Our ESG and Climate Risk Management policy requires that a manager's ESG integration, voting and engagement process is considered as part of the manager selection and monitoring processes for all assets.
During the year, we changed our process to conduct ESG and climate risk analysis on managers much earlier in the selection process. It is now conducted on the shortlist of new managers. This allows for a more informed strategic allocation of funds and portfolio construction within asset classes with respect to ESG and climate risks of manager strategies.
Equity managers are required to report on their voting as part of their appointment process, and we plan to extend this to engagement and climate risk reporting.
We do not make separate allocations to FI - Corporate (Financials) and FI - Corporate (Non Financials), and see this as one allocation FI-Corporate.