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VBV Vorsorgekasse AG

PRI reporting framework 2020

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          So far we deal with engagement for Listed Equities and ask to our Fixed Income external managers to stick to our SRI Guidelines.
        

Fixed income Corporate (financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          So far we deal with engagement for Listed Equities and ask to our Fixed Income external managers to stick to our SRI Guidelines.
        

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          So far we deal with engagement for Listed Equities and ask to our Fixed Income external managers to stick to our SRI Guidelines.
        

Fixed income Corporate (securitised) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          So far we deal with engagement for Listed Equities and ask to our Fixed Income external managers to stick to our SRI Guidelines.
        

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Fixed income - corporate (financial)

Fixed income - corporate (non-financial)

Fixed income - securitised

Cash

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - securitised

Fixed income - securitised - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Commodities

Commodities - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Money market instruments

Money market instruments - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

VBV - Vorsorgekasse  Responsible Investment Guidelines are compulsory for all AUM.

Manager selection process

The first step in choosing our external managers is to launch a request for proposal via specialised web platforms. The typical request form we file contains the following on responsible investments consideration:

Minimum requirements:

- compliance to CFA Institute GIPS

- signatory of UNPRI

- compliance to yourSRI Transparent

-compliance to yourSRI Transparent Label Agreement

-eligibility for the Austria ecolabel (Österreichisches Umweltzeichen)

Description (copied from one of our manager searches):

"The manager should be commited to responsible investing and the fund itself should have an integrated ESG approach in the Investment process. From a sustainability view the Austrian Ecolabel ("österreichisches Umweltzeichen") provides a useful framework for our requirements. (See https://www.umweltzeichen.at/cms/en/products/content.html, in German only:https://www.umweltzeichen.at/cms/de/produkte/nachhaltige-finanzprodukte/content.html ). While the fund doesn't have to be eligible to the Austrian ecolabel (though it would be a plus, if it is), the sector exclusion list of the ecolabel is a strict requirement."

The result of the first step in our manager selection process is a "long list" of managers.

The second step in our manager selection process is to derive a "short list" of managers. Shortlisted managers will then be obliged to fill out our proprietary "VBV Due Diligence Questionnaire" (for initial due diligence)
Chapter 6 of the due diligence questionnaire covers all specific questions concerning CSR, SRI and ESG.

 

Manager appointment process

The above mentioned requirements, if met, are formalised in the fund agreement between the fund manager, the investment conmpany and VBV - Vorsorgekasse.

 

Manager monitoring process

Our monitoring process for all investments consists of:

- Proprietary VBV Due Diligence Questionnaire (for ongoing due diligence): it has 13 topic contents, one of which is "CSR, ESG, SRI" (chapter 6) . Each questionnaire is read by at least two employees of VBV - Vorsorgekasse and it is given an assessment by the asset management and the risk management department.

- Quarterly ESG and carbon report: since the second quarter of 2018, our external equity and fixed income fund managers are required to provide the ESG rating and a carbon report for the funds they manage. These reports are best appreciated  when delivered by third party providers.

 


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity incorporation

Direct - Listed Equity active ownership

Direct - Fixed Income

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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