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Gjensidigestiftelsen

PRI reporting framework 2020

You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes

Outputs and outcomes

SAM 08. Percentage of externally managed assets managed by PRI signatories (Private)


SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. Provide examples of how ESG issues have been addressed in the manager selection, appointment and/or monitoring process for your organisation during the reporting year.

Topic or issue
          Environment
        
Conducted by
Asset class
Scope and process

In our biannual screening of the portfolio we noticed that one of our funds had exposure to two companies with very high carbon footprints related to high intensity in CO2 emissions. After investigating this further we noticed that one of the companies in question had massive thermal coal reserves and the other had commissioned additional coal power plants, which would heavily undermine The Paris Agreement's goal of combating climate change. We sent a letter to the fund describing the two companies in particular and have discussed the more general problem with the fund managers in multiple meetings.

Outcomes

The fund provided a written response to our letter describing their overall though process and expectations of how the two companies will be able to reduce overall carbon emissions going forward. They also gave information about meetings they have had with the management of these companies discussing this particular issue. Though we are partly satisfied with the fund's overall response to our concerns, we have kept the fund on our watch-list and will keep checking on their progress. 

Topic or issue
          Tobacco
        
Conducted by
Asset class
Scope and process

In our attempt to promote health and safety, we continue to raise concerns of the severe negative public health impacts of tobacco products. During the reporting year we have engaged through letters and meetings with existing fund managers, as well as raised this topic in discussions with potential new managers across all relevant asset classes.

Outcomes

The work is continues, but we are pleased to report that one of our equity managers has sold of one of their positions in tobacco and drastically reduced the exposure to the last remaining tobacco-company in their portfolio. In addition to this one of our fixed income managers has decided to exclude tobacco from all their flagship funds, including the fund we are invested in.

Topic or issue
          Environment
        
Conducted by
Asset class
Scope and process

We have had one of our fund managers on our watch-list for quite some time, partly because of their funds' high exposure to carbon intensive sectors. We have engaged repeatedly with the managers regarding this topic and asked them to review their positions. Despite continues communication on this topic we has received dissatisfying answers and there have been limited action taken to comply with our requests. 

Outcomes

In May of 2019 we concluded to divest from both funds managed by this manager. The funds' carbon footprint and lack of response to our concerns were a contributing factor when making this decision.  

09.2. Additional information.


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