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HESTA Super Fund

PRI reporting framework 2020

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

指名

SAM 04. Appointment processes (listed equity/fixed income)

04.1. あなたの組織では、ほとんどのケースで、また、商品の仕組みが許す限り、運用会社の選定および・もしくは約定の一環として以下の項目のいずれかを行っているかどうかを明示してください。

04.2. 運用会社の指名において通常盛り込んでいる、ベンチマーク、目標、インセンティブ/コントロールおよび報告要件の事例を資産クラス別に記載してください。

資産クラス

ベンチマーク

ESG目標

          Tobacco
Across our entire portfolio we do not allow investment in any company that produces and/or manufactures tobacco or tobacco products.

Controversial weapons
As of 1 July 2018, across our listed equity portfolio we do not allow investment in any company that produces whole weapon systems or components developed for exclusive use in cluster munitions, anti-personnel mines, biological or chemical weapons.

Thermal coal
Also across our entire portfolio we are implementing the following restrictions on new investment in:
• Any unlisted company that derives more than 15% of revenue or net asset value from exploration, new or expanded production, or transportation of thermal coal.
• Any newly listed company, from listing onwards, that derives more than 15% of revenue or net asset value from exploration, or new or expanded production of thermal coal.
• The provision of direct funding to any listed company, via rights issues or share placements, for any of these activities.
        
          HESTA's Investment Management Agreement (IMA) states that we expect managers to have regard to HESTA's policies including the Active Ownership Policy and and Responsible Investment Policy.    
The IMA also states that:  
- The Manager agrees to consider ESG risks, opportunities and/or performance in their: 
(i) Investment including due diligence, ownership and exit processes. 
(ii) Monitoring of Portfolio Assets including (without limitation) encouraging Portfolio Asset management to identify, manage and minimise material ESG risks, opportunities and/or improve performance in their ordinary business activities. 
- The Manager agrees to facilitate communication between the Trustee and certain portfolio companies regarding ESG issues if deemed necessary. 
- The Manager acknowledges that the Trustee may reasonably request the Manager to provide information to assist the Trustee to assess the delivery of its Responsible Investment and Active Ownership Policies and its obligations under the PRI. 
- The Manager will report to the Trustee at least on an annual basis on: 
(i) The development and/or implementation of any policies, process and practices regarding ESG. 
(ii) the Manager’s thinking about and approach to ESG, and ESG activities including research and engagement with companies 
(iii) How the Manager incorporated ESG risks, opportunities and/or performance when making investments for the Portfolio including any examples of where it impacted the investment, ownership or exit activities during the period. 
(iv) Any actions undertaken to improve the ESG performance of the portfolio during the period. 
(v) Any material changes to ESG risks, opportunities or performance of the portfolio during the period.
        
          Executing the voting rights attached to shares HESTA holds in public companies is something we regard as being an integral element of active ownership. Share voting is an important tool for engaging with companies. HESTA will seek to vote ‘for’ or ‘against’ all resolutions on the meeting agenda in order to send a clear signal to the company. Where there is a recommendation to vote in opposition to management HESTA will request each of our external investment managers holding the stock to provide their views on the resolution. HESTA regards this advice as critical as our external investment managers have a detailed understanding of both the governance and operations of their investee companies. It is also part of our process of encouraging fund managers to take a closer interest in ESG matters.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          Tobacco
Across our entire portfolio we do not allow investment in any company that produces and/or manufactures tobacco or tobacco products.

Thermal coal
Also across our entire portfolio we are implementing the following restrictions on new investment in:
• Any unlisted company that derives more than 15% of revenue or net asset value from exploration, new or expanded production, or transportation of thermal coal.
• Any newly listed company, from listing onwards, that derives more than 15% of revenue or net asset value from exploration, or new or expanded production of thermal coal.
• The provision of direct funding to any listed company, via rights issues or share placements, for any of these activities.
        
