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Nuveen, a TIAA Company

PRI reporting framework 2020

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Fixed income - Engagement

FI 14. Engagement overview and coverage

14.1. Indicate the proportion of your fixed income assets on which you engage. Please exclude any engagements carried out solely in your capacity as a shareholder.

Category
Proportion of assets
SSA

14.2. Indicate your motivations for conducting engagement (SSA fixed income assets).

Corporate (financial)

14.2. Indicate your motivations for conducting engagement (Corporate, Financial fixed income assets)

Corporate (non-financial)

14.2. Indicate your motivations for conducting engagement (Corporate, non-financial fixed income assets)

Securitised

14.2. Indicate your motivations for conducting engagement (Securitised fixed income assets).

14.3. Additional information.[OPTIONAL]

In addition to the fixed income team conducting ongoing bilateral engagements with issuers of fixed income securities, in 2019 we piloted joint fixed income and equity engagements in company meetings led by the Responsible Investing team. We found that with the majority of ESG issues, there is a joint interest between equity and fixed income teams in enhancing ESG best practice and disclosure and therefore combining debt and equity positioning provides further leverage to change company behavior.  In 2020 we plan to further systematize these joint engagements.  

Beyond engaging on ESG practice and disclosure, we engage with issuers on impact opportunities and disclosure to encourage more consistent and high-quality reporting on the outputs and outcomes of the projects. Nuveen actively educates issuers and other investors on new structures, creating innovative deal types with replicable templates to enable financing impactful projects.  

 


FI 15. Engagement method

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate how you typically engage with issuers as a fixed income investor, or as both a fixed income and listed equity investor. (Please do not include engagements where you are both a bondholder and shareholder but engage as a listed equity investor only.)

Select all that apply
Type of engagement
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
Individual/Internal staff engagements
Collaborative engagements
Service provider engagements

15.2. Indicate how your organisation prioritises engagements with issuers.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
Size of holdings
Credit quality of the issuer
Duration of holdings
Quality of transparency on ESG
Specific markets and/or sectors
Specific ESG themes
Issuers in the lowest ranks of ESG benchmarks
Issuers in the highest ranks of ESG benchmarks
Specific issues considered priorities for the investor based on input from clients and beneficiaries
Other

If ‘other’ has been selected, please give a description

Based on systematic and material ESG risks and factors. 

15.3. Indicate when your organisation conducts engagements with issuers.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
We engage pre-investment.
We engage post-investment.
We engage proactively in anticipation of specific ESG risks and/or opportunities.
We engage in reaction to ESG issues that have already affected the issuer.
We engage prior to ESG-related divestments.
Other, describe

15.4. Indicate what your organisation conducts engagements with issuers on.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
We engage on ESG risks and opportunities affecting a specific bond issuer or its issuer.
We engage on ESG risks and opportunities affecting the entire industry or region that the issuer belongs to.
We engage on specific ESG themes across issuers and industries (e.g., human rights).
Other, describe

15.5. Indicate how your organisation ensures that information and insights collected through engagement can feed into the investment decision-making process.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
Ensuring regular cross-team meetings and presentations.
Sharing engagement data across platforms that is accessible to ESG and investment teams.
Encouraging ESG and investment teams to join engagement meetings and roadshows.
Delegating some engagement dialogue to portfolio managers/credit analysts.
Involving portfolio managers when defining an engagement programme and developing engagement decisions.
Establishing mechanisms to rebalance portfolio holdings based on levels of interaction and outcomes of engagements.
Considering active ownership as a mechanism to assess potential future investments.
Other, describe
We do not ensure that information and insights collected through engagement can feed into the investment decision-making process.

If ‘other’ has been selected, please give a description

Occasionally make the outcomes of engagements available. Working to systematize the sharing of outcomes.

15.6. Additional information.[OPTIONAL]

The above responses are specific to our engagements as a fixed income investor. To see our engagement strategy and practices as a listed equity investor see the LEA module.

In 2019, we were active participants in two market collaborations focused on SSA issuers. One initiative brought together investors with official municipal representatives to share knowledge on ESG and impact best practice and encourage enhanced disclosure practices. The other initiative brought investors, development institutions and sovereign treasury/ finance ministries together to discuss and define an ESG materiality framework for sovereigns.  


FI 16. Engagement policy disclosure

16.1. Indicate if your publicly available policy documents explicitly refer to fixed income engagement separately from engagements in relation to other asset classes.

16.3. Additional information [OPTIONAL]

Within Nuveen’s Policy Statement on Responsible Investing we define engagement broadly to encompass our various strategies to advance responsible investing best practice globally that can apply across asset class. To see our Policy Statement see here: https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=0D9B86F3-64FC-481A-BC65-F35115024886 


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