in the Public Markets department (vice-president, manager, associate, and two analysts) and one intern. Additionally, there are two full-time employees dedicated to ESG risk management in the Investment Strategy & Risk department (manager and senior analyst).

The responsibility for ESG is integrated into the roles of all senior portfolio managers, portfolio managers, and analysts for all asset classes.

 

I confirm I have read and understood the Accountability tab for SG 07 I confirm I have read and understood the Accountability tab for SG 07

SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Dedicated responsible investment staff

External managers or service providers

07.6 CC. For board level roles for which have climate-related issues oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

In accordance with the Public Sector Pension Plans Act, BCI's Board is not involved in making investment decisions. The Board oversees BCI’s operations and ensures proper reporting and accountability to our clients.They receive reports on the status of any changes in identified risks, the effectiveness of risk mitigation procedures, and the integrity of risk management systems which will include climate change risks.

07.8 CC. Explain how the organisation engages external investment managers on the TCFD recommendations and its implementation.


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.

All incoming Board members have an orientation session that includes RI briefings. Other Board members are encouraged to attend the orientation sessions to refresh their knowledge. Directors are also encouraged to attend conferences and seminars that address responsible investing.

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

Responsible investing accountabilites and objectives are outlined in the scorecards of staff who are directly involved with implementing and communicating BCI's RI initiatives. Training and development plans also include courses, seminars, and conferences on responsibile investing matters.


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