          HESTA's Investment Management Agreement (IMA) states that we expect managers to have regard to HESTA's policies including the Active Ownership Policy and Responsible Investment Policy.   
The IMA also states that:  
- The Manager agrees to consider ESG risks, opportunities and/or performance in their: 
(i) Investment including due diligence, ownership and exit processes. 
(ii) Monitoring of Portfolio Assets including (without limitation) encouraging Portfolio Asset management to identify, manage and minimise material ESG risks, opportunities and/or improve performance in their ordinary business activities. 
- The Manager agrees to facilitate communication between the Trustee and certain portfolio companies regarding ESG issues if deemed necessary. 
- The Manager acknowledges that the Trustee may reasonably request the Manager to provide information to assist the Trustee to assess the delivery of its Responsible Investment and Active Ownership Policies and its obligations under the PRI. 
- The Manager will report to the Trustee at least on an annual basis on: 
(i) The development and/or implementation of any policies, process and practices regarding ESG. 
(ii) the Manager’s thinking about and approach to ESG, and ESG activities including research and engagement with companies 
(iii) How the Manager incorporated ESG risks, opportunities and/or performance when making investments for the Portfolio including any examples of where it impacted the investment, ownership or exit activities during the period. 
(iv) Any actions undertaken to improve the ESG performance of the portfolio during the period. 
(v) Any material changes to ESG risks, opportunities or performance of the portfolio during the period.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          Tobacco
Across our entire portfolio we do not allow investment in any company that produces and/or manufactures tobacco or tobacco products.

Thermal coal
Also across our entire portfolio we are implementing the following restrictions on new investment in:
• Any unlisted company that derives more than 15% of revenue or net asset value from exploration, new or expanded production, or transportation of thermal coal.
• Any newly listed company, from listing onwards, that derives more than 15% of revenue or net asset value from exploration, or new or expanded production of thermal coal.
• The provision of direct funding to any listed company, via rights issues or share placements, for any of these activities.
        
          HESTA's Investment Management Agreement (IMA) states that we expect managers to have regard to HESTA's policies including the Active Ownership Policy and Responsible Investment Policy.   
The IMA also states that:  
- The Manager agrees to consider ESG risks, opportunities and/or performance in their: 
(i) Investment including due diligence, ownership and exit processes. 
(ii) Monitoring of Portfolio Assets including (without limitation) encouraging Portfolio Asset management to identify, manage and minimise material ESG risks, opportunities and/or improve performance in their ordinary business activities. 
- The Manager agrees to facilitate communication between the Trustee and certain portfolio companies regarding ESG issues if deemed necessary. 
- The Manager acknowledges that the Trustee may reasonably request the Manager to provide information to assist the Trustee to assess the delivery of its Responsible Investment and Active Ownership Policies and its obligations under the PRI. 
- The Manager will report to the Trustee at least on an annual basis on: 
(i) The development and/or implementation of any policies, process and practices regarding ESG. 
(ii) the Manager’s thinking about and approach to ESG, and ESG activities including research and engagement with companies 
(iii) How the Manager incorporated ESG risks, opportunities and/or performance when making investments for the Portfolio including any examples of where it impacted the investment, ownership or exit activities during the period. 
(iv) Any actions undertaken to improve the ESG performance of the portfolio during the period. 
(v) Any material changes to ESG risks, opportunities or performance of the portfolio during the period.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          Tobacco
Across our entire portfolio we do not allow investment in any company that produces and/or manufactures tobacco or tobacco products.

Thermal coal
Also across our entire portfolio we are implementing the following restrictions on new investment in:
• Any unlisted company that derives more than 15% of revenue or net asset value from exploration, new or expanded production, or transportation of thermal coal.
• Any newly listed company, from listing onwards, that derives more than 15% of revenue or net asset value from exploration, or new or expanded production of thermal coal.
• The provision of direct funding to any listed company, via rights issues or share placements, for any of these activities.
        
          HESTA's Investment Management Agreement (IMA) states that we expect managers to have regard to HESTA's policies including the Active Ownership Policy and Responsible Investment Policy.   
The IMA also states that:  
- The Manager agrees to consider ESG risks, opportunities and/or performance in their: 
(i) Investment including due diligence, ownership and exit processes. 
(ii) Monitoring of Portfolio Assets including (without limitation) encouraging Portfolio Asset management to identify, manage and minimise material ESG risks, opportunities and/or improve performance in their ordinary business activities. 
- The Manager agrees to facilitate communication between the Trustee and certain portfolio companies regarding ESG issues if deemed necessary. 
- The Manager acknowledges that the Trustee may reasonably request the Manager to provide information to assist the Trustee to assess the delivery of its Responsible Investment and Active Ownership Policies and its obligations under the PRI. 
- The Manager will report to the Trustee at least on an annual basis on: 
(i) The development and/or implementation of any policies, process and practices regarding ESG. 
(ii) the Manager’s thinking about and approach to ESG, and ESG activities including research and engagement with companies 
(iii) How the Manager incorporated ESG risks, opportunities and/or performance when making investments for the Portfolio including any examples of where it impacted the investment, ownership or exit activities during the period. 
(iv) Any actions undertaken to improve the ESG performance of the portfolio during the period. 
(v) Any material changes to ESG risks, opportunities or performance of the portfolio during the period.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          Tobacco
Across our entire portfolio we do not allow investment in any company that produces and/or manufactures tobacco or tobacco products.

