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Local Pensions Partnership

PRI reporting framework 2020

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

Appointment

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

04.1. Indicate if in the majority of cases and where the structure of the product allows, your organisation does any of the following as part of the manager appointment and/or commitment process

04.2. Provide an example per asset class of your benchmarks, objectives, incentives/controls and reporting requirements that would typically be included in your managers’ appointment.

Asset class

Benchmark

ESG Objectives

          For Listed Equities (LPPI Global Equities Fund) we have introduced an extra-ordinary exclusion related to our work on climate change. We require managers to exclude companies whose main activity (+50% revenues) is the extraction of thermal coal and have defined this exclusion based on the relevant sub-industry code under MSCI GICS.
        
          Our Investment Management Agreements with external managers clarify LPPI expectations/requirements that they will support us in fulfilling the commitments LPP has made as a signatory to the PRI and will seek to fulfil the 6 principles (which are listed in our IMAs).
        
          LPPI IMAs reflect a target for extractive companies in the LPPI Global Equities Fund to achieve a minimum of a level 3 assessment under the Transition Pathway Initiative’s process for evaluating Management Quality..
        

Incentives and controls

Reporting requirements

04.3. Indicate which of these actions your organisation might take if any of the requirements are not met

04.4. Provide additional information relevant to your organisation`s appointment processes of external managers. [OPTIONAL]

          
        

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