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New York State Common Retirement Fund

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

The New York State Common Retirement Fund's investment philosophy includes that “we consider ESG factors in our investment process because they can influence both risk and return.” This philosophy affirms our belief that ESG factors can affect financial performance and should factor into investment decisions when they are material.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

01.6. Additional information [Optional].

          
        

SG 01 CC. Climate risk

01.6 CC. Indicate whether your organisation has identified transition and physical climate-related risks and opportunities and factored this into the investment strategies and products, within the organisation’s investment time horizon.

Describe the identified transition and physical climate-related risks and opportunities and how they have been factored into the investment strategies/products.

We are integrating climate considerations into our risk assessments, investment decision making, and engagement and policy advocacy.

Climate risks and opportunities identified include:

Transition risks and opportunities such as regulatory risks in light of the Paris Agreement, technological advancement, and shifts in consumer demand.

Physical risks including extreme weather events, floods and droughts, and sea level rise are expected to be incorporated into our investment analysis when more decision-useful data is available.

 

01.7 CC. Indicate whether the organisation has assessed the likelihood and impact of these climate risks?

Describe the associated timescales linked to these risks and opportunities.

We believe that regulatory risk in developed markets is one of the most pressing short-term risks.

Although technological advancement and shifts in consumer demand may pose risks for specific industries and companies, there will also be opportunities to invest in climate solutions over the short, medium, and long terms.

Extreme weather events pose threats to various investment in our portfolio, but measuring risks is challenging due to data limitations.  We expect to see greater physical risks in the long run if the world fails to limit a temperature rise.

 

01.8 CC. Indicate whether the organisation publicly supports the TCFD?

01.9 CC. Indicate whether there is an organisation-wide strategy in place to identify and manage material climate-related risks and opportunities.

Describe

Our Climate Action Plan includes:

Formally integrating climate considerations into risk assessments, investment decision making, and engagement and advocacy
Enhancing climate risk assessments by identifying decision-useful metrics and data
Establishing minimum standards to evaluate companies’ transition readiness in high impact sectors defined by TCFD.
Committing $20 billion to Sustainable Investment- Climate Solutions program

Engaging with companies asking them to disclose and address climate risk and opportunities

1.10 CC. Indicate the documents and/or communications the organisation uses to publish TCFD disclosures.


SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

URL/Attachment

URL/Attachment

URL/Attachment

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Additional information [Optional].


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Managing potential conflicts of interests:

http://www.osc.state.ny.us/pension/reforms_pensionfund.htm

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Not Completed)


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