Thermal coal
Also across our entire portfolio we are implementing the following restrictions on new investment in:
• Any unlisted company that derives more than 15% of revenue or net asset value from exploration, new or expanded production, or transportation of thermal coal.
• Any newly listed company, from listing onwards, that derives more than 15% of revenue or net asset value from exploration, or new or expanded production of thermal coal.
• The provision of direct funding to any listed company, via rights issues or share placements, for any of these activities.
        
          HESTA's Investment Management Agreement (IMA) states that we expect managers to have regard to HESTA's policies including the Active Ownership Policy and Responsible Investment Policy.   
The IMA also states that:  
- The Manager agrees to consider ESG risks, opportunities and/or performance in their: 
(i) Investment including due diligence, ownership and exit processes. 
(ii) Monitoring of Portfolio Assets including (without limitation) encouraging Portfolio Asset management to identify, manage and minimise material ESG risks, opportunities and/or improve performance in their ordinary business activities. 
- The Manager agrees to facilitate communication between the Trustee and certain portfolio companies regarding ESG issues if deemed necessary. 
- The Manager acknowledges that the Trustee may reasonably request the Manager to provide information to assist the Trustee to assess the delivery of its Responsible Investment and Active Ownership Policies and its obligations under the PRI. 
- The Manager will report to the Trustee at least on an annual basis on: 
(i) The development and/or implementation of any policies, process and practices regarding ESG. 
(ii) the Manager’s thinking about and approach to ESG, and ESG activities including research and engagement with companies 
(iii) How the Manager incorporated ESG risks, opportunities and/or performance when making investments for the Portfolio including any examples of where it impacted the investment, ownership or exit activities during the period. 
(iv) Any actions undertaken to improve the ESG performance of the portfolio during the period. 
(v) Any material changes to ESG risks, opportunities or performance of the portfolio during the period.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          Tobacco
Across our entire portfolio we do not allow investment in any company that produces and/or manufactures tobacco or tobacco products.

Thermal coal
Also across our entire portfolio we are implementing the following restrictions on new investment in:
• Any unlisted company that derives more than 15% of revenue or net asset value from exploration, new or expanded production, or transportation of thermal coal.
• Any newly listed company, from listing onwards, that derives more than 15% of revenue or net asset value from exploration, or new or expanded production of thermal coal.
• The provision of direct funding to any listed company, via rights issues or share placements, for any of these activities.
        
          HESTA's Private Equity Agreements encourages private equity partners to keep ESG considerations in mind when making investment decisions, noting HESTA's membership of PRI requires the consideration of ESG in investment decision-making and ongoing management.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          Environmental, Social and Governance (ESG) Principles and Policies 
The Manager acknowledges the Trustee’s view that ESG issues have the potential to impact investment risks and returns and that considering these issues alongside traditional financial and business risk factors in investment decision-making can improve long-term risk-adjusted returns. 
To the extent that it is consistent with their primary objective to maximise the value of the investments, the Manager will have regard to:  
(i) The Trustee’s Responsible Investment Policy which outlines the Trustee’s principles and commitments in relation to responsible investment, including the integration of ESG risks and/or opportunities into investment processes and decision-making. 
(ii) The Trustee’s Active Ownership Policy which outlines the Trustee’s principles and commitments to being an active owner of entities to which it provides capital and to exerting influence to improve the management and performance in relation to ESG issues. 
(iii) The United Nations backed Principles for Responsible Investment (PRI) to which the Trustee is a signatory and is committed to implementing across all its investments. 
The requirements of this clause shall not prohibit, restrict or otherwise negatively impact the Manager’s ability to execute its investment strategy or their obligation to carry out their fiduciary duty to act in the best interests of the Trustee and in accordance with the Agreement. 
The Manager agrees to consider ESG risks, opportunities and/or performance in their: 
(i) Investment processes including due diligence, ownership and exit processes. 
(ii) Monitoring of Portfolio Assets including (without limitation) encouraging Portfolio Asset management to identify, manage and minimise material ESG risks, opportunities and/or improve performance in their ordinary business activities. 
The Manager agrees to facilitate communication between the Trustee and certain portfolio companies regarding ESG issues. 

