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Los Angeles County Employees Retirement Association (LACERA)

PRI reporting framework 2020

You are in Strategy and Governance » Outsourcing to fiduciary managers and investment consultants


SG 12. Role of investment consultants/fiduciary managers


12.1. あなたの組織では、投資コンサルタントを使用しているかどうかを明示してください。

12.2. 組織では、外部運用会社の選定、指名やモニタリングにおいて投資コンサルタントを使用しているかどうかを明示してください。



12.3. 組織では、投資コンサルタントの選定、指名やレビュー・プロセスにおいて責任投資を考慮しているかどうかを明示してください。

12.4. 組織が下記のサービスについて投資コンサルタントを利用しているかどうかを記載してください。これらのサービスについてどのような責任投資要素が含まれるのか説明してください。


          LACERA restructured and simplified its Investment Policy Statement in 2018 and further revised it in 2019. LACERA’s general investment consultant provided review, input, and collaboration on the project. The Investment Policy Statement incorporates reference to ESG in a set of framing investment beliefs that were developed in 2016 in conjunction with the general consultant. The Investment Policy Statement also incorporates into the fund’s investment philosophy and strategy explicit consideration for “responsible stewardship and beneficial ownership rights,” including incorporation by reference to LACERA’s Corporate Governance Principles articulating the fund’s views on ESG matters. (See


          LACERA’s general consultant provides market return assumptions to guide the development and approval of LACERA’s strategic asset allocation. Market return assumptions incorporate macro economic trends such as demographic change and technological disruption. As LACERA prepares for its next asset allocation, LACERA has incorporated into its strategic plan to incorporate climate risk to develop a climate-aware strategic asset allocation, in conjunction with its consultants.


          LACERA’s general consultant and asset class specialized consultants provide both general and specific investment research that may address market return assumptions; macro economic trends such as demographic change, geopolitical risks, and technological disruption; and peer analysis or best practice reviews on investment approaches, including consideration of ESG in the investment process of specific asset classes.

12.7. 補足情報 [任意]

Investment consultants report to the Board of Investments and work in parallel with LACERA staff in the external manager selection, appointment, and monitoring process.