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Veritas Investment Management

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.

Our investment philosophy and style are founded on the principle of real return investing, thereby aligning our investment principals with what our clients are seeking to achieve: to protect and grow the purchasing power of their capital over the long term. 

We aim to find companies where structural tailwinds are creating long-term demand for their products or services. While economic cycles are almost impossible to predict, structural demand can be both long-term in nature and relatively insulated from the economic cycle. Indeed, companies that benefit from structural demand should be able to consistently grow their earnings and cash flow per share over a multi-year period, irrespective of the economic environment. 

Our investment process therefore focuses on identifying companies with sustainable and predictable business models and cash flow generation. This sustainable approach to investment means we incorporate ESG factors into all investment decisions (through our detailed research and ongoing monitoring of companies), to understand the long-term drivers of success and potential risks in order to generate sustainable long-term returns.

We do this by investing globally on an unconstrained basis (i.e. with no reference to an index or benchmark) in a portfolio of directly invested equities, bonds and cash.

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 (Not Applicable)


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

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

URL/Attachment

02.3. Additional information [Optional].

A summary of our overall investment approach is published on our website.

https://www.veritasinvestment.co.uk/our-investment-services/#our-investment-approach 

We are planning to make a more comprehensive investment policy document public in the next year.


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.

We seek to promote the long-term success of companies, including those with which we have a commercial relationship or where clients may have differing views on the outcome of a stewardship activity. In those limited circumstances, where a conflict over our approach to voting or engagement arises, the matter is escalated to our Investment Governance Committee for resolution.

We do not expect to receive price-sensitive or inside information in our engagements with companies and have controls in place to prevent this. However, if this were ever to happen, we would handle the information according to our normal compliance policies and procedures. We have a number of controls to detect conflict situations as they arise. In addition, our compliance monitoring programme incorporates a number of specific tests aimed at reviewing our performance in the management of conflicts. 

All employees receive periodic training in respect of conflicts of interest and the specific and potential conflicts to which we are subject. An annual declaration is submitted by all employees regarding the disclosure of conflicts of interest. 

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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