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Storebrand ASA

PRI reporting framework 2020

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Objectives and strategies

SG 05. RI goals and objectives

05.1. Indicate if and how frequently your organisation sets and reviews objectives for its responsible investment activities.

05.2. Additional information. [Optional]

All group sustainability objectives are reviewed twice a year, including RI objectives.

All internally managed funds are subject to an annual fund review where fund managers must demonstrate that the sustainability objectives of the fund are being met.

In addition the sustainable investment team conducts a strategy seminar at the beginning of each calender year to decide on focus areas and new innovation/developments for the coming year. The previous year is also reviewed in terms of ESG, financial and communication outcomes.


SG 06. Main goals/objectives this year

06.1. List the main responsible investment objectives that your organisation set for the reporting year.

Responsible investment processes

Key performance indicator

          Storebrand Asset Management finalised a sustainability ratings system in 2019; held presentations for fund managers on data inputs and on how the score was compiled.
        

Progress achieved

Increased understanding and use of ESG score in Fund management.

 

Key performance indicator

          New page on website describing prioritized engagement areas for 2019-20, Deforestation, Occupied Territories, Money Laundering and decarbonization of companies.
        

Progress achieved

Better communication through establishment of website. All main engagements for 2019 are published together with ongoing engagements for 2020..

Key performance indicator

          Focus on collaborative and proactive engagements. Continued thematic focus on Climate. and Gender Diversity. New themes Deforestation, Money laundering and Occupied Territories for 2019-20
        

Progress achieved

Increased number of collaborative and pro-active intiatives in 2019

Key performance indicator

          Implementation of daily automatic reading of selected ESG information into internal database from external ESG data provider. For example % revenues from fossil fuels.
        

Progress achieved

Database in daily use.

Financial performance of investments

ESG characteristics of investments

Key performance indicator

          Proportion of AUM invested in solution Stocks and renewable energy continues to be a key area of focus and improvement.
        

Progress achieved

Result for 2019: 9,3 % of total AUM. Includes cleantech investments, green bonds and green certified real estate investments.

Key performance indicator

          Optimisation on ESG ratings implemented for new funds in Index near portfolios.
        

Progress achieved

Implementation and management of targets for ESG ratings on selection of ESG funds. For example 80% in average ESG rating for fund compared to 70% for benchmark for passively managed sustainability funds.

Other activities

Key performance indicator

          Membership of SWESIF and NORSIF. Board member of NORSIF
        

Progress achieved

Maintained membership of both organisations and participated both in board meetings and in working groups throughout 2019. Initiated Investor Statement on Deforetsation sent to Brazilian Soy and Cattle producers in close cooperation with the PRI.

other description (1)

          Customer focused target covering Storebrand's sustainable products
        

Key performance indicator

          Recognised for sustainable value creation (Prospera Survey: Corporate Market Norway)
        

Progress achieved

#1 in survey in 2019

06.2. Additional information.

The Storebrand Board of Directors is responsible for the overall oversight on responsible investments. Goals for responsible investments are set at Group, division, department and team level, with corresponding action plans. Status on the action plans is reported quarterly to the Executive Committee (EC) of Storebrand Asset Management, biannually to Group Head of Corporate Sustainability, annually to the Board of Storebrand Asset Management, and annually to the Group EC and Group Board of Directors.

Storebrand's ESG research team is responsible for conducting the responsible investment analyses and coordinating the engagement and proxy voting activities. The team is part of Front Office. The Fund Selection Team is responsible for the follow up of external managers with respect to our ESG criteria. The Chief Investment Director reports to the Head of Asset Management and Banking, who is member of the Group Executive Committee.

Seven senior managers and executive directors constitute Storebrand's Sustainable Investment Committee. The Committee makes the final decision on whether or not a company is excluded or not from investment, based on the Storebrand Standard criteria on controversial issues, including human rights and international humanitarian law, corruption and economic crime, as well as serious environmental degradation.


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