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Gjensidigestiftelsen

PRI reporting framework 2020

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

          Prioritize SDG
        

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.

Gjensidigestiftelsen has an investment strategy that is applicable to all asset classes where sustainability and ESG is fully integrated. As an asset owner, we are focused on long term sustinabile return. In addition, Gjensidigestiftelsen has a separate ownership strategy for its majority stake in Gjensidige Forsikring ASA. This ownership strategy is publicly available on the website.

Gjensidigestiftelsen aims to provide expertise and grants to support a safer, healthier and more physically active society. This mission not only heavily influences the grants given by the foundation, it also influences the overall investment strategy. ESG factors and their real economy impact are therefore well integrated in our strategy both through our mission and in its own terms. The foundation has focused on impact investing in specific areas that align particularly with our mission. ESG factors are used more generally across all asset classes to make sure our investments are sustainable in the long term. Twice a year Gjensidigestiftelsen formally measures ESG-performance at portfolio level and report to the board. Every grant is evaluated on how well they have served in our work towards achieving our mission.

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]

We have real time monitoring of all investments through our system Factset, including ESG related factors.

01.6. Additional information [Optional].

          
        

SG 01 CC. Climate risk (Private)


SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

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

02.3. Additional information [Optional].


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.

Gjensidigestiftelsen has internal ethical guidelines as well as guidelines for certain types of investments that apply to all of the employees. Conflicts of interests have to be reported by employees and board members, and are in addition to internally managed, regulated by Norwegian law. In addition, all investments go through an investment committee that objectively evaluates conflicts of interest. 

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios

04.1. Indicate if your organisation has a process for identifying and managing incidents that occur within investee entities.

04.2. Describe your process on managing incidents

Gjensidigestiftelsen mostly invest in funds or fund-like structures and therefor leaves dialogues with specific companies up to the fund managers. However, Gjensidigestiftelsen follows both funds and underlying companies as closely as possible to make sure that incidents haven’t occurred and to follow up immediately if they do.

Gjensidigestiftelsen does their own screening related to incidents on the underlying asset level. Companies that scores poorly on this parameter is flagged by the ESG-screening team. Underlying companies in bond- or equity funds is screened and studied in the MSCI ESG Manager Tool and Factset. Companies in property-, impact investment- and private equity funds are screened manually by the responsible portfolio managers. If incidents are detected, the responsible portfolio managers have an obligation to follow up with the specific funds about these issues and to map out how this is to be handled in each specific case.

The abovementioned process usually starts with requesting a meeting with the fund or to put the specific portfolio company on the agenda of an upcoming meeting. How urgently this is handled is determined by the severity of the incident. Gjensidigestiftelsen have on multiple occasions brought such findings to fund managers, and fund managers that continue to invest in the companies in question must have good reasons and explanations for their decision as well as show how they work with the company to prevent this from happening again in the future. The foundation has not yet disinvested in a fund solely for a lack of such a response, but funds in this position is followed closely by portfolio managers and the funds are expected to take the matter at hand seriously.

In addition to the mentioned screening for controversies, Gjensidigestiftelsen require each asset manager, before we make our initial investment, to have guidelines for following up on companies where an incident has occurred and to have guidelines for notifying their investors if something is to happen. In this way we can feel more certain that the funds in our portfolio doesn’t tolerate controversial behavior from the companies they are invested in and that they have routines in place if incidents do occur.

Furthermore, all Gjensidigestiftelsens employees that is apart of the investment team continuously follow news and statements from companies through our data programs and proper media channels to detect if there are any incidents to report on. If a team member notices something of that sort, the responsible portfolio manager is to be notified. It is the portfolio managers responsibility to follow up on the matter and to make the decision if this is something that needs to be taken up with the fund. Again, the urgency is dependent on the severity of the incident.

If incidents are detected this is reported to the board as a part of our biannually ESG-update. If managers notify us of incidents or we are made aware of incidents at other times, and these are classified as severe, the board is notified as soon as possible through proper channels. The board of Gjensidigestiftelsen has the over all responsibility of making sure investments are sustainable and align with both our mission and responsible investment strategy.


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