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Storebrand ASA

PRI reporting framework 2020

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You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

- We continued our focus on deforestation in 2019 by acting as a lead investor in three different UN PRI initiatives that deal with soy, cattle and palm oil. 

- Along with 250 investors with more than 16 trillion USD in assets under management, we demanded corporate action on deforestation in 2019.

-We are members of Climate Action 100+, hailed as one of the most important global investor initiatives for tackling climate change, with more than 370 investors and USD 35 trillion in assets under management. 

- PRI-coordinated collaborative engagement on methane risk. Supporting investor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

We are transparent about our work on sustainability, and report in accordance with several leading reporting standards, including  CDP, in line with expectations from a range of key stakeholders. Specific targets and strategic ambitions, reporting and communicating on sustainability are key success criteria.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Cooperation with IIGCC via Climate Action 100+

          NORSIF Board member and chair in NORSIF Active Ownership Group.
SWESIF Board member
 Member of Norwegian Committee for Corporate Governance
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Part of the nominating committee in Swesif.

Board member in Norsif.

Chair in NORSIF Active Ownership Working Group.

Actively contributing to events arranged by both organizations and in working groups.

Arranged Seminar with NORSIF/ PRI on Deforestation in 2019

Initiative taker to new common working group on active ownership for the two organisations.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Member of the UNEP_FI Working Groups for implementation of the TCFD. Both Asset management and Insurance are represented in their respective groups.

 

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Participating in the Nordic network, reporting on Advanced level.

          SKIFT
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Participated in SKIFT, a coalition of Norwegian companies working towards a low carbon future. Participated in the Finance working group which is seeking to identify obstacles to investments in low carbon solutions and to reccomend possible business and policy intiatives to overcome such obstacles. 

          International Indigenous Working Group (IIWG): Gathers NGOs, investors, academia and private citizens to advocate for the rights of indigenous peoples..Organizer: Boston Common Asset Management
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Storebrand is part of the group since its establishment in 2016. The group meets monthly. Storebrand has contributed to the group by suggesting ways of advocating for indingeous peoples rights towards companies and authorities and giving updates and experiences regarding dialogue with companies regarding these issues.

          Signatory to the Montreal Pledge on climate disclosure
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

          Member of the Portfolio Decarbonisation Coalition: Commitment to reduce carbon footprint of Portfolios.
Tobacco Free Pledge
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Participation in coalition meetings.


SG 09.2. Assets managed by PRI signatories

Indicate approximately what percentage (+/- 5%) of your externally managed assets under management are managed by PRI signatories.

100 %

SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Client Meetings on monthly basis.
        

Frequency of contribution

Description

          Provided academic support for both Masters and PhD students on a continual basis.
Held guest lectures at academic institutions on numerous occasions in 2019.
        

Frequency of contribution

Description

          Contact with Portfolio Companies on disclosure of key ESG metrics - Norwegian oil company and TCFD disclosure as an example. In dialogue With Portfolio Companies we reguarly encourage greater transparency towards data providers in order for these providers to have better information on which to base their assessments. In 2019, these dialogues have particularly been focused on management of deforestation/biodiversity risk.
        

Frequency of contribution

Description

          Participation in wide range of events as key-note speakers, panel participants and other roles.
        

Frequency of contribution

Description

          When selecting external funds to offer to our clients on our fund platform, Storebrand encourages membership of PRI and scores membership positively in its fund selection process. 100% of our external managers are PRI members as a result.
        

Frequency of contribution

Description

          Responded to Ethical Bank Guide survey, feedback to RSPO, CDP and a number of swedish questionaires on sustainable Investments including Soderberg and Partners, Max Mathissen.
        

Frequency of contribution

Description

          Many articles on topics such as water risk, corruption, human rights due diligence deforestation and  climate adaption. Also continuing focus in 2019 on divestment from coal and fossil fuels.
        

Frequency of contribution

Description

          Please see CG 09 on participation in PRI initiatives
        

Frequency of contribution

Description

          Board member of NORSIF and SWESIF
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

Storebrand is a key participant in the Norwegian and Swedish public debate on responsible investments, for instance through opinion pieces in print/online media, broadcast media, social media.

Furthermore, we provide extensive training for clients, brokers, investment consultants and external fund managers, in addition to speaking at a range of conferences.

Storebrand also participates in international RI debates and events, as well as providing comments and interviews to international media.

External fund managers are subject to extensive RI requirements (policies, implementation, quarterly screening of portfolio ESG quality and controversial investments). External fund managers are also encouraged to adopt the UNPRI. Storebrand actively seeks funds from external managers with high ESG profile.

Published a number of articles/interviews on divestment from coal and divestment from fossil fuels. In 2019 Storebrand continued its push to intensify coal divestment articulating a Coal Exit Strategy by 2026. We set new progressive targets for divestment and encouraged other investors to join us in this effort. We also engaged in public discussions with large coal producers in Europe encouraging a more rapid shift from coal based utilities.

Member of NORSIF board and active participant in arranging NORSIF events and membership seminars. Member of working group for Active Ownership.

Member of SWESIF board.


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

PRI investor statement sent to G20 government in June 2019

Storebrand was one of signatories to a PRI investor statement sent to G20 government in June 2019.  Governments were urged to strengthen their Paris Agreement targets by 2020.

 2019 Investor alliance for Human Rights' investor statement to all governments 

Storebrand signed in November 2019 an Investor alliance for Human Rights' investor statement to all governments to develop, implement, and enforce mandatory human rights due diligence requirements for all companies headquartered or operating within their own jurisdictions.

Engagement with the Finance department on management of the Norwegian Government Pension Fund

Storebrand Asset Management gave input in a rountable meeting on development of reponsible investment criteria for the Government Pension Fund. Input was given on issues such as Human Rights Due Diligence, Coal and Fossil Fuels criteria and implementation of Cannabis criteria.

One to One Meeting with Member of Parliament

Storebrand Asset Management was invited to participate in a meeting with a Norwegian Member of Parliament. We discussed issues such as divestment from fossil fuels, Human Rights, Climate Risk and the Finance sector's role in the green transition

Report from the Climate Risk Commission.

The Expert Commission was appointed on 6 October 2017 with a mandate to assess climate-related risk factors and their significance for the Norwegian economy, including financial stability. Our comments were submitted through Finance Norway


Technical Expert Group's draft report on EU taxonomy.  

Our comments were submitted through Finance Norway

Equator Principles (EP4).

Storebrand was part of a group of institutional investors submitting human rights recommendations to the most recent review process of the Equator Principles (EP4). Signatories express concern that the current draft of EP4 does not adequately align with the UN Guiding Principles on Business and Human Rights, nor the OECD Due Diligence Guidance for Responsible Business Conduct.

Global Index Providers

Storebrand also signed an investor request for global index providers to exclude controversial weapons from their mainstream indices “in order to align their products with what has become standard practice among institutional and individual investors. The open letter, whose signatories have combined funds under management of $6.8trn (€6trn), was sent to representatives of FTSE Russell, Morningstar, MSCI, S&P Dow Jones Indices and STOXX.


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