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We require managers to participate in the annual GRESB survey to help us monitor and track performance and provide team with a tool to engage with managers on achieving specific improvements. We are encouraging them all to report at an asset level basis to be able to track building efficiencies and certification/ratings (energy, water, waste etc.) and use benchmarking services such as Measurabl to track their progress . We are engaging with managers on the implementation of the TCFD recommendations to determine potential climate change impact on our investments, and encouraging the use of consultants and service providers where the manager does not have the specific inhouse expertise. We have recently launched a survey for our managers to collect additional information beyond GRESB to help us create a rating for each investment to better understand where we priortise our engagement efforts to improve the fund's ESG performance.
Provide additional information relevant to your organisation`s monitoring processes of external managers.
CBRE GIP invests in underlying fund vehicles, engaging with managers on ESG issues throughout our investment process.
Our monitoring role encompasses voting, monitoring how the manager is integrating ESG issues into their investment decisions and asset management along with engaging on specific ESG issues. Steps taken include:
i) Inclusion of ESG matters/performance (e.g. building’s energy efficiency) in quarterly/annual reports and discuss at quarterly meetings
(ii) Maintain Register of Corporate Actions for Clients (voting etc.)
(iii) Annual formal review of each investment by the Investment Oversight Committee (compliance with side letter, annual GRESB results etc).
(iv) On Advisory Committees, we ensure ESG regularly reviewed (standing item on agenda), ensure fund’s annual strategy includes ESG improvements/initiatives.
(v) Client reports include disclosure of all voting matters and ESG matters/GRESB results, case studies from funds
(vi) ESG Incident Response Team: Multi-disciplinary team forms to deal with major events
Where we have more influence we work closely with the manger e.g. encouraging use of and approve costs (where necessary) to engage consultants to help managers improve the fund's performance; reviewing and approving business plans and capex proposals to ensure ESG matters are included e.g. sustainability, modern slavery considered in supply chain etc.