ESG Reporting 
The Manager acknowledges that the Trustee may reasonably request the Manager to provide information to assist the Trustee to assess the delivery of its Responsible Investment and Active Ownership Policies and its obligations under the PRI. 
The Manager will report to the Trustee at least on an annual basis on: 
(i) The development and/or implementation of any policies, process and fund terms regarding ESG. 
(ii) How the Manager incorporated ESG risks, opportunities and/or performance when making investments for the Portfolio including any examples of where it impacted the investment, ownership or exit activities during the period. 
(iii) A summary of key ESG performance indicators for each Portfolio Asset including electricity consumption (kwh), water consumption (ltrs), greenhouse gas emissions (tonnes CO2-e), waste generation (tonnes) and recycling (tonnes). 
(iv) Actions to improve the ESG performance of Portfolio Assets during the period. 
(v) Any material changes to ESG risks, opportunities or performance at the Portfolio Asset or portfolio level during the period. 

The Manager agrees to use reasonable effort to provide (or procure that the Asset Management provides) any further information necessary to assist the Trustee to assess the delivery of its Responsible Investment and Active Ownership Policies and its obligations under the PRI. 
The Manager agrees to participate in the survey for the Global Real Estate Sustainability Benchmark (GRESB) specific to the portfolio in which the Trustee is invested on an annual basis and to make the survey available to the Trustee. 
The Manager agrees to report any material ESG-related incidents at the Manager or Portfolio Assets including actions taken in response to the incident, within 2 working days where the incident breaches legal or regulatory requirements or within 5 working days otherwise. 

Right of veto (on ESG grounds) 
The Manager acknowledges the Trustee will take ESG factors into consideration when assessing potential assets included in the investment pipeline and during the 5 day veto right period. The Trustee reserves the right to exercise its right of veto on ESG grounds.
        

インセンティブおよびコントロール

報告要件

ベンチマーク

ESG目標

          HESTA's Investment Management Agreement (IMA) states that we expect managers to have regard to HESTA's policies including the Active Ownership Policy and Responsible Investment Policy.   
The IMA also states that:  
- The Manager agrees to consider ESG risks, opportunities and/or performance in their: 
(i) Investment including due diligence, ownership and exit processes. 
(ii) Monitoring of Portfolio Assets including (without limitation) encouraging Portfolio Asset management to identify, manage and minimise material ESG risks, opportunities and/or improve performance in their ordinary business activities. 
- The Manager agrees to facilitate communication between the Trustee and certain portfolio companies regarding ESG issues if deemed necessary. 
- The Manager acknowledges that the Trustee may reasonably request the Manager to provide information to assist the Trustee to assess the delivery of its Responsible Investment and Active Ownership Policies and its obligations under the PRI. 
- The Manager will report to the Trustee at least on an annual basis on: 
(i) The development and/or implementation of any policies, processes and fund terms regarding ESG. 
(ii)  How the Manager incorporated ESG risks, opportunities and/or performance when making investments for the Portfolio including any examples of where it impacted the investment, ownership or exit activities during the period. 
(iii) A summary of key ESG performance indicators for each Portfolio Asset including electricity and water consumption, greenhouse gas emissions and waste generation.
(iv) Any actions undertaken to improve the ESG performance of the portfolio during the period. 
(v) Any material changes to ESG risks, opportunities or performance of the portfolio during the period.
        

インセンティブおよびコントロール

報告要件

04.3. 報告要件のいずれかが満たされない場合に、組織では、以下に記載するどの措置を講じることになるのかを示してください。

04.4. 組織が設定している外部運用会社の指名プロセスに関連する追加情報を記載してください。 [任意]

          
        

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