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CBRE Investment Management

PRI reporting framework 2020

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You are in Indirect – Manager Selection, Appointment and Monitoring » Monitoring

Monitoring

SAM 05. Monitoring processes (listed equity/fixed income)

05.1. When monitoring managers, indicate which of the following types of responsible investment information your organisation typically reviews and evaluates

ESG objectives linked to investment strategy (with examples)

Evidence on how the ESG incorporation strategy(ies) affected the investment decisions and financial / ESG performance of the portfolio/fund

Compliance with investment restrictions and any controversial investment decisions

ESG portfolio characteristics

How ESG materiality has been evaluated by the manager in the monitored period

Information on any ESG incidents

Metrics on the real economy influence of the investments

PRI Transparency Reports

PRI Assessment Reports

RI-promotion and engagement with the industry to enhance RI implementation

Changes to the oversight and responsibilities of ESG implementation

Other general RI considerations in investment management agreements; specify

None of the above

Property
ESG objectives linked to investment strategy (with examples)
Evidence on how the ESG incorporation strategy(ies) affected the investment decisions and financial / ESG performance of the portfolio/fund
Compliance with investment restrictions and any controversial investment decisions
ESG portfolio characteristics
How ESG materiality has been evaluated by the manager in the monitored period
Information on any ESG incidents
Metrics on the real economy influence of the investments
PRI Transparency Reports
PRI Assessment Reports
RI-promotion and engagement with the industry to enhance RI implementation
Changes to the oversight and responsibilities of ESG implementation
Other general RI considerations in investment management agreements; specify
None of the above

05.2. When monitoring external managers, does your organisation set any of the following to measure compliance/progress

ESG score or assessment

ESG weight

ESG performance minimum threshold

Real world economy targets

Other RI considerations

None of the above

Property
ESG score
ESG weight
ESG performance minimum threshold
Real world economy targets
Other RI considerations
None of the above

If you select any `Other` option(s), specify

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. 

 

05.3. Provide additional information relevant to your organisation`s monitoring processes of external managers. [OPTIONAL]

          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.
        

SAM 06. Monitoring on active ownership (listed equity/fixed income) (Not Applicable)


SAM 07. Percentage of (proxy) votes (Not Applicable)


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