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New York State Common Retirement Fund

PRI reporting framework 2020

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1. Indicate the internal and/or external roles used by your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for responsible investment.

Roles

Select from the below internal roles

          Deputy CIO
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

8 Number

07.4. Additional information. [Optional]


SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or heads of departments

Portfolio managers

Investment analysts

Dedicated responsible investment staff

External managers or service providers

07.6 CC. For board-level roles that have climate-related issue oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

Comptroller DiNapoli, as the Trustee of the NYS Common Retirement Fund (Fund), has ultimate responsibility for its investments on behalf of the more than one million members, retirees, and beneficiaries. The Comptroller adopts climate investment strategies with advice from the Fund’s senior management, in-house and external counsel, consultants, and managers. Additionally, the Decarbonization Advisory Panel, consisting of external climate experts and established in 2018, provided its recommendations for additional climate investment strategies to the Comptroller for his consideration upon conclusion of its work.

07.7 CC. For management-level roles that assess and manage climate-related issues, provide further information on the structure and processes involved.

The Chief Investment Officer (appointed by the Comptroller) recommends to the Comptroller the Fund’s overall investment strategy, including climate-related strategy, with the assistance of Investment and Corporate Governance staff, the Investment Risk Management team, and relevant consultants and managers.

The Corporate Governance staff along with other relevant staff members develop a strategic plan for addressing climate risks and opportunities regarding portfolio companies, active ownership, and public policy initiatives. 

07.8 CC. Indicate how your organisation engages external investment managers and/or service providers on the TCFD recommendations and their implementation.


SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

08.1b. RI in personal development and/or training plan

08.2. Describe any activities undertaken during the reporting year to develop and maintain Board members’ skills and knowledge in relation to responsible investment.


In 2018, the Decarbonization Advisory Panel (DAP) was formed. The New York State Comptroller (Trustee) and the CRF investment team - including the CIO participated in it's March 2018 - April 2019 meetings. It was designed to be educational for the Fund's decision makers. Educational as to how the Fund might identify, assess and manage the investment risks and opportunities of climate change and prepare for a transition to a low carbon economy. The DAP members - comprised of investment, financial, environmental, energy and legal experts. The meetings included an educational series that had investor speakers share how they address these issues.


DiNapoli Releases Recommendations From Decarbonization Advisory Panel
Comptroller Directs Staff to Develop Plan to Further Protect the State's Pension Fund from Climate Change Risks
https://www.osc.state.ny.us/press/releases/apr19/041619.htm
 

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Operating Officer (COO), Investment Committee

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Other C-level staff or head of department

          Deputy CIO
        

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Portfolio managers

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Investment analysts

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

Dedicated responsible investment staff

08.1a. RI in objectives, appraisal and/or reward

08.1b. RI in personal development and/or training plan

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

08.4. Describe the level of experience board members/trustees/chief-level staff have with incorporating ESG factors into investment decision-making processes.

          
        

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