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Grupo Fineco

PRI reporting framework 2020

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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
          ESG reporting
        
Conducted by
Asset class
Scope and process

It is very challenging to have a standardised reporting on ESG topics. We are putting a lot of effort to link investments to ESG metrics and to the SDGs since we would like our final clients be aware about the importance of ESG investing in their portfolios and in the real world. But it is not easy even when working with large asset managers.

Outcomes

Our goal is to have a standardised report on ESG metrics in 2020 since we would like to have our external fixed income mandates and listed equity funds of funds ESG labelled during 2020.

Topic or issue
          Inclusion of securities that have poor ESG profile
        
Conducted by
Asset class
Scope and process

Given that we have the breakdown of the fixed income portfolio (managed by Pimco and Amundi) every day, we see what they are buying and selling on a daily basis and we challenge them when we see any issuer with a poor ESG profile, such as the Turkish government. We called one of the managers (we keep anonimity of the manager) to be able to understand why Turkey was included while there is a growing deterioration of their governance. They told us that it was true what we were saying but they explained that Turkey didn´t fall under the exclusion category but on the contrary, they had adjusted the yield they were asking to their bonds in order to balance the deteriorating ESG profile. We think this is a good example to show our rapid response to changes in the portfolio and the process of how they were integrating ESG metrics in the portfolio.

Outcomes

Although we didn´t ask for a writtten statement, we are planning to ask our managers to report on a periodic basis the most controversial names in the portfolio from the ESG point of view.

09.2. Additional information.


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