For our externally managed equity investments we select pooled funds which are run on a responsible and sustainable investment mandate. At both fund manager selection and appointment stages we are careful to review the fund manager's approach to ESG, making sure that ESG is fully integrated into their investment process. We meet with our fund managers twice a year. One meeting is dedicated to performance and the other is dedicated almost exclusively to ESG issues. At the ESG meetings we typically discuss ESG integration, engagement and voting, often drilling down into specific issues such corporate tax.
Our cash managers (Epworth Investment Management, CCLA and CAF Bank) are selected according to ESG criteria. However, given the nature and size of these investments, our monitoring processes are limited to desk top reviews.