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Galliard Capital Management, Inc.

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.

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.

          Galliard’s SSA investments are primarily U.S. Government Guaranteed, U.S. Agency, and U.S. based Municipalities.  Our engagement process is evolving, but at this time we do not currently engage with the U.S. Government.  Given the size and liquidity of the U.S. Government debt market, the impact of our investments is an insignificant component of the market.  Additionally, our client and Stable Value contract guidelines frequently require a minimum in U.S. Government.
        

Fixed income Corporate (financial) – engagement

Fixed income Corporate (non-financial) – engagement

Fixed income Corporate (securitised) – engagement


OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Fixed income - SSA

Fixed income - corporate (financial)

Fixed income - corporate (non-financial)

Fixed income - securitised

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
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

Fixed income - securitised

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

11.3b. If your organisation does not integrate ESG factors into investment decisions on your externally managed assets, explain why not.

While we have long considered ESG factors an important component of fundamental analysis, we have not formally considered ESG factors in selecting external managers. In selecting managers, we focus on managers that have a process, philosophy, and culture appropriate for the conservative nature of stable value. In practice, most of our assets are managed by managers that are PRI signatories. We do incorporate ESG factors in our monitoring process. Our incorporating of ESG factors in our external manager process continues to evolve.  While we did some rebalancing among our managers and allocations, our list of preferred managers did not change during 2019.

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

This includes a review of the managers publicly reported PRI responses, private responses, and assessment reports for those managers that are willing to provide. As part of our review, each of our managers was asked to complete a Request for Information (RFI) pertaining to their ESG program.


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 - Fixed Income

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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