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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.


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.

Managing our clients' assets in a manner that is both responsible and consistent with their ethics is a key priority for CCLA. For this reason, responsibility for Responsible Investment is shared accross the company.

CCLA's Board hold overall responsibility for the activities of the company. To enable them to effectively exercise their responsibility to oversee out activity responsible investment is a standing agenda for their meetings. This provides routine updates on our approach to implementing our Responsible Investment Policies. In addition, as required by our Climate Change and Investment Policy and the Taskforce for Climate Related Financial Disclosures (TCFD), the Board receive an annual 'deep dive' into our policies, process and management of climate related risk. CCLA's Chief Executive and Chief Investment Officer have responsibilities for implementing Responsible Investment Policy and serve on the Company's Board. 

CCLA's Chief Investment Officer (CIO) holds overall accountability for developing, overseeing and implementing the company's responsible investment policies. He sits on the company's Ethical and Responsible Investment Committee and approves all responsible investment policy prior to its implementation. He also regularly attends engagement meetings with our investee holdings; this is a key part of our 'stewardship escalation' process.

As the manager of one of the three Church of England National Investing Bodies CCLA's Chief Executive is a member of the Church of England's Ethical Investment Advisory Group. This is responsible for developing the Church's ethical investment policy.

Assessing the ESG standards of investee and prospctive investee companies is a core part of the job description for CCLA's analysts and portfolio managers. They are expected to analyse companies against CCLA's ESG Minimum Standards, identify any other prospective ESG risks that could impact upon companies' ability to deliver the risk adjusted returns expected by our clients and participate in ESG specific stewardship activities. Portfolio managers have the additional responsibility of ensuring that portfolios are managed accordingly to their aggregate ESG risk limits (such as a maximum portfolio carbon footprint). 

CCLA's CIO, Portfolio Managers and Analysts are assisted in their roles by the company's Ethical and Responsible Investment Team (E&RI Team). The E&RI Team hold responsibility for, but not limited to:

- identifying, developing and ensuring the effective implementation of our clients' ethical investment policies

- assisting the Chief Investment Officer with the development of responsible investment policy

- assisting analysts and portfolio managers with the implementation of CCLA's responsible investment policy through the provision of specialist data sources and, when required, ESG analysis of specific companies

- ensuring compliance, through effective oversight, of the company's responsible investment policies


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

5 Number

07.4. Additional information. [Optional]

James Corah is Head of Ethical and Responsible Investment. He is responsible for maintaining CCLA’s position as a leader in stewardship and ethical investment.

James joined CCLA in 2010. Prior to joining CCLA, James completed his PhD in Economic Geography. James is also Secretary to the Church Investors Group (a group of over 60 institutional Church Investors predominately in the UK who have assets of approximately £20bn), an Industrial Fellow, attached to the School of Geography, at the University of Nottingham and a Fellow of the Royal Society for the Arts, Manufactures and Commerce.

Helen Wildsmith is CCLA's Climate Change Stewardship Director. She engages with investee companies to encourage them to manage the risks and opportunities associated with the low carbon transition.

Helen joined CCLA in 2008 and started her career at NatWest after graduating from the London School of Economics. Helen convened the award-winning ‘Aiming for A’ stewardship initiative, which co-filed shareholder resolutions at BP and Shell. She chairs the Institutional Investors Group on Climate Change’s resolutions group, following the merger of ‘Aiming for A’ into their Corporate Programme. Also a strategic advisor to CDP, Helen recently joined the Transition Pathway Initiative’s Steering Group.

Laura Hobbs is Deputy Head of Ethical and Responsible Investment. Laura is responsible for upgrading CCLA’s approach to considering sustainability in stock selection.  

Laura joined CCLA in 2018.  Prior to joining CCLA, Laura worked as an investment analyst and portfolio manager at Saunderson House where she established their socially responsible investment portfolios.  Before this Laura worked at Barclays Wealth as a discretionary portfolio manager and was a voting member of the Barclays fund selection committee. Laura is a member of the Chartered Financial Analyst (CFA) Institute and has been a CFA charterholder since 2015.  She graduated from the University of Bristol in 2010 with an honours degree and masters in geography. 

David Ellis is Manager: Corporate Governance and Stewardship. David is responsible for CCLA's proxy voting and corporate governance activities. He joined CCLA in 2015 after over 20 years in the corporate governance industry.

Andrew Adams is Analyst: Ethical and Responsible Investment. Andrew is responsible for stewardship activities conducted for CCLA's Christian clients. He joined CCLA in 2012 after an internship in the Charitable Sector.

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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

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Portfolio managers

Investment analysts

Dedicated responsible investment staff

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

CCLA’s Chief Investment Officer is accountable for the Climate Change and Investment Policy. He is assisted in this role by the Head of Ethical and Responsible Investment.

Both the Chief Investment Officer and the Head of Ethical and Responsible Investment are required to approve companies that are rated as being very high climate risk prior to investment. 

Regular oversight is provided by CCLA’s Ethical and Responsible Investment Committee, which monitors and approves the implementation of the policy twice per year. The COIF, CBF and LAMIT Trustee Boards and CCLA’s Company Board receive an annual update on our management of climate related risk.

07.7 CC. For the management-level roles that assess and manage climate-related issues, provide further information on the structure and process involved.

The Chief Investment Officer holds overall responsibilty for our integrated approach to investment management. He sets asset allocation and overall strategy, of which the low carbon transition is a core component.

Portfolio managers hold responsibility for stock level risk, including climate change. They are supported in their analysis by the specialist ethical and responsible investment team.

The Ethical and Responsible Investment team are responsible for stewardship and provide a level of oversight over the implementation of CCLA's approach for managing ESG risk.

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.

The CBF Church of England Fund Trustees (one of our Trustee Boards) received a full overview of our approach to Responsible Investment as part of their Strategy Session.

This included comprehensive details of our approach to ESG integration (and all asset classes) and stewardship for their comment. Particular focus was placed upon the re-development of our Climate Change and Investment Policy. 

The CBF Trustees also discussed their priorities for future work. This included a request to develop an engagement programme focussing on coproate approaches to safeguarding employees' mental health.

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

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

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

Portfolio managers

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

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

Investment analysts

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

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

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 investment is a core component of our approach to investment management. For this reason, it is explicitly included in the job descriptions for all investment and ethical and responsible investment team members. During the reporting year, we mandated questions on responsible investment for all employees and, based upon this feedback, we will be redeveloping our approach to training. 

As a matter of policy CCLA does not link variable pay to any fixed metric. However, this is set based upon the employees overall contribution to the business (including their approach to responsible investment).

During the reporting year we undertook a number of activities to further the responsible investment knowledge and skills of our employees.

Four dedicated sessions on our responsible investment approach were held during the summer months for any CCLA employee that wished to attend and learn more about our approach; due to client interest attendance was mandatory for CCLA's relationship management staff.

We also held specific training sessions for investment analysts and portfolio managers. These focussed on the revised climate change and investment policy, CCLA's new approach to corporate governance and dedicated sector focussed sessions with the appropriate members of the team.