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Local Pensions Partnership

PRI reporting framework 2020

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ガバナンスおよび人事

SG 07. RI roles and responsibilities

07.1. 組織が採用している内部または外部の役割、ならびにそれぞれの責任投資に対する監督責任および実施責任の有無について明示してください。

組織における役職

下記の内部の役割より選択；

07.2. RIの監督/説明責任または実施責任を担う役職について、このような責任をどのように果たすのか記載してください。

LPPI Board members have ultimate oversight of Responsible Investment and its governance at LPP. This is principally executed through the Board's oversight of the investment business which involves the regular receipt of reports and papers, the review and agreement of current and new policies, and the oversight and authorisation of public reporting where this touches upon stewardship and Responsible Investment activities.

Internal roles with oversight responsibilities include the CIO (LPPI) and the CEO (LPPI and LPP Group), both of whom sit on the LPP Stewardship Committee and have a detailed involvement in the

  • design and review of RI policy and its implementation
  • agreement of objectives and priorities for senior staff
  • availability of dedicated RI resourcing to both advise and support the investment business and work directly with client pension funds. 

Through their executive roles the CIO (LPPI) and CEO (LPPI and LPP Group) are advocates for RI and stewardship being recognised as an integral part of the aims and objectives of the partnership and considered within the design and execution of routine business practices.  

Detailed oversight of Responsible Investment at LPP resides with the Head of RI (LPPI) and is executed through the objectives and priorities agreed for the role on an annual basis (as part of the performance management process) and through the incentives and rewards received for delivering against these objectives.

07.3. 組織にいる専任の責任投資担当者の人数を記載してください。

4 人

07.4. 補足情報 [任意]

LPPI has four dedicated responsible investment staff who provide advice, support and guidance to the investment business and to client pension funds. 

  • Head of Responsible Investment
  • RI Analyst
  • RI Data Analyst
  • Climate Change Analyst

The team's role includes facilitating the embedding of RI good practice across the wider investment team as part of what all investment staff do and deliver as part of their respective roles.

SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. 気候関連問題について監視、説明責任および／または管理責任をもつ組織の役職を示してください。

取締役会メンバーまたは受託者

最高経営責任者（CEO）最高投資責任者（CIO）最高リスク責任者（CRO）投資委員会

ポートフォリオマネージャー

投資アナリスト

専任の責任投資担当者

組織外の運用会社またはサービスプロバイダー

07.6 CC. 気候関連の問題の監督/説明責任または実施責任がある取締役会レベルの役職については、これらの責任の遂行方法を説明してください

The members of LPPI board are aware of and supportive of the priority being given to climate change as a material investment issue.

They execute their responsiblities for climate-related oversight through their approval of the key climate-related policies and disclosures that LPPI publishes.

Such disclosures include annual reporting, PRI reporting and TCFD reporting. In the process of reviewing and approving documents the Board has oversight of climate-related activites at LPPI and the information from which to form and ask questions about the approach and activities underway.

Further, the Boards of LPPI and LPP Group have identified stewardship and leadership within responsible investment as a key strategic priority within their 2020-2025 business plan.  These priorities will be monitored and reported upon within Board meetings and in shareholder interaction on an ongoing basis.

07.7 CC. 気候関連の問題を評価し管理する管理レベルの役職については、その構造とプロセスを詳しく説明してください。

Management-level roles assess climate-related risks through their direct involvement in investment decision-making and their oversight of the policies in place and the investment procedures in operation.

Other than where investment decisions are being made under delegated authority (for example, the addition of new stocks to the internally managed listed equities portfolio) all investment proposals are subject to a 2 stage process which involves the presentation of papers to an Investment Committee which considers and gives final approval. 

The Investment Committee consists of senior investment professionals including the CEO, CIO, Head of Private Markets, Head of Global Equities and Chief Risk Officer.

Papers presented to the Investment Committee are required to include information on any material ESG issues identified, which includes risks faced from climate change.

The Investment Committee members perform a supervisory role which includes the consideration of whether climate change related issues have been adequately considered within the investment papers presented to them.

 

 

07.8 CC. TCFDの提言やその実施について、組織が外部運用会社またはサービスプロバイダーに何を求めるかについて説明してください。

TCFDの提言およびその実施について、外部運用会社またはサービスプロバイダーを採用していません。 

          Our engagement is through a continuing focus on climate governance and through questions to managers on their approach to identifying and addressing material risks.

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

08.1. 組織のパフォーマンス管理、報奨や個人の能力開発プロセスに責任投資の要素があるかどうかを記載してください。

取締役会メンバーまたはトラスティ―（受託者）

08.1b. 個人の能力開発または研修計画における責任投資

08.2. 報告年度に取締役が責任投資に関連したスキルや知識を開発し、維持するために行った活動について説明してください。

The last 12 months has brought a discernible increase in the detail and scope of formal reporting by LPPI on Responsible Investment as a result of becoming a signatory to the Principles for Responsible Investment in 2018 (and reporting for the first time in March 2019) and also producing TCFD reporting for the first time.

In reviewing and approving key documents (which have included an annual RI Policy review, specific content on RI within the Annual Report and Accounts, and detailed TCFD reporting) Board members have received considerable information on RI which has been an important route for building their ongoing knowledge and sustaining an interest in this area.

最高経営責任（CEO）、最高投資責任者（CIO）、最高執行責任者（COO）、投資委員会

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

ポートフォリオマネージャー

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

投資アナリスト

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

専任の責任投資担当者

08.1a. 目標、評価、査定または報酬における責任投資

08.1b. 個人の能力開発または研修計画における責任投資

08.3. 組織の責任投資に関連したパフォーマンス管理、報奨や個人の能力開発プロセスについて詳細を説明してください。

The performance management process for LPPI's internal investment team encompasses general oversight of compliance with internal procedures which ensure material ESG considerations are routinely integrated into investment decision-making and RI practices are followed within everyday activities. All new staff receive induction and there is a general expectation that RI practices will be integral to procedures followed and discussions initiated day to day. 

Where investment staff are not applying RI/ESG processes appropriately this will be addressed with them and, where required, training or support needs might be met through the performance appraisal process and an appropriate target in their personal development plan.

Members of the Responsible Investment Team are set performance and development objectives directly related to the Responsible Investment objectives identified for the year. Mid year reviews and end of year preformance appraisals consider the progress made against these objectives and record and seek to reward outperformance. Reflections on prior year outcomes feed into the scoping of forward objectives for the folowing year. 

08.4. 投資決定プロセスへのESGファクターの組み入れに関取締役会メンバー/受託会社/チーフ・レベルのスタッフの経験レベルについて記載して下さい。 

          Board members are familiar with LPPI's Responsible Investment Policy and its focus on the evaluation of material ESG factors as part of identifying investment risks and opportunities which can potentially impact or enhance the long term value of client portfolios. 

LPPI Board members have relevant experience and insights to call upon including those of the Chair as a former Pension Fund CEO and PRI signatory. 

As members of LPP's Stewardship Committee, the CEO (LPPI and LPP Group) and CIO (LPPI) who chairs the committee are actively involved in the oversight of LPPI's approach to RI and strong advocates for continuing to develop and evolve capabilities in this area. They have a direct knowledge of the rationale for ESG integration and personal input into the identification of current RI objectives and the development of forward plans for evolving and extending current capabilities over time.
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