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Gjensidigestiftelsen

PRI reporting framework 2020

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You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes » (A) Implementation: Screening

(A) Implementation: Screening

LEI 04. Types of screening applied

04.1. Indicate and describe the type of screening you apply to your internally managed active listed equities.

Type of screening

Screened by

          Our own set of norms derived from standards and guidelines, Norwegian law as well as Gjensidigestiftelsen's mission.

Description

Gjensidigestiftelsen has developed its own set of screening criteria/ factor list, that we use for screening all underlying holdings of the active listed equity funds we are invested in. The criteria are developed based on several known international standards and guidelines. As trends and factors available advance in our screening tool, we update our screening routine. If we find that there are holdings that that doesn’t comply with our requirements we take action by reaching out to the funds and try to influence the managers to reach out to the company and make a change. If there are multiple cases of severe malpractice that the fund managers refuse to collaborate on, the fund might be removed from our investment portfolio. However, in general we do believe that collaborations with fund managers will make a greater impact than to simply exclude/ disinvest and therefor this is always our first order of business. On the other hand, exclusion might be inevitable in some cases.

04.2. Describe how you notify clients and/or beneficiaries when changes are made to your screening criteria.

Changes to our screening criteria that affects our investment strategy must be approved by the board. Changes to our criteria that simply offer a minor change in factors that we screen for is merely changed by the investment team and the individuals responsible for the biannually screening of the portfolio. For larger changes, that still doesn’t affect the investment strategy, there might be an open discussion in the foundation’s investment committee. The investment committee, the CIO and the rest of the investment team will always be informed of all changes made to the criteria immediately. The CIO has the possibility to override changes being made, or to request changes that are not already considered. However, if the CIO’s suggestions, or other proposals, trigger a change in the investment strategy, this must go through the board before taking effect. The board will be notified of changes that doesn’t require a change in the investment strategy when they are presented with the biannually results of the screen.

Managers of the funds we are invested in will be notify of changes in criteria as soon as they take effect. Gjensidigestiftelsen likes to take these changes up in a meeting or a call because this allows the foundation to explain the rational and consequences of the changes more easily.

LEI 05. Processes to ensure screening is based on robust analysis

05.1. Indicate which processes your organisation uses to ensure ESG screening is based on robust analysis.

05.2. Indicate the proportion of your actively managed listed equity portfolio that is subject to comprehensive ESG research as part your ESG screening strategy.

05.3. Indicate how frequently third party ESG ratings are updated for screening purposes.

05.5. Additional information. [Optional]

The complex third party ESG ratings are updated roughly on a yearly basis. However, if there are any major changes in certain sectors, if sudden news breaks or if there are any other major event that might influence the ratings, they follow this and make updates accordingly. This is updated in our system real time through direct feed.

LEI 06. Processes to ensure fund criteria are not breached (Private)

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