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Storebrand ASA

PRI reporting framework 2020

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Organisational Overview
Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]
Strategy and Governance
Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Innovation [SG 18] Communication [SG 19]
Indirect – Manager Selection, Appointment and Monitoring
Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]
Direct - Listed Equity Incorporation
ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (B) Implementation: Thematic [LEI 07] (C) Implementation: Integration of ESG factors [LEI 08 - 10] ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 13]
Direct - Listed Equity Active Ownership
Overview [LEA 01] Engagement [LEA 02 - 08] Outputs and outcomes [LEA 09 - 11] (Proxy) voting and shareholder resolutions [LEA 12 - 21]
Direct - Fixed Income
ESG incorporation in actively managed fixed income [FI 01 - 12] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 06] (B) Implementation: Thematic [FI 07 - 09] (C) Implementation: Integration [FI 10 - 12] ESG incorporation in passively managed fixed income [FI 13] Fixed income - Engagement [FI 14 - 16] Outputs and outcomes [FI 17 - 18]
Direct - Property
Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Selection, appointment and monitoring third-party property managers [PR 07] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Community engagement [PR 14] Outputs and outcomes [PR 15 - 16]
Confidence building measures
Confidence building measures [CM1 01 - 07]
Export Public Responses
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You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles 

          Head of Sustainable Investment team

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

The Sustainable Investment team in Asset Management is the hub of implementation. Here full time analysts work to support fund managers in their decision making and to provide them with sustainability data relevant to this decision making. The team sits side by side with fund managers and new ESG information is always discussed broadly in asset management before being implemented and included in decision making.

ESG is integrated into fund management processes and fund managers have a responsibility to implement ESG metrics and perspectives into their fund management.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

10 Number

07.4. Additional information. [Optional]

Dedicated RI staff include

- 7 ESG analysts in Front Office

- 2 ESG analysts at subcontractor Cognizant

- 1 Environmental Manager (Real Estate)

- 2 dedicated Responsible Investment communication managers in Storebrand and SPP

- 6 Portfolio managers with dedicated ESG products.

 

SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Dedicated responsible investment staff

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

 In 2019 the  Board of Directors at Storebrand discussed improvements to Climate Change policy on a number of occasions. The board also approved membership of the Asset Owner Alliance.

We joined the UN backed Net-Zero Asset Owner Alliance in 2019, as one of 12 founding members. The consequences of this goal for Asset Management was also discussed on a number of occasions in the Executive Board and the Board of Directors

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

 The Executive Vice President Sustainability, Communications and Industry Policy has the overall responsibility for managing climate-related issues. Reporting to the EVP is Group Head of Sustainability. This function has a coordinating role across the group.

In Asset Management, Head of Sustainable Investments reports to the Investment Director who in turn reports to the Director for Asset Management, who has the overarching responsibility for implementation of climate-related issues at Storebrand Asset Management.

07.8 CC. Indicate how your organisation engages external investment managers and/or service providers on the TCFD recommendations and their implementation.

SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department 

          Head of Sustainable Investment team

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

Responsible Investment objectives are an integral part of Storebrand's overall goals for each year. Each area has a set of "Must Win Battles" with associated targets and progress reports throughout the year. Progress on these Must Win Battles (that always include sustainable investment goals) is a part of employees appraisal at year end. Storebrand does not operate with variable pay in any aspect so this is not a method we use.

08.4. Describe the level of experience board members/trustees/chief-level staff have with incorporating ESG factors into investment decision-making processes. 

          Two examples of Board members/Chief Level staff who have experience in iuncorporating ESG into Investment decision making are as follows
Board Level: Martin Skancke who is also Chair of the PRI Board and has extensive experience in implementing ESG issues into Investment management.
Executive Board Level: Jan Erik Saugestad, now Director of Storebrand Asset Management was previously Investment Director in the same Company. In this roie he oversaw both development of in-house ESG ratings and is a current member of the Investment Committee that oversees exclusion decisions.
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