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Local Pensions Partnership

PRI reporting framework 2020

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LPP became a signatory to the PRI in July 2018 and reported for the first time in March 2019.

During 2019 our interactions with the PRI have included providing opinions and feedback in response to ad hoc requests and participating in an investor initiative co-ordinated by PRI.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LPPI interacts with CDP to provide feedback (as/when requested) and supports initiatives and joins webinars as suitable opportunities arise.

LPPI accesses and reviews detailed company disclosures and CDP scoring (climate change, water and forests programmes) as part of company/portfolio evaluations. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LPPI is a participant in CA100+ and is a member of the investor group engaging with one of the companies on the list of top 100 emitters. 

During 2019 we have joined group calls to discuss progress and planning, provided feedback on proposals, and commented on areas for inclusion in refreshed objectives. 

We have also collaborated with lead investors in groups engaging with other companies we hold as appropriate opportunities arose to give support to their efforts.  

We are also joining calls for the PRI CA100+ Global Group

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LPPI attends the IIGCC annual members meeting and participates in other events as they arise.

The Head of RI (LPPI) also joins quarterly meetings of IIGCC's Corporate Group and its Resolutions Sub-Group (by phone). 

In 2019 LPPI has supported the IIGCC's Investor Practices Programme as a participant in the Paris Aligned Investment Initiative Real Estate Working Group. 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LPFA and Lancashire County Pension Fund are long standing members of the Local Authority Pensions Fund Forum (LAPFF).

The Head of RI (LPPI) provides advice directly to LPFA on LAPFF matters as part of the RI support provided to the Fund as a client.

LPPI's involvement relates to supporting LPFA to participate in LAPFF activities. This includes reviewing policies and papers and attending business meetings to share LPFA priorities and offer the Fund's views and feedback to LAPFF.  LPPI also reports back to the Fund on initiatives underway and evaluates and recommends opportunities for collaboration in which LPFA may wish to participate.

 

          Local Government Pension Schemes (LGPS) Cross Pool RI Group
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LPP is a member of the LGPS Cross Pool RI Group.

During 2019 our Head of RI has become the Chair of the group.

Through this ongoing initiative LPP participates and works collaboratively with other LGPS pools to combine expertise and insights, discuss common themes and share support and combined learning.

Where opportunities arise, representatives from the Cross Pool Group meet jointly with organisations that can help members achieve greater influence in their RI activities or which are seeking RI feedback and views from the general LGPS community collectively.

On behalf of the group, LPP's Head of RI supported the Local Government Association's programme of Fundamentals Training (for LGPS Pension Fund members) by preparing and presenting on RI as part of the 2019 training session held in London .

          UK Pension Schemes RI Roundtable
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LPPI attends meetings of the Roundtable to hear from and share insights with other UK investors and to identify opportunities for collaboration on issues of common interest or concern.

          Transition Pathway Initiative
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

LPP has been a named supporter of TPI since its inception and has attended events and offered feedback and inputs on the development of investor tools.

In 2019 LPP took the additional step of becoming a Strategic Asset Owner Partner which involves providing financial support and being represented on the TPI Steering Group.

          Workforce Disclosure Initiative
The Investor Mining and Tailings Safety Initiative
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

As named supporters of these two initiatives LPP has added the partnership's backing to appropriate calls for focussed positive action and improved corporate disclosure.


SG 09.2. Assets managed by PRI signatories

Indicate approximately what percentage (+/- 5%) of your externally managed assets under management are managed by PRI signatories.

60 %

SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Provided insights, support, and training to client pension funds on RI and stewardship, for example - through presentations to Pension Fund Committee members at Lancashire County Pension Fund, through a detailed explanation of the LPPI RI approach and actions to LPFA Board members and through support for ongoing thinking about RI, ESG and stewardship by the Royal County of Berkshire Pension Fund.
        

Frequency of contribution

Description

          During 2019 LPP has become a Strategic Asset Owner Partner to the Transition Pathway Initiative.
        

Frequency of contribution

Description

          The Head of RI has spoken publicly to promote RI at a range of events in 2019 including Roundtables by Camradata and Portfolio Institutional which have subsequently been published as whitepapers.
        

Frequency of contribution

Description

          In dialogue with prospective managers (as part of the review of RI practices incorporated into our selection and appointment process) LPPI encourages managers to consider becoming PRI signatories and reinforces the requirement for all delegate managers to support LPPI in delivering against the commitments LPP has made as a signatory whether or not they are signatories in their own right.
        

Frequency of contribution

specify

          As part of the ongoing process of manager selection and appointment, LPPI has dialogue with current/prospective managers on RI subjects prompting a focus here.
        

Description

          LPPI provides investment management services to client pension funds. This includes providing support to their officers and committees/boards on stewardship and RI matters in an advisory capacity. 
LPPI has assisted funds to consider their RI policy position and to evaluate this against regulations and other relevant standards for LGPS pension fund trustees. 

During 2019 LPPI's Head of RI has directly supported client funds through: 
sharing consultation responses produced by LPPI related to RI subjects 
updating them on changes to regulations and best practice standards including the UK Stewardship Code 2020. 

Additionally LPPI has: 
supported LPFA to develop an RI Policy (adopted Oct 2019) and to report on actions under its Policy on Climate Change
delivered a presentation on RI to the Lancashire Fund's Employer Forum (December 2019)
        

Frequency of contribution

specify

          On a continuous basis
        

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]


SG 11. Dialogue with public policy makers or standard setters

11.1. Indicate if your organisation - individually or in collaboration with others - conducted dialogue with public policy makers or regulators in support of responsible investment in the reporting year.

If yes

11.2. Select the methods you have used.

11.3. Where you have made written submissions (individually or collaboratively) to governments and regulatory authorities, indicate if these are publicly available.

11.4. Provide a brief description of the main topics your organisation has engaged with public policy-makers or regulators on.

Engagement with regulators and standard setters in connection with reform proposals affecting codes of conduct and standards of good practice

  • FRC - UK Stewardship Code (March 2019)
  • FCA  - Climate Change and Green Finance (Jan 2019)

Detailed feedback on concept and draft proposals for issuing RI Guidance to the LGPS

  • Local Government Association (July to December 2019)

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