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Local Pensions Partnership

PRI reporting framework 2020

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

成果および結果

SAM 08. Percentage of externally managed assets managed by PRI signatories

08.1. 組織では、RIに関するベストプラクティスが保有資産の運用に確実に適用されるようどのようにして万全を図っているその内容を説明してください

方策 

          Where LPPI identifies that existing managers provide inadequate information from which to evaluate their RI practices we will seek to work with them, specify the features we require from their reporting and monitor their fulfilment of these clearer standards. 
Where it is not possible to evaluate how LPPI's RI Policy is being translated into practice as part of investment and stewardship procedures we will ask for more information and encourage better disclosure.
        
          As outlined elsewhere, LPPI evaluate the RI experience, competence and approach of managers as part of our initial selection process and require a base standard to be evidenced at this point. Where managers are at an early stage of RI/ESG integration and further development is warranted we will work with them to achieve this, setting milestones and sharing insights as part of our support for their evolution in this area.

方策 

          Where LPPI sets specific measures and milestones for development we will monitor progress as part of manager dialogue and ongoing review.

08.2. 補足情報 [任意]

LPPI routinely asks managers to share examples of their engagement successes, indicate instances of particular best practice or tell us about new approaches to ESG integration and risk evaluation.

In their interactions with managers the RI Team share insights on good practice and new approaches observed elsewhere, aiming to build an impetus for ideas to spread, standards to evolve and there to be an expectation that managers will be compared with their peers. 

SAM 09. Examples of ESG issues in selection, appointment and monitoring processes

09.1. 報告年度において、運用会社の選定、指名やモニタリングプロセスの過程で、ESG問題がどのように対処されているかを示す事例を挙げてください。

トピックまたは問題 
          Climate change - manager monitoring
実行者
資産クラス
対象範囲およびプロセス

In 2018 LPPI reported having set a target for all extractive fossil fuel companies in our Global Equities Fund to have a Transition Pathway Initiative Management Quality Score  of TPI 2 or above (if in TPI coverage).

In 2019 we increased this requirement, settting a target for extractive fossil fuel companies of TPI 3.

Any manager holding an extractive company scoring less than TPI 3 has been required to provide a clear justification for their more positive assesment of the company's preparedness for transition and governance of the business risks posed by climate change.
結果

Managers holding extractive fossil fuel companies scoring below TPI3 have had to provide convincing justification and supporting evidence. In some cases the review and resulting dialogue concluded with stock being sold.

In one case, a manager brought a strong arguement for an alternative interpretation and this was communicated to TPI. Investigation confirmed a data anomaly and the company's score was increased to TPI3.

Encouraging the manager to provide analysis, listening to a contrary view, following up, and achieving a positive outcome has helped to reinforce a productive client manager relationship. 

 

09.2. 補足情報 [任意]

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