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Church of Sweden

PRI reporting framework 2020

You are in Organisational Overview » Asset class implementation gateway indicators

Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

10.3. Indicate why you do not cast your votes

We have only mutual funds with no right to vote, although we could use proxy voting. Also, we focus on ESG, and very seldom voting concerns ESG in the companies we have holdings in. Besides, most of them have already high ESG scores and are not involved in controversial activities.

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          We have only Swedish government bonds.
        

Fixed income Corporate (financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          The holdings we have are mainly in Swedish real estate companies and banks, that we know well and have as shares as well.
        

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          The only corporate bonds fund we hold is with a fund manager who does not have that process in place for fixed income. However, this is about to change, and ESG will be included, even though engagement seems to be limited. The fund has no fossil companies, no mining companies or other controversial activities and also excludes companies with severe breaches of international norms.
        

OO 11. ESG incorporation practices for all assets

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class
ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity

Listed equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - SSA

Fixed income - SSA - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (financial)

Fixed income - corporate (financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Fixed income - corporate (non-financial)

Fixed income - corporate (non-financial) - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Private equity

Private equity - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Property

Property - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

Inclusive finance

Inclusive finance - ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

They all have to comply with our strict requirements in our investment policy. First, we select those that comply with our high standards on ESG and sustainability, and exclusions of fossil fuels, weapons, tobacco, etc. Then we write a side letter, if possible and necessary, in the appointment process. We also inform them that if they don't comply, we will have to sell. That has happened, when only one company was in breach of our policy. Then we regularly meet with the AMs and ask them to report on their ESG and sustainability work.

11.5. For your externally managed pooled funds, describe any mechanisms in place to set expectations as part of the appointment or commitment process.

We have an agreement to meet twice a year to evaluate the screening results of the only fund we have with corporate bonds. In the pooled fund we offer to the parishes and dioceses on Swedish equity, we actually have our policy in the term sheet of the fund. So we can decide if a company is complying or not with our policy. We have meetings twice a year to report on performance on ESG/sustainability as well as financially. The same goes with the other Swedish equity fund - we meet regularly to go through financial as well as ESG/sustainability performance. We ask them to provide us with the screening results to our internal monitoring reports.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity active ownership

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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