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Suva

PRI reporting framework 2020

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Asset class implementation not reported in other modules

SG 16. ESG issues for internally managed assets not reported in framework

Describe how you address ESG issues for internally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Commodities

All investments into agricultural commodities have been excluded from the portfolios.

Other (1) [as defined in Organisational Overview module]

We apply the same exclusion criteria to our loan portfolios (mortgages, loans, syndicated loans) as to our fixed income portfolios. Most of our borrowers are Swiss municipalities and not corporates covered by our exclusion screening. We provide general financing to the municipality and do not finance defined projects. Due to direct democracy in Switzerland, it is largely decided by the citizens themselves which projects their municipality will undertake.

 

16.2. Additional information [Optional].


SG 17. ESG issues for externally managed assets not reported in framework

17.1. Describe how you address ESG issues for externally managed assets for which a specific PRI asset class module has yet to be developed or for which you are not required to report because your assets are below the minimum threshold.

Asset Class

Describe what processes are in place and the outputs or outcomes achieved

Hedge funds - DDQ

Select whether you use the PRI Hedge Fund DDQ

Hedge funds

Our focus on ESG criteria starts during the screening process, when we scrutinize a manager's investment strategy and philosophy regarding responsible investing.

During our due diligence, we have an in-depth discussion with the manager about ESG guidelines for their fund, their company and the overall philosophy. While we do not require the manager to be a signatory to the UNPRI, we emphasize that the adherence to responsible investing by the manager is of high importance for Suva. The findings are summarized in a dedicated section in our Investment Memorandum, which is discussed by the Investment Committee including the Head of the Finance Department.

For each new investment we attempt to negotiate the addition of a section covering ESG in our bilateral contracts. In particular, we try to have the manager explicitly acknowledge that Suva is a signatory to the UNPRI.

A continuing awareness of ESG principles is an integral part of our ongoing monitoring of any fund after the initial investment.

Other (2) [as defined in Organisational Overview module]

In our private market portfolios, which include private debt, we focus on how our managers integrate ESG considerations into their investment approach and emphasize that the adherence to responsible investing by the manager is of high importance for Suva. During the screening/due diligence process, we verify if the fund manager: (i) is a signatory to the UNPRI; (ii) has established own ESG policy; or (iii) applies other ESG policy.  Within our portfolio, 4 out of our 9 private debt managers are signatories to the UNPRI, 3 managers have established their own ESG policy, one manager applies another RI policy and one US mezzanine-focused manager is not a signatory to the UNPRI and has no formal ESG policy, however, the manager considers ESG aspects when evaluating new investments.

The ESG considerations are an integral part of our ongoing monitoring of any fund after the initial investment.

17.2. Additional information.


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