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Fondo Pensioni del Personale Gruppo BNL/BNP Paribas Italia

PRI reporting framework 2020

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

10.2. Indicate why you do not engage and do not require external managers to engage.

We invest only in pooled funds and requiring engagement is not applicable

Listed equity – voting

10.3. Indicate why you do not cast your votes

We invest only in pooled funds and casting votes is not applicable

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          We invest only in pooled funds and requiring engagement is not applicable
        

Fixed income Corporate (financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          We invest only in pooled funds and requiring engagement is not applicable
        

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          We invest only in pooled funds and requiring engagement is not applicable
        

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Property

Cash

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Infrastructure

Infrastructure - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fund of hedge funds

Fund of hedge funds - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Cash

Cash - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.3a. If your organisation does not integrate ESG factors into investment decisions on your internally managed assets, explain why not.

About the cash integrating ESG factors is not applicable.

11.3b. If your organisation does not integrate ESG factors into investment decisions on your externally managed assets, explain why not.

The Pension Fund implements an ESG process which execution  is delegated to the SICAV ManCo

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

Integrating ESG factors into investment choices The Pension Fund, in the definition of the "Universe ESG", is supported by an Advisor specifically qualified in this assessment and the targeted selection is made according to the following criteria:10 Principles of the UN Global Compact;well-defined sector policies;avoiding involvement in activities in controversial sectors (such as pornography, weapons, gambling, alcohol and tobacco);“Best in Class Sector” ratings.

A quality assessments is made by the Advisor define a list of securities as follows:

From Dec 1 to 3: Positive - From Dec 4 to 7: Neutral - From Dec 8 to 10: Negative

The Pension Fund monthly receives an excel sheet with a detailed analysis for these index:

MSCI North America - MSCI Europe - MSCI Pacific - Bloomberg Barclays Global Aggregate. 

All the holdings  are reported  with an ESG score and with the weight contribution within the above indeces.

Once checked on the in/out securities (split, mergers etc.), the Pension Fund sends to the Man.Co. the investing universe for each index, stopping at the first 7 deciles, reducing the investment choice to those companies that, according to criteria defined by the Board, are eligible to invest in because of their Socially Responsible Principles.

The delegated managers will have toMan.Co. could comply with the limits imposed by the investing universe and achieve monthly performance aligned with those of the benchmark assigned (45% MSCI EUROPE - 35% MSCI N.America -25% MSCI PACIFICO) by maximizing the rating (scoring ) ESG portfolio, with annual tracking error volatility levels below 1.0%.

At the moment, the target average ESG score is about 55, with the possibility of  increasing the ESG target according to the SRI assessment that the Board will impose.

The Pension Fund, the Man.Co. and the ESG Advisor perform a steady active control during the month; if there were any variations to securities (due to mergers / split etc ..) it should be immediately discussed, provided that the responsibility of the decision remains on the Fund.

Monthly the Pension Fund receives updated sector research from the ESG Review Team.

11.5. For your externally managed pooled funds, describe any mechanisms in place to set expectations as part of the appointment or commitment process.

The Pension Fund informally sets expectetions through conversations and relationship building.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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