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Ircantec

PRI reporting framework 2019

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement


OO 11. ESG incorporation practices for all assets

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Forestry

Forestry - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Inclusive finance

Inclusive finance - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

Ircantec resorts to similar process for all its investments classes : 

1. Investment manager selection : each asset manager is selected through a public request for proposal (RFP). The selection team at CDC rates applicant organisations in accordance with a large number of indicators and criteria regarding the expected strategy for the forthcoming fund and regarding the applicant as a whole asset managing company. Some of the questions refer to SRI, both at the company and the fund level (including their global PRI report grades).

2. Investment manager appointment: once the asset manager has been selected, a management contract is concluded between Ircantec (and its fiduciary manager : Caisse des Depots) and the external asset manager. Several aspects refers to SRI dimensions in it, including the SRI reporting commitments (ESG performance, ESG breaches, companies grading, etc…) that the manager will have to respect in its reports (on quaterly and annual basis).

3. Investment manager monitoring : Ircantec asks its asset manager to produce monthly, quaterly and annually SRI reports. Short period ones deal more with SRI day-to-day management and current issues, whereas annually reports address SRI innovations and methodology's change of the fund. The purpose of these reports is to allow trustees and the management team to:

  • appreciate the way in which the management companies integrate the Ircantec SRI principles into their investment process;
  • assess the quality and evolution of SRI portfolio management;
  • assess the engagement policy of the management companies;
  • be the starting point of the dialogue with the management companies.

Moreover, the fiduciary manager arranges two or three management committees per year for each fund to discuss specific ESG and SRI issues. It is an opportunity to challenge managers on their processes and their results, taking into account extra-financial ratings (based on an ESG reports produced by Vigeo-Eiris twice a year).

 


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity active ownership

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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