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Cometa Pension Fund

PRI reporting framework 2020

You are in Strategy and Governance » Objectives and strategies

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]


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

          Cometa periodically sets up ESG workshops with the internal staff to create awarness about sustainability
        

Progress achieved

The workshop occurs every 6 months, is held by the ESG rating agency, with the participation of the complete staff. 

Key performance indicator

          A dedicated internal newsletter covering the last ESG trends in the investment industry is issued periodically among the Cometa employees.
        

Progress achieved

The awarness level is growing within the organization and employees requrested to be periodically updated og ESG issues.

Key performance indicator

          Being collective engagement generally effective, Cometa periodically organizes engagement initiatives in Italy, with a group of italian investors, to dialogue with companies involved in controversies.
        

Progress achieved

Cometa and the association of the Italian pension funds - Assofondipensione -  led four groups of investors on:

  • climate change (focused on Banks)
  • child labour (focused on industrial companies)
  • TCFD
  • tax trasparency

Cometa tracks results of the onging engagement acivity in a database, collecting all information provided by companies and assessing the responsiveness of all stakeholders involved, how engagement processes are initiated, executed, managed, monitored and evaluated. A standardised feedback process is put in place to enhance the strengh of the engagement and facilitate the decision-making process for investors.

Financial performance of investments

ESG characteristics of investments

Key performance indicator

          The KPI is the overall ESG score of any asset class and any asset managers.
        

Progress achieved

The ESG score has to outperform the ESG score of  the related geographical benchmark. In case this target is not reached, Cometa starts an open dialogue with the asset manager to understand the investment process implemented. In recent years the ESG portofolio performance has always been increasing in absolute terms and relatively to the benchmark.

Key performance indicator

          Total Carbon Footprint; Overall Energy Transition score; Integration of Climate Change into the Company’s Strategy; TCFD & Climate Indicators.
        

Progress achieved

Cometa annually monitors the KPI mentioned above. There is a slight improvement every year among invested companies, but strong sound results are yet to come.

The large European Electric & Gas Utilities is the best positioned industry in terms of progression towards a low carbon economy.

Other activities

Key performance indicator

          Cometa participates in collaborative initiatives, through international platform of investor (PRI, CDP, ....): - Climate Actions 100+ - Disclosure of Carbon emission (CDP) - Cyber.
        

Progress achieved

Cometa had the leading role in some PRI initiatives, covering the Italian companis involved in the dialogue.

Key performance indicator

          Cometa being the largest Italian pension fund encourages the domestic investors to joint the pool for engaging with companies on specific ESG topics.
        

Progress achieved

As already mentioned, Cometa and the association of the Italian pension funds - Assofondipensione - set up a group of investors for a collective engagement on many ESG issues. The pension fund encourages other italian investors to joint the initiatives to reach larger AUM size and maximise impact of the dialogue. ESG practices discussed with the companies were:

  • climate change (focused on Banks)
  • child labour (focused on industrial companies)
  • TCFD
  • tax trasparency

 

06.2. Additional information